my name is steve bradford. i've power sore of law at the university of nebraska. much of my work focuses on small business capital formation under federal securities law, and it's an honor to be able to address you on that subject today. i've recently written two articles on crowd funding, and i would like to focus my comments on the crowd funding provisions of the jobs act. i believe the crowd funding could spark a revolution in small business financing, opening up much-needed new sources of startup capital, but whether that happens depends in good part on the regulatory burden. those small offerings will be possible only if the cost of complying with securities regulation doesn't consume a large portion of the offering proceeds. the new federal securities law crowd funding exemption created by the jobs act is an important first step but that exemption isn't complete until the s.e.c. enacts and implements regulations. the usefulness of the crowd funding excels will depend in part on how the commission exercises its rather substantial regulatory authority. my writ