Recently, Congressmen Scott Garrett, Kevin McCarthy and Patrick McHenry wrote to urge Chairman Schapiro to consider, in connection with the SEC's Rule 506 rulemaking, the regulatory burden that may be imposed by a complex investor verification process and noted that lawmakers did not contemplate a burdensome verification process when the JOBS Act was being considered. The Congressmen, of course, noted the need to balance investor protection concerns with the mandate to promote capital formation. The letter can be accessed from this link http://www.knowledgemosaic.com/ResourceCenter/20121120-Garrett-McCarthy-McHenry-Letter-to-Schapiro.pdf.
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