Misplaced Pages

#593406

81-614: Prodigy Network was founded in 2003 by Rodrigo Nino as a network of brokers interested in offering real-estate investments. After the JOBS Act was enacted, Prodigy Network launched its first crowdfunding campaign in New York City from its building on Wall Street . In October 2013, Prodigy Network financed a landmark building located in New York’s Financial District. By November 2013 Prodigy raised $ 200 million with

162-623: A bachelor of arts degree in international relations from Stanford University in 1979, and earned a Master of Public Affairs degree from the Woodrow Wilson School at Princeton University in 1982. After completing his master's degree, Merkley was selected as a Presidential Management Fellow , working at the Office of the Secretary of Defense on the security of American military technology. After his fellowship, he worked in

243-467: A ban on the Department of Homeland Security (DHS) from passing information collected on DACA recipients to Immigration and Customs Enforcement (ICE), Customs and Border Protection (CBP), the Department of Justice, or any other law enforcement agency except in cases of fraudulent claims, national security issues, or non-immigration-related felonies. In April 2019, Merkley was one of 11 senators to sign

324-497: A facility in a former Walmart in Brownsville, Texas. He was denied entrance and the police were called and arrived as he continued to try to speak with the facility administrator. He commented in the film: "I think it's unacceptable that a member of Congress is not being admitted to see what is happening to children whose families are applying for asylum. I decided to come out here, go up to the door and ask to be let in." By midday

405-544: A government-run health insurance program. Merkley also championed legislation that gives nursing mothers flexible break times and private space to pump breast milk at work. His breastfeeding amendment was included in the health care reform law and signed into law by Obama in 2010. In December 2016, Merkley was one of five senators to vote against the Obama administration-supported 21st Century Cures Act , legislation increasing funding for disease research while addressing flaws in

486-605: A letter to Juul CEO Kevin Burns asserting that the company had "lost what little remaining credibility the company had when it claimed to care about the public health" and that they would not rest until Juul's "dangerous products are out of the hands of our nation’s children". The senators requested Juul list each of its advertising buys and detail the steps it has taken to ensure its advertisements are not seen by people under 21 and asked whether Juul had purchased any social media influencers for product promotion. In August 2013, Merkley

567-414: A moderate chance of unseating Smith, but a July 2008 Rasmussen poll showed him in the lead, albeit within the margin of error. By August, after strongly negative campaigning on both sides, Rasmussen reported that Merkley's support had deteriorated, with Smith taking a strong lead in the polls. Merkley's favorable rating was at 42%, while his unfavorable rating had risen to 45%. Polls taken shortly before

648-462: A number of disclosures that could make the exemption unworkable for smaller start-ups, especially given the $ 1 million cap. This title was also criticized for not including a means by which investors could form crowdfunding funds, thereby diversifying their investments. While Title IV included some loosening of restrictions on the use of Regulation A, it did not grant full federal preemption. That is, for certain offerings companies still must register

729-414: A portion of the $ 110 billion arms sale Trump announced during his visit to Saudi Arabia the previous year. In March 2018, Merkley voted against tabling a resolution spearheaded by Bernie Sanders, Chris Murphy , and Mike Lee that would have required Trump to withdraw American troops either in or influencing Yemen within the next 30 days unless they were combating Al-Qaeda . In October 2018, Merkley

810-550: A positive financial return. Zidisha, which operates an eBay -style platform that allows individual web users to transact directly with computer-literate borrowers in developing countries, does allow lenders to earn interest, but complies with SEC regulations by not guaranteeing cash payouts. RocketHub testified in Congress June 26, 2012 in support of the JOBS Act and its intent to offer equity crowdfunding. The bill

891-439: A predatory mortgage practice that played a role in the housing bubble and subsequent financial collapse. He was a founding signatory of a mid-February 2010 petition to use reconciliation to pass legislation providing for a government-run health insurance program. Merkley also championed legislation to give new mothers private space and flexible break times to pump breast milk once they return to work. His breastfeeding amendment

SECTION 10

#1732801964594

972-531: A senator on January 3, 2009. Upon his swearing in, Oregon was represented in the Senate by two Democrats (Merkley and Ron Wyden ) for the first time since Maurine Brown Neuberger served alongside Morse from 1960 to 1967. Merkley has a progressive record as a senator. He became the first Democratic member of the Senate to announce that he would vote against the confirmation of Federal Reserve Chairman Ben Bernanke , citing Bernanke's failure to "recognize or remedy

1053-583: A state "rainy day fund" (a savings account to protect public schools against the effects of any future fluctuating economy); increased Oregon public school funding by 14 percent ($ 1 billion) and state university funding by 18 percent ($ 1.4 billion); banned junk food in schools; expanded the Oregon commercial indoor smoking ban; revised the Oregon Bottle Bill ; outlawed discrimination by sexual orientation and gender identity in housing and in

1134-542: A total value of $ 875 million. JOBS Act The Jumpstart Our Business Startups Act , or JOBS Act , is a law intended to encourage funding of small businesses in the United States by easing many of the country's securities regulations . It passed with bipartisan support, and was signed into law by President Barack Obama on April 5, 2012. Title III, also known as the CROWDFUND Act , has drawn

1215-552: Is built with American-made iron, steel, and manufactured materials by workers who are paid a fair wage." In June 2019, Merkley was one of eight senators to sponsor the Made in America Act, legislation that would designate federal programs that had funded infrastructure projects not currently subject to Buy America standards and mandate that materials used in these programs be domestically produced. Bill cosponsor Tammy Baldwin said

1296-910: The NoMad neighborhood of Manhattan, and was acquired in June 2017. In 2017, The New York Times reported Prodigy Network’s launch of its first coworking space, The Assemblage in NoMad. The property was designed by renown company Meyer Davis , as a venue to facilitate consciousness and collaboration. The property officially launched in November, and operates under four memberships with prices ranging between $ 200 and $ 6,500. Prodigy Network focuses on investing in coworking and co-living spaces and mixed-use real estate. Its projects have included extended stay hotels, office towers, shopping center units, and condominiums. Its portfolio of six New York and two Colombian projects has

1377-1053: The Congressional Budget Office , where he analyzed nuclear weapons policies and programs. In 1991 Merkley returned to Portland, where he served as executive director of Portland Habitat for Humanity until 1994. Merkley started the Walk for Humanity, initiated the Journey for Mankind, launched development of the Habitat Home Building Center, and initiated a pilot project for "YouthBuild" in which gang-affected youth built homes in their own neighborhoods. He also served as Director of Housing Development at Human Solutions, where he worked to make available affordable housing complexes and launched Oregon's first Individual Development Account (IDA) program, which helps low-income families save money to buy homes, attend college, or start businesses. Merkley

1458-476: The Council of Institutional Investors , and others. Among the complaints were that the loosening of investment protections would expose small and inexperienced investors to fraud. The Consumer Federation of America characterized an earlier version of the legislation as "the dangerous and discredited notion that the way to create jobs is to weaken regulatory protections". Criminologist William K. Black had said

1539-736: The Global Financial Leaders' Investment Summit , saying, "Their presence only serves to legitimize the swift dismantling of Hong Kong's autonomy, free press, and the rule of law by Hong Kong authorities acting along with the Chinese Communist Party." Merkley has focused on Wall Street reform in his position on the Senate Banking Committee . He and Carl Levin led an effort to crack down on proprietary trading at depository banks and other critical financial firms. The Dodd–Frank Act included

1620-599: The Intermediate-Range Nuclear Forces Treaty in 60 days in the event that Russia continued to violate the treaty, Merkley was one of 26 senators to sign a letter expressing concern that the administration was "now abandoning generations of bipartisan U.S. leadership around the paired goals of reducing the global role and number of nuclear weapons and ensuring strategic stability with America's nuclear-armed adversaries" and calling on Trump to continue arms negotiations. In April 2019, after

1701-824: The Kickstarter online model for funding artists and designers. Academic research shows that the Act lead to public firms making more acquisitions, doing so more quickly after listing, and also increase other forms of investment. The JOBS Act is also a welcome development for nonprofit organizations which operate crowd funding platforms for microfinance loans, such as Kiva and Zidisha . These organizations have not obtained licenses as securities brokers due to high legal compliance costs. Kiva, an organization that allows individual web users to support microloans managed by intermediaries in developing countries, complies with SEC regulations by making it impossible for lenders to earn

SECTION 20

#1732801964594

1782-522: The "father" of the JOBS Act. The first company to complete an initial public offering using provisions under the Jobs Act was Natural Grocers by Vitamin Cottage (NYSE:NGVC) on July 25, 2012. The final Act faced criticism on several fronts. Some proponents of crowdfunding were disappointed that the final version of Title III, the crowdfunding exemption, capped investment at $ 1 million and required

1863-574: The Act had previously become effective in the years since the Act's passage. Following a decrease in small business activity in the wake of the 2008 financial crisis , Congress considered a number of solutions to help spur economic growth. In November 2011, the House passed several bills aimed at economic revitalization, including Small Company Capital Formation (H.R. 1070), Entrepreneur Access to Capital (H.R. 2930), and Access to Capital for Job Creators (H.R. 2940). The Entrepreneur Access to Capital Act

1944-639: The American mental health systems and altering drugs and medical devices' regulatory system." In December 2018, Merkley was one of 42 senators to sign a letter to Trump administration officials Alex Azar , Seema Verma , and Steve Mnuchin arguing that the administration was improperly using Section 1332 of the Affordable Care Act to authorize states to "increase health care costs for millions of consumers while weakening protections for individuals with preexisting conditions." The senators requested

2025-605: The Democratizing Access to Capital Act (S.1791, Scott Brown , R-MA), and the CROWDFUND (Capital Raising Online While Deterring Fraud and Unethical Non-Disclosure) Act (S.1970, Jeff Merkley , D-OR). All three crowdfunding proposals were referred to the Senate Banking Committee, which took no action on them until March 2012. In December 2011, Rep. Stephen Lee Fincher (R-TN) introduced into

2106-531: The Federal Register on April 20, 2015, and became effective on June 19, 2015. On October 30, 2015, the Securities and Exchange Commission "adopted final rules to permit companies to offer and sell securities through crowdfunding.  The Commission also voted to propose amendments to existing Securities Act rules to facilitate intrastate and regional securities offerings." On November 2, 2020,

2187-664: The House on March 27. The JOBS Act was signed into law at a ceremony in the White House Rose Garden on April 5, 2012. The JOBS Act substantially changed a number of laws and regulations making it easier for companies to both go public and to raise capital privately and stay private longer. Changes include exemptions for crowdfunding, a more useful version of Regulation A, generally solicited Regulation D Rule 506 offerings, and an easier path to registration of an initial public offering (IPO) for emerging growth companies. The legislation, among many other things, extends

2268-685: The House the Reopening American Capital Markets to Emerging Growth Companies Act (H.R. 3606), to relieve companies with annual revenue of less than $ 1 billion from some Sarbanes-Oxley Act compliance requirements. The bill was referred to the House Financial Services Committee. On March 1, 2012, House Majority Leader Eric Cantor introduced and placed on the House legislative calendar a new version of H.R.3606, renamed Jumpstart Our Business Startups (The JOBS Act). The revised bill included

2349-506: The JOBS Act became effective immediately upon enactment. The SEC approved the lifting of the general solicitation ban on July 10, 2013, paving the way for the adoption of Title II. As of October 2014, Titles III, and IV are awaiting more detailed rulemaking by the SEC, which did not meet its original deadlines. Some have attributed the delay to former SEC chair Mary Schapiro's concerns over her legacy. Title III rules were proposed for adoption by

2430-557: The JOBS Act. They include: Jeff Merkley Jeffrey Alan Merkley (born October 24, 1956) is an American politician serving as the junior United States senator from Oregon since 2009. A member of the Democratic Party , he served from 1999 to 2009 as the representative for the 47th district in the Oregon House of Representatives , which covers central Multnomah County on the eastern side of Portland ; he

2511-445: The JOBS Act? It was a miracle. After some debate and revision, the new JOBS Act passed the House on March 8. On March 13, the same day that the Act was placed on the Senate legislative calendar, Sen. Jeff Merkley introduced a revised version of his CROWDFUND bill, S.2190, cosponsored by Michael Bennet (D-CO), Scott Brown (R-MA), and Mary Landrieu (D-LA). The new bill was based on S.1970 but incorporated elements from S.1791, upping

Prodigy Network - Misplaced Pages Continue

2592-589: The Merkley–Levin amendment to implement the Volcker Rule . The rule is premised on the notion that banks should not make risky, speculative bets while enjoying government deposit insurance. It is intended to prevent high-risk trading that jeopardizes the banking system. A $ 2 billion trading loss at JPMorgan Chase & Co. in May 2012 prompted Merkley and Levin to push regulators to stiffen their draft language on

2673-533: The SEC made large changes to expand on the scope of the act. In Regulation Crowdfunding, the maximum offering amount increased from $ 1.07 million to $ 5 million. In Regulation D, the same limit increased from $ 5 million to $ 10 million. In Regulation A, the same limit increased from $ 50 million to $ 75 million. Other marketing, advertising, or so-called "testing the water" constraints are also loosened. A number of US organizations have been founded to provide education and advocacy related to equity crowdfunding as enabled by

2754-452: The SEC on October 23, 2013. On May 16, 2016, Title III Regulation Crowdfunding rules enacted by the SEC went live. In an open meeting March 25, 2015, the Securities and Exchange Commission (SEC) elected to approve and release the long-awaited final rules for Title IV of the JOBS Act (commonly referred to as Regulation A+). Per the final rules, under Regulation A companies will be permitted to offer and sell up to $ 50 million of securities to

2835-459: The SEC to conduct outreach regarding the new legislation to SMEs and businesses owned by women, veterans, and minorities. Title III of the Act, the crowdfunding provision, has been called one of the most momentous securities exemptions enacted since the original Securities Act of 1933 . The titles of the bill are: The JOBS Act had bipartisan support in Congress. It was supported by many in

2916-568: The Saudi and Emirati governments are complying with applicable agreements and laws regulating defense articles when the [memo] explicitly states that, in certain instances, they have not done so". On February 28, 2019, Merkley introduced a resolution prohibiting American military intervention in Venezuela without Congress's approval, adding that it was "critical that the Venezuelan people are

2997-560: The Senate floor for 15 hours and 28 minutes in protest of the confirmation of Neil Gorsuch to the Supreme Court. In June 2018, Merkley received national attention when he attempted to visit a facility holding the children of jailed adults who had attempted to cross the border to seek asylum . Children were separated from their parents and placed in the custody of the Office of Refugee Resettlement . Merkley filmed his attempt to visit

3078-577: The Trump administration refused to distribute money to West Bank and Gaza "because of perceived intransigence on peace talks by the Palestinians and payments to the families of those who have attacked Israelis", Merkley was one of six Democratic senators to introduce a resolution restoring U.S. humanitarian aid to Palestinians in the West Bank and Gaza. During the 2023 Israel-Hamas war , Merkley

3159-431: The Trump administration take immediate action to reunite 539 migrant children with their families, citing each passing day of inaction as intensifying "trauma that this administration has needlessly caused for children and their families seeking humanitarian protection". In November 2018, Merkley was one of 11 senators to sign a letter to United States Secretary of Defense James Mattis about "the overt politicization of

