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US SEC votes to seek comments on crowdfunding plan

Sarah N. Lynch
Wednesday, 23 Oct 2013 | 10:49 AM ET

WASHINGTON, Oct 23 (Reuters) - The U.S. Securities and Exchange Commission voted unanimously to seek public comments on a new proposal that would permit entrepreneurs to use solicit small investments over the Internet from the general public through "crowdfunding."

The crowdfunding proposal was required by a 2012 law that relaxes securities regulations to help small businesses raise capital and eventually go public.

The public will get 90 days to comment on the plan.