By James Kwak
From the Times article on President Obama’s signing of the JOBS Act (emphasis added):
While soliciting investment funds online has triggered fears of fraudulent schemes, the law’s backers said the greater availability of information through social media sites like Facebook would allow would-be investors to conduct their own background checks, making it difficult for such schemes to succeed.
“While it seems reasonable to worry about these issues, there is just so much more information these days,” said Timothy Rowe, the chief executive of the Cambridge Innovation Center, which provides office space for start-up firms next to the campus of the Massachusetts Institute of Technology.
The thing speaks for itself.
(True, the phrase “social media sites like Facebook” is paraphrase from the reporter, not a direct quotation, but I have no reason to believe it isn’t an accurate representation of what the act’s backers said.)