3240-536: The Volcker Rule provisions. In January 2018, Merkley was one of ten senators to sign a letter to Trump encouraging him "to not only protect existing 'Buy America' laws, but to work with Congress to expand these protections and address coverage gaps" while the administration's infrastructure proposal was being drafted, and asserting that "no infrastructure proposal should allow circumvention of current requirements in federal law that ensure our public infrastructure

3321-597: The War In Iraq . In December 2010, Merkley voted for the ratification of New Start , a nuclear arms reduction treaty between the U.S. and the Russian Federation obliging both countries to have no more than 1,550 strategic warheads and 700 launchers deployed during the next seven years and to continue on-site inspections that halted when START I expired the previous year. It was the first arms treaty with Russia in eight years. In February 2017, Merkley

Prodigy Network - Misplaced Pages Continue

3402-493: The administration withdraw the policy and "re-engage with stakeholders, states, and Congress." In February 2019, Merkley was one of 23 Democratic senators to introduce the State Public Option Act, a bill that would authorize states to form a Medicaid buy-in program for all residents and thereby let all residents of the state buy into a state-driven Medicaid health insurance plan if they wished. Brian Schatz ,

3483-490: The amount of time that certain new public companies have to begin compliance with certain requirements, including certain requirements that originated with the Sarbanes–Oxley Act , from two years to five years. The primary provisions of the House bill as amended would: The first six sections, or "Titles", of the JOBS Act are named after the original bills that each was based on, and the last section, Title VII, tells

3564-671: The bill would lead to a "regulatory race to the bottom" and said it was lobbied by Wall Street to weaken the Sarbanes–Oxley Act . It is also opposed by labor unions, including the AFL-CIO , the AFSCME , and the National Education Association . Criticisms were levied against the House version of the bill as "gutting regulations designed to safeguard investors", legalizing boiler room operations , "reliev[ing] businesses that are preparing to go public from some of

3645-479: The bill would strengthen Buy America requirements and that she was hopeful both Democrats and Republicans would support "this effort to make sure our government is buying American products and supporting American workers". Merkley voted for the Patient Protection and Affordable Care Act . He was a founding signatory of a mid-February 2010 petition to use reconciliation to pass legislation providing for

3726-614: The company finalized the crowdfunding campaign for 17 John St., a commercial building near Fulton Center . In 2015, Time magazine reported on the opening of AKA United Nations , an extended-stay property near the United Nations that was termed the “first crowdfunded condo.” In August 2015, the company launched a campaign for a property near the Flatiron Building and Madison Square Park . In 2016, Prodigy Network raised funds for The Assemblage / Park, located in

3807-535: The completion of a crowdfunding campaign for the tallest building in the country in Bogotá, Colombia. In June 2014, the company raised $ 12 million through a crowdfunding campaign for a building next to the United Nations headquarters. Around this time, the company ran a “design competition” to crowdsource design opportunities for the coworking and hotel space in 17 John and awarded winners. In September 2014,

3888-482: The creation of "an independent Special Counsel to investigate collusion with the Russian government by General Flynn and other Trump campaign, transition and Administrative officials" in order to maintain "the confidence, credibility and impartiality of the Department of Justice". In December 2018, after United States Secretary of State Mike Pompeo announced the Trump administration was suspending its obligations in

3969-447: The election indicated that Merkley's standing had once again improved, with Merkley's 12-point deficit turning into a slight lead. On election night the race was too close to call, but media outlets including The Oregonian called it for Merkley on the morning of November 6, and Smith conceded later that morning. Ultimately, Merkley defeated Smith by three percentage points, 49% to 46%. While he carried only eight counties, one of them

4050-625: The factors that paved the road to this dark and difficult recession". As a member of the Senate Banking Committee , Merkley became a leading force in the effort to pass the Wall Street reform bill. Along with Michigan Senator Carl Levin , he successfully added an amendment, usually called the Volcker Rule , to the Dodd–Frank Wall Street reform bill , which banned high-risk trading inside commercial banking and lending institutions. Merkley also championed an amendment that banned liar loans,

