Congress of the United States ‘aslyington, B6 20515 ‘Gotober §, 2015 ‘The Honorable Mary To White Chai ‘Securities and Excharge Commission 10OF Steet, NE “Washington, DC 20549 ‘Dear Chair White We ae writing to urg: you to work expeditiously to issue final rales to implement Secion IT of ‘the Jumpstart Our Business Startups Act (JOBS Act), Public Law 112-106, which would allow companies to aise eaital through investment erowdlunding. In April of this year, 16 young Democratic Members of Congress launchedthe Future Forum, 8 rou working to exyand opportunities forthe millennial generation, We launched the group ‘vith a listening four tat made siops in New York City, Boston, and San Franisco. Since then ‘we have gone to New Hampshire and Arizona, with more stops planned. Future Forum members hve talked with millennial enteprencurs at co-working spaces, universities, and companies, One oveurching message we heard from these young entrepreneurs was the need forinvestmen erowdfunding rules o be issued by the Secures and Exchange Commission (GEC) pursuant tothe JOBS Act ‘Our world has been revolutionized by technology, such asthe intemet, andthese advances ‘should be utilized to enable companies to rise needed capital. The JOBS dct was enacted in 2012 to do just tha, ty bringing our laws and regulations up-to-date to empower businesses to ‘aise money through mvestmentcrowdFunding. ‘This has the potential to ircrease access to ‘pital, so important‘o future entrepreneurs across the county “Making business formation and growth easier i particularly important to millenia, who so far hhave had relatively lw business startup rates. Many of these young people face unique cobstaces to starting companies, such a large amounts of student debt. We need to do what we an, now, to expand their opportunities, and improving access to capital is one step we can take. In October 2013, the SEC isued proposed rules on investment crowslfunding that generated ‘humerous comments from businesses, entreprencurs, non-profits, and academies. Well share the goal of increasing acsess to capital while sill protecting consumers, and we know the SEC is ‘seeking the proper balance, Bu, iis long pastime these rules to implemeat the JOBS Act were issued; these are rules which Congress directed the SEC to wite when te law was enacted in 2012.Recently, during: mestingof the SEC's Advisory Committe of Small and Emerging Companies, you stated thatthe fra rales regarding Section I ofthe JOBS Aer would be issued inthe very near term. Thisis encouraging news. Affer over three years since the JOBS Act was. ‘enacted, itis my hope that he SEC wall move to issue the final rules without any further delay ‘Thank you for your attention to this mater. We look forward to your prom response Sincerely, Ene Swafwell } OG ‘Seth Moulton ¢ Menber of Congress Member of Congress Member of Congress bor of Congrest Member of Congrese Member of Congress