Witnesses Urge Congress to Direct SEC To Raise Limit for Exempt Small Offerings

Rep. Anna Eshoo (D-Calif.) Dec. 8 urged the House Financial Services Committee to direct the Securities and Exchange Commission to increase the exemption for small offerings under 1933 Securities Act Regulation A from $5 million to $30 million.

Eshoo, who represents Silicon Valley, testified at a committee hearing that the action would lead to job creation, facilitate the development of new technology and products, and “revitalize” what she called a “nonworking section” of the Securities Act. “Think of this as a jobs program,” she said.

Meanwhile, other witnesses testified that Congress should mandate that the SEC increase the Reg A ...