November 5, 2019

Will the SEC regulate GoFundMe out of existence?

Did Congress just empower the SEC to regulate GoFundMe without even reading the bill?

Passed the day it was introduced, HR 4860, “to subject crowdfunding vehicles to the jurisdiction of the Securities and Exchange Commission” Retweet

Amidst all the impeachment talk, what has Congress been doing?

  • The House passed 46 bills totaling 544 pages, and the Senate passed 13 bills totaling 115 pages in September
  • The House passed 59 bills totaling 887 pages, and the Senate passed 11 bills totaling 772 pages in October

But not all days are the same. For instance…

On October 28, the House passed a whopping 17 bills totaling 248 pages!

Among them was HR 4860, “to subject crowdfunding vehicles to the jurisdiction of the Securities and Exchange Commission.”

To many of us who have used crowdfunding, this sounds important…

Will the unelected SEC regulate GoFundMe out of existence?

I don’t know, and I doubt that anyone in Congress knows.

  • HR 4860 was passed THE SAME DAY it was introduced.
  • Congress didn’t read the bill; not even a summary of the bill was available.
  • The 12-page bill amends current law, but doesn’t include the text of the original law to show how it is changed, meaning…
  • We don’t really know what the bill says or means.

Even worse…

The bill passed by voice vote, so you don’t even know how your Representative voted!

The way this bill was passed isn’t unusual. It is classic statesploitation. You can guarantee that some special interest was standing there watching their text be rammed through.

Meanwhile, our so-called Representatives write back and tell us that…

  • If they took the time necessary to read their bills, nothing would ever get done.
  • If we object to this process, then we must be “against” important legislation.

Then they ram through bills that we’ll later have to obey and pay for.

Downsize DC doesn’t want you to be statesploited this way. That’s why we created the Read the Bills Act. It would:

  • Force all bills to be read before a quorum in Congress, meaning ONLY important and necessary bill will be considered.
  • Require bills to include the original in the law that’s being amended.
  • Require a seven-day waiting period before bills are read and a vote in Congress, giving YOU time to voice your opinion.

Please tell your Representative and Senators to introduce the Read the Bills Act.

Reintroduce the Read the Bills Act

Our monthly budget need is modest — just…

  • Nine new or increased monthly pledges
  • $2,900 in total contributions (one-time and pledges)

As you can see, everyone [including you] can make a real difference. Please contribute after you send your letter or go straight to our secure form.

If you cannot give today, please help by Sharing this message with someone who is likely to Agree.

Jim Babka, President
Downsize DC

Today’s Action: Reintroduce the Read the Bills Act to prevent same day passage of unread bills like HR 4860

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