S5478 CONGRESSIONAL RECORD — SENATE July 26, 2012 

might be filled through mission-driven 

crowdfunding—much the way such investing occurs in certain segments of 

the non-security-based crowdfunding 

universe today. 

I believe that the overall structure of 

our bill offers CDFI’s powerful tools to 

support their job-creation work, while 

protecting ordinary investors from 

undue risk of fraud and loss. In addition, some in the CDFI community 

have suggested to us that because of 

the types of businesses CDFI’s work 

with, the types of low returns that 

might be derived, and the particular financing gaps that might be filled 

through crowdfunding, that missiondriven, CDFI-supported crowdfunding 

may yield better results for investors 

and positive job creation for communities if the rules reflect the particular 

work they do. Suggestions include ensuring crowdfunding can fill the financing gap for projects supported by federally-regulated, 501(c)3 CDFIs, a clarification to ensure that CDFIs and 

issuers can make sure investors understand the mission and charitable aspects of investments, and fast treatment from the SEC and FINRA related 

to registration and membership. 

The SEC should be receptive to concepts CDFIs may bring that could aid 

in accomplishing the job-creating goals 

of the legislation, while protecting investors. It should consult with CDFI’s 

and the CDFI Fund at the Treasury Department on how best to maximize the 

social and jobs potential for investing 

through crowdfunding and CDFI’s. 

Although it was not included in the 

final legislation for procedural reasons, 

I would encourage the SEC and the relevant national securities association to 

engage in regular reviews and reports 

regarding developments in the crowdfunding marketplace, including thorough coordination and consultation 

with State securities regulators. 

Should problems arise, these authorities should act quickly, including use 

of their full rulemaking and enforcement authorities. Crowdfunding holds 

great potential, but it is also experimental and presents risks. For it to 

succeed long-term, it will require careful oversight, especially during the 

early stages. 

I also urge the SEC and the relevant 

national securities association to speed 

the publication of final rules. Crowdfunding cannot get started until rules 

fill out the framework to make the law 

effective. 

I believe the features outlined above 

are essential if crowdfunding is going 

to succeed. Success should be judged 

both on returns to and satisfaction of 

investors, and the growth and development of new and exciting companies. I 

am excited about the potential of this 

new market, but also cognizant of its 

risks. It won’t be without its hiccups in 

the short run, but done properly, I believe this framework has the potential 

over the long run to help millions of 

new startups get the funding they need 

to grow their businesses and create 

jobs, and provide investors with opportunities for meaningful returns and 

community involvement. 

I wish to extend my heartfelt thanks 

to the hard work and cooperation of 

my fellow senators, especially MICHAEL

BENNET, MARY LANDRIEU, and SCOTT

BROWN. I would also like to acknowledge the hard work of our staffs, who 

did so much to get the original legislative idea into law in strong, responsible 

form. 

f 

CONGRATULATING OLIVIA CULPO, 

MISS USA 

Mr. REED. Mr. President, today I 

congratulate Olivia Culpo of my own 

hometown, Cranston, RI, for being 

crowned Miss USA on June 3, 2012, in 

Las Vegas, NV. She is the first titleholder from our State. 

A native Rhode Islander, Olivia attended St. Mary Academy-Bay View 

and graduated with high honors. She is 

currently a sophomore at Boston University and has been on the dean’s list 

every semester. Olivia is also an accomplished cellist who has performed 

with the Rhode Island Philharmonic 

Pops Orchestra, the Boston Symphony 

Orchestra, the Rhode Island Philharmonic Youth Orchestra, the Rhode 

Island Philharmonic Chamber Ensemble, the Bay View Orchestra, and the 

Rhode Island All-State Orchestra. 

I had the pleasure of meeting Olivia 

recently when she came to Capitol Hill 

to passionately advocate for ovarian 

cancer prevention. Olivia is an impressive and intelligent young woman, and 

I appreciated the opportunity to discuss this and other issues with her. 

Rhode Island is very proud that such 

a talented young woman is representing our State. We look forward 

to continuing to see Olivia serve as a 

positive role model both during and beyond her reign as Miss USA, and wish 

her the best of luck when she represents the United States at the Miss 

Universe pageant in December. Once 

again, I offer my sincerest congratulations to Olivia Culpo for being the first 

Rhode Islander to be crowned Miss 

USA. 

Mr. WHITEHOUSE. Mr. President, I 

rise today to recognize Rhode Island 

native Olivia Culpo for her recent win 

of the Miss USA title. Miss Culpo is the 

first Rhode Islander to win the Miss 

USA competition, and my fellow Rhode 

Islanders and I couldn’t be happier for 

her. We offer her our heartfelt congratulations. 

A Cranston native, 20-year-old Olivia 

is the middle child of Peter and Susan 

Culpo. As a parent myself, I would especially like to extend my congratulations to Peter and Susan, who I know 

must be extremely proud of their 

daughter’s accomplishment. 

Olivia sets a great example for all 

Rhode Island children, graduating from 

Rhode Island’s own St. Mary’s Academy Bay View as a member of the National Honor Society. She currently attends Boston University in neighboring 

Massachusetts, where she has made the 

dean’s list every semester. 

In addition to excelling in her academic studies, Miss Culpo is a talented 

and dedicated musician. With two musicians for parents, Olivia was encouraged to pursue her love for music at a 

young age. She took cello lessons from 

second grade on, and has since performed with the Rhode Island Philharmonic Youth Orchestra, RI Philharmonic Chamber Ensemble, Bay 

View Orchestra, and Rhode Island AllState Orchestra. She has also had the 

distinct honor of performing with the 

Boston Symphony Hall in Boston and 

Carnegie Hall in New York City, and 

completed a tour of England in 2010. 

Most recently, Olivia performed with 

the Boston Accompanietta. 

Olivia will spend her yearlong reign 

as Miss USA giving back to the community by raising awareness about 

breast and ovarian cancer, and by 

working closely with organizations 

fighting to find cures for these devastating diseases. 

I would like to thank Miss Culpo for 

being a great representative for the 

State of Rhode Island in the Miss USA 

pageant, and again offer my congratulations to her and her family on her incredible win. 

f 

ADDITIONAL STATEMENTS 

RECOGNIZING KATRINA COBB 

∑ Mr. BARRASSO. Mr. President, I 

wish to take the opportunity to express 

my appreciation to Katrina Cobb for 

her hard work as an intern in my Casper office. I recognize her efforts and 

contributions to my office as well as to 

the State of Wyoming. 

Katrina is a native of Mills, WY and 

a graduate of Booker High School. She 

currently attends the University of 

Wyoming where she is majoring in economics and minoring in psychology. 

She has demonstrated a strong work 

ethic which has made her an invaluable 

asset to our office. The quality of her 

work is reflected in her great efforts 

over the last several months. 

I wish to thank Katrina for the dedication she has shown while working for 

me and my staff. It was a pleasure to 

have her as part of our team. I know 

she will have continued success with 

all of her future endeavors. I wish her 

all my best on her next journey.

f 

∑ 

RECOGNIZING KELLY CURUCHET 

∑ Mr. BARRASSO. Mr. President, I 

wish to take the opportunity to express 

my appreciation to Kelly Curuchet for 

her hard work as an intern for the U.S. 

Senate Republican Policy Committee. I 

recognize her efforts and contributions 

to my office. 

Kelly is a native of Kaycee, WY, and 

a graduate of Kaycee High School. She 

recently graduated from the University 

of Wyoming, where she majored in 

business administration and minored 


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