Office of Minority and Women Inclusion (OMWI) @ CBC

Today's Congressional Black Caucus meeting brought Martin J. Gruenberg, Chairman of the FDIC and Robe Cordray to the OMWI session sponsored by Rep. Maxine Waters (D-Calif.). Ms. Waters herself was not present. She was probably at a bar celebrating the fact that "A House ethics panel has determined there is no evidence that (she) violated congressional rules when she called Treasury Secretary Henry Paulson in 2008 on behalf of minority-owned banks, despite her husband’s financial stake in one troubled institution."

Gruenberg "served on the FDIC Board of Directors since August 22, 2005. As Vice Chairman of the Board, he assumed the role of Acting Chairman on July 8, 2011, upon Sheila C. Bair's departure as FDIC Chairman."

Mr. Cordray is "the first Director of the Consumer Financial Protection Bureau. He previously led the Bureau’s Enforcement Division."

The fact that these two Agency heads would show up is impressive.

In addition, Congressman Mel Watt (D-N.C.) spoke. All in all, this means more attention is being paid to the OMWI effort.

While nothing substantive came out of the meeting, it was well attended. There is a growing level of interest in the activities of these offices.

The OMWI effort is still developing. I spoke about the performance of the Offices in getting contracts and jobs to minorities, specifically African Americans. The numbers are not good.

Please "like" our new Facebook page on the Jobs Act...

We have posted a Facebook page for: The JOBS Act: Crowdfunding for Small Businesses and Startups. See: http://www.facebook.com/CrowdfundingBook

I have posted selected graphics on the crowdfunding process from the book, and will post additional information soon. Thanks!

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Crowdfunding for women and minority firms - webinar tomorrow 9/13

http://jobsact.eventbrite.com/ 

This webinar will provide a social investing summary of the law, along with a summary of how investors and businesses can use the law to enter the Crowdfunding market. We will also review current developments.

All paying attendees will get a copy of my book: The JOBS Act: Crowdfunding for Small Businesses and Startups [Paperback - Published 9/26/12] 

The law targets emerging growth companies and defines them as an issuer with "total annual gross revenues of less than $1,000,000,000 (one billion dollars)..during its most recently completed fiscal year." 

For potential investors, providing a platform for the sale of emerging company securities does not require registration as a Broker/Dealer, given certain exemption qualifications. To become a funding platform, vendors must fulfill 12 requirements. Equity issuers are subject to certain restrictions/limits.  There are four trading restrictions and three exemptions. Issuers (Emerging Growth Companies) are liable for any untrue statements of material facts.

In addition, the SEC must make a special effort to reach out to women, veteran and minority firms.

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