Oh no he didn't...
Senator Chris Dodd needs your help. He's in the process of getting financial reform legislation passed and doesn't realize what he's about to do. Check out this article by Kauffman Foundation vice president, Robert Litan. I have a glancing understanding of how sections and provisions make it into Congressional bills - this person wants that, that person wants the other thing, and the next thing we know we have a 1,000 page bill. I don't agree with how that works but understand the concept of horse trading, back scratching, etc. I get it.
In this latest bill - specifically Section 926 - the offending provisions come out of nowhere and, moreover, I don't understand who it's serving. Angel investors have their own built in motivation to regulate where and with whom they invest - profitability. The idea that someone with no dog in the fight (in this case the Federal Government) should determine who invests and when, is disturbing.
Here is Senator Dodd's contact information.
U.S. Senator Chris Dodd
448 Russell Building | Washington D.C., 20510
Tel: (202) 224-2823 | Fax: (202) 224-1083
http://dodd.senate.gov
Also, here's a link to the Banking Committee membership.
Check to see if one of your Senator's is on the committee and, if so, write to them. Let them know entrepreneurs and angel investors need all the help they can get - especially now. Ask them to remove Section 926 from the financial reform bill. My Senator, Sherrod Brown, will be hearing from me today.