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The Brown bill was referred to the Committee on Banking, Housing, and Urban Affairs, and a hearing was held by such Committee on December 1, 2011, with respect to several pieces of capital formation legislation , including crowdfunding.
Under the crowdfunding provisions, the aggregate dollar amount of securities that an issuer can sell in a crowdfunding transaction is limited to $1 million (less the aggregate amount of securities sold under other exemptions) over a 12-month period.
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