Title III of the JOBS Act adds new Section 3(h) to the Exchange Act which requires the SEC to exempt, conditionally or unconditionally, an intermediary operating a funding portal from the requirement to register with the SEC as a broker.

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While he applauds recent reforms like the Sarbanes-Oxley Act and the New York Stock Exchange's new corporate governance rules, Bogle insists that we must do more.

FORBES: Get Briefed: Jack Bogle

The irony Republican governors face is this: if you do not act to set up an insurance exchange in your state, you will be effectively expanding the new national insurance exchange, an outcome which you and your political supporters may dislike more than accepting responsibility for an insurance exchange tailored to your state that you can directly administer.

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