Thursday, April 01, 2010

Chris Dodd's Attempt to Kill Silicon Valley

This is one of the few places in America that we lead the entire world in and that idiot Dodd wants to kill it for some unfathomable reason.

First, Dodd’s bill would require startups raising funding to register with the Securities and Exchange Commission, and then wait 120 days for the SEC to review their filing. A second provision raises the wealth requirements for an “accredited investor” who can invest in startups — if the bill passes, investors would need assets of more than $2.3 million (up from $1 million) or income of more than $450,000 (up from $250,000). The third restriction removes the federal pre-emption allowing angel and venture financing in the United States to follow federal regulations, rather than face different rules between states.

Why do people have to wait 120 days in order to start raising funding? That doesn't make any sense. This is a highly competitive marketplace and having to wait 4 months to get money to expand your idea will kill it. These people have to hit the ground running and this asinine waiting period is totally contrary to it. These tech entrepreneurs make high paying jobs and hire many people in a few weeks and they should not have to wait for some bureaucrat to rubber stamp this process. That waiting period is an absolute joke.

I wonder if Chris Dodd actually knows anything about Silicon Valley and how it works? If he doesn't he better educate himself before he kills a font of jobs and innovation that has helped grow the entire world several times over. This fool cannot leave his Senate job any faster.

No comments: