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-- -- -- the jobs act signed into law by President Obama in April is meant to make it easier for small companies to raise money grow and eventually go public but my next guest says the SEC.
Well as threatening this very purpose by implementing unnecessary and bureaucratic rules and joining me now as much -- -- the CEO -- -- So -- of the provisions of the jobs act was to lift the SEC's -- on general solicitation and advertising which is used to attract investments and capital.
So the ban was lifted what you -- saying is that the SEC is backtracking a little bit as -- write regulations drive the hoops that they start a pastor go through in order be able to do this but I answer the question is where are they going to establish those hoops.
And my argument is really simple and California taxes they have a self certification capabilities a lot of -- you say this what you worth.
This is how much money you make -- and your good ago.
They've already said that that's probably not gonna be acceptable what they want -- something more restrictive the question is how restrictive.
Three years of tax returns two years of W -- I don't know many multi millionaires -- to millionaires that are willing to provide to a start up.
Last year's W -- yeah -- middle of their literally going to be able to completely quash what looks like it's it's going to be great opportunity to elaborate on how cumbersome were the rules in the First Lady were noted you're allowed to advertise this rise the big over the were walking back something that's been in place for eighty years which -- I understand why the SEC would be concerned.
So their biggest concern is what fraud have slowly.
How does not Freddie well to -- -- -- the other direction are right we have been so concerned about fraud through fear uncertainty and -- we have completely destroyed the ability for small startups to get IPO money right I'm 1980% reduction.
In IPO is under fifty million dollars in the last twenty years and if your soccer team lost ten to one.
You call that destroyed if we have literally destroy the ability for small startups be able to go IPO.
So where does that stand now with these -- SEC is now considering its options of the SEC -- -- keep the -- -- -- respond to announce on July 4 and on August 22 and August 28 and then the end of this month they've now pushed -- August -- so we're seeing us.
And a slow walk.
Carly they're accepting comments -- which is why did you know -- here is right on commenting yet on guys lift the regulations establish them soon and let's keep moving.
Let's not wait till next year let's get this done.
How much of an impact will it have if the regulations.
All of those that you'll have to actually I think this is the most important thing that congress is -- and decades at least from a jobs creation and start perspective.
We have thousands of numbers -- in our stores hundreds of them would likely be able to use this over the next decade to be able to attract capital you call it inflection point in history Rhoda op Ed in the -- gets close and you told -- that.
Is -- that critical I believe it is.
We've been unable to raise capital from anybody other than friends and family for the last eighty years.
The ability to point out out New York Times and say I'm opening this amazing restaurant.
And have some 28 year old brilliant chef raise the money he needs to do that.
You've not been able to do that in eighty years it's just that the big deal it really isn't thank you so much for being -- -- -- that was not catch tech -- CEO.
Good luck with the fight like so much things here.
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