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February 28, 2013

The Honorable Elisse B. Walter Chairman U.S. Securities and Exchange Commission 100 F Street, NE Washington, D.C. 20549

Dear Chairman Walter: The American Institute of Architects is writing to encourage the SEC to issue regulations for equity based crowdfunding as prescribed by Public Law 112-106, the JOBS Act. With the economic recovery still tenuous, any financial instrument that can help create jobs through new products, innovations and designs must be a top priority. Crowdfunding, while still a relatively new concept, has already shown the ability to generate job creation. It has helped bring to the market innovative concepts that lacked financing due to weak lending conditions while adding value for communities and small entrepreneurs. The SEC has already missed Congress year-end deadline to write the Equity Crowdfunding regulations, leading to additional delays and market uncertainty. Further delays in issuing rules hamper the intent of the JOBS Act: addressing a still high 7.9 percent unemployment rate. A broad range of infrastructure projects have been supported by the three methods of crowdfunding presently in place. Architects and design professionals of every industry are awaiting these final regulations to further develop businesses and provide increased value to the American economy. As our nation emerges from one of the worst economic downturns in recent history, and at a time when budget sequestration threatens further economic hardship, it is imperative that the SEC fulfills its obligations and completes the writing of the rules necessary for this business financing tool to be put to use by the public.

1735 New York Avenue, NW Washington, DC 20006-5292 Information Central: 800-242-3837

Page 2 The Honorable Elisse B. Walter February 28, 2013

The AIA understands that this is a complex issue requiring sound deliberations, and the careful crafting of regulations that protect the investing public at large. We urge the SEC to accomplish this task as soon as possible to ensure every avenue is being utilized in the drive towards economic recovery. Sincerely,

Paul T. Mendelsohn Vice President, Government and Community Relations

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