4131-462: The general public subject to certain eligibility, disclosure and reporting requirements. While some offerings will be exempt from state registration requirements, in exchange for more extensive reporting requirements, others will not be and will still have to register with every state in which the securities are offered. For offerings made over the internet, this arguably means registering in all 50 states. The final Regulation A rules were published in

SECTION 50

#1732801964594

4212-462: The government of Afghanistan . The Senate passed an amendment to the defense authorization bill by voice vote that required Obama to deliver to Congress a timeline for an accelerated transition of all military and security operations to the Afghan government within 90 days of the law's enactment. Co-sponsors included Republicans Mike Lee of Utah and Rand Paul of Kentucky. In April 2019, Merkley

4293-596: The interests of working families and his electability in a general election against the incumbent, Gordon Smith . Merkley was the first federal candidate to be cross-nominated by the Independent Party of Oregon . Merkley won the Democratic nomination to challenge Smith in 2008, narrowly defeating activist Steve Novick and four others in the Democratic primary . He was initially thought to have only

4374-414: The investment caps. It also expanded the liability section to explicitly authorize investors to sue issuers for the amount invested or for damages. On March 19, during the JOBS Act's debate in the Senate, Merkley, Bennet, and Brown amended the legislation by swapping out the language from H.R.2930 and substituting in S.2190. The resulting revision passed the Senate on March 22, and after some debate passed

4455-495: The military" with the Trump administration's deployment of 5,800 troops to the U.S.-Mexico border and requesting a briefing and written justification from the U.S. Northern Command for troop deployment, urging Mattis to "curb the unprecedented escalation of DOD involvement in immigration enforcement". In January 2019, Merkley was one of 20 senators to sponsor the Dreamer Confidentiality Act, a bill imposing

4536-471: The most important auditing regulations that Congress passed after the Enron debacle", and "a terrible package of bills that would undo essential investor protections, reduce market transparency and distort the efficient allocation of capital". The bill also removed certain disclosure requirements, such as the disclosure of executive compensation, which were not in the spirit of the bill. Titles I, V, and VI of

4617-410: The most public attention because it creates a way for companies to use crowdfunding to issue securities, something that was not previously permitted. Title II went into effect on September 23, 2013. On October 30, 2015, the SEC adopted final rules allowing Title III equity crowdfunding . These rules went into effect on May 16, 2016; this section of the law is known as Regulation CF . Other titles of

4698-687: The offering with each state. State-by-state registration was one of the chief reasons the Government Accountability Office found for the remarkably low interest in Regulation A offerings pre-JOBS Act. The Act was also criticized by some consumer groups. For example, the bill was opposed by some securities regulators and consumer and investor advocates, including the AARP , the Consumer Federation of America ,

4779-506: The ones to determine their own future, and that the U.S. does not repeat a failed strategy of military intervention in Latin America". He called Venezuelan President Nicolás Maduro "a brutal dictator and incompetent leader" and called for him to resign while new elections are held under an interim government. On October 27, 2022, Merkley and Representative Jim McGovern urged U.S. financial executives to cancel their attendance at

4860-760: The original H.R. 3606; the already-passed H.R. 1070, H.R. 2930, H.R. 2940; and two other bills that were still before the House: Private Company Flexibility and Growth (H.R. 2167), and Capital Expansion (H.R. 4088). AngelList co-founder Naval Ravikant , who spent six months lobbying for JOBS Act reforms, recalls: It ended up being a giant dog's breakfast of different bills combined together, and then some genius, probably some congressional staffer, said "How are we gonna get this thing to pass? Oh-- let's say it has something to do with jobs. Jumpstarting Our Business Startups! JOBS, JOBS!" And then, what congressperson can vote against something called

4941-406: The police were called and he was asked to leave the premises. Video of the event went viral on social media, drawing greater attention to the policy in traditional media and among the public. Speaking about the policy in an interview with Time , Merkley said, "Part of this is the dehumanization of people seeking asylum in the U.S." By the end of June, Trump signed an executive order modifying

SECTION 60

#1732801964594

5022-450: The policy to replace family separation with family detention. Merkley continued to oppose the administration's policy, dubbing it "handcuffs for all". As of July 2018, many children who were separated under the policy still had not been reunited with their parents . In August 2018, Merkley was one of 17 senators to sign a letter spearheaded by Kamala Harris to United States Secretary of Homeland Security Kirstjen Nielsen demanding that

5103-698: The technology and startup communities, including Google , Steve Case (founder of AOL ), Mitch Kapor (founder of Lotus ), and many other investors and entrepreneurs. It is also supported by the National Venture Capital Association, which described the bill as modernizing regulations that were put in place almost 100 years before, by among other things facilitating use of online services to make investments in small companies. The " equity crowdfunding " provisions, also known as "securities crowdfunding", which allow companies to sell securities through open platforms, were often likened to

5184-425: The time. In late 2010, Merkley began circulating a proposal about the need to filibuster in order to block legislation. In 2011, he introduced a bill to reform the filibuster. He was joined by Senators Tom Udall of New Mexico and Tom Harkin of Iowa. Merkley was the only member of the Senate to endorse Bernie Sanders in his 2016 bid for the Democratic nomination for president. On April 4, 2017, Merkley held

5265-594: The use of Fiscal Year 2018 national security funding. The senators argued that foreign assistance to Central American countries created less migration to the U.S. by helping to improve conditions there. Merkley supports the Reid - Feingold Amendment, a plan for removing troops from Iraq, and has his own five-point plan for stability in Iraq: In March 2008, Merkley endorsed the Responsible Plan to End

5346-544: The video had garnered more than one million viewers. Merkley has been noted for his opposition to the Trump administration 's immigration policies . In June 2018, he attempted to enter the Casa Padre processing facility in Brownsville, Texas, where children separated from their parents were being detained as a result of the Trump administration's " zero tolerance " policy. Merkley was not permitted to enter, and eventually

5427-495: The workplace; and gave same-sex couples rights, immunities, and benefits. On August 1, 2007, Merkley announced he would run for the U.S. Senate in the 2008 election. On August 13, he was endorsed by Governor Ted Kulongoski and former governor Barbara Roberts . In December 2007 he was endorsed by the Oregon AFL–CIO , the state's largest labor federation. The union federation's leaders cited Merkley's 97% record of voting in

5508-618: Was President of the World Affairs Council of Oregon for seven years and continues to serve on the board of trustees. In 1998 Merkley was elected as a Democrat to the Oregon House of Representatives from the 16th district in east Portland (renumbered as the 47th district after the 2002 redistricting). He succeeded Frank Shields, who moved from the House to the Oregon State Senate due to term limits . In its endorsement, The Oregonian predicted that Merkley

5589-524: Was also supported by David Weild IV , former vice-chairman of NASDAQ, who also testified before Congress. Studies written by Weild, co-authored by Edward H. Kim and published by Grant Thornton , "identif[ied] changes to stock market structure that gave rise to a decline in the IPO market", and thus "gave rise to the JOBS Act", according to Devin Thorpe of Forbes magazine. This has led some to refer to Weild as

5670-449: Was considered a potential candidate for president in 2020 , but chose to run for reelection to the Senate instead. Merkley was born in Myrtle Creek, Oregon , the son of Betty Lou (née Collins) and Darrell Philip Merkley. His paternal grandmother was born in Calliope, Queensland , Australia. He attended first grade in Roseburg, Oregon , before moving to Portland with his family. He graduated from David Douglas High School , received

5751-404: Was his home county of Multnomah County , which he won by 142,000 votes—a deficit that proved too much for Smith to overcome. Merkley thus became the first person to unseat an incumbent Oregon senator since Bob Packwood defeated Wayne Morse in 1968 . Merkley formally resigned his seat in the Oregon House in a letter to Secretary of State Bill Bradbury on January 2, 2009. He was sworn in as

5832-441: Was included in the health care reform law and signed into law by President Obama in 2010. In late February 2010, Merkley again made headlines when he unsuccessfully tried to persuade Republican colleague Jim Bunning of Kentucky to drop his objection to passing a 30-day extension of unemployment benefits for jobless Americans. Bunning replied, "Tough shit." A spokesman for Merkley said that Merkley did not hear Bunning's remark at

5913-530: Was introduced by Patrick McHenry (R-NC) and revised in collaboration with Carolyn Maloney (D-NY). Informed by the Crowdfunding exemption movement and endorsed by the White House, it was the first U.S. bill designed to create a regulatory exemption for crowdfunded securities. The passage of H.R. 2930 inspired the introduction of two Senate bills similarly focused on the new crowdfunding exemption:

5994-401: Was one of 11 senators to sign a letter to United States Attorney General Jeff Sessions expressing their concern "about credible allegations that the Trump campaign, transition team, and Administration has colluded with the Russian government, including most recently the events leading to the resignation of Lieutenant General Michael Flynn as National Security Adviser". The senators requested

6075-625: Was one of 23 Democratic senators to sign a letter to the Defense Department warning that some payday lenders were "offering predatory loan products to service members at exorbitant triple digit effective interest rates and loan products that do not include the additional protections envisioned by the law" and asserting that service members, along with their families, "deserve the strongest possible protections and swift action to ensure that all forms of credit offered to members of our armed forces are safe and sound". On June 28, 2018, Merkley

6156-481: Was one of 34 senators to sign a letter to President Trump encouraging him "to listen to members of your own Administration and reverse a decision that will damage our national security and aggravate conditions inside Central America", asserting that Trump had "consistently expressed a flawed understanding of U.S. foreign assistance" since becoming president and that he was "personally undermining efforts to promote U.S. national security and economic prosperity" by preventing

6237-494: Was one of seven senators to sign a letter to United States Secretary of State Mike Pompeo saying that they found it "difficult to reconcile known facts with at least two" of the Trump administration's certifications that Saudi Arabia and the United Arab Emirates were attempting to protect Yemeni civilians and were in compliance with US laws on arms sales, citing their lack of understanding of "a certification that

6318-584: Was one of three U.S. senators who called for a ceasefire, along with Dick Durbin and Peter Welch . In January 2024, Merkley voted for a resolution, proposed by Bernie Sanders , to apply the human rights provisions of the Foreign Assistance Act to U.S. aid to Israel's military . The proposal was defeated, 72 to 11. In June 2017, Merkley voted for a resolution by Rand Paul and Chris Murphy that would block Trump's $ 510 million sale of precision-guided munitions to Saudi Arabia that made up

6399-446: Was the speaker of the House during the last two years of his tenure. In 2008 , Merkley defeated two-term Republican incumbent U.S. Senator Gordon Smith and was reelected in 2014 and 2020 , defeating Republican nominees Monica Wehby and Jo Rae Perkins . During his tenure, Merkley has been an advocate of progressivism and was the only U.S. senator to endorse Bernie Sanders in the 2016 Democratic presidential primaries . He

6480-639: Was the most likely of several Democrats to "accomplish something positive in the Legislature." Following the 2003 session, he was elected Democratic leader, and after the House Democrats gained a majority in the 2006 Oregon statewide elections , they unanimously elected him Speaker of the House in the 74th Oregon Legislative Assembly . During Merkley's tenure as Speaker, the Oregon House passed numerous major pieces of legislation: It created

6561-636: Was the only member of the Senate Appropriations Committee to vote against the $ 675 billion Pentagon spending bill for fiscal 2019 providing $ 607.1 billion for its base budget and $ 67.9 billion for the Overseas Contingency Operation (OCO) war fund. The bill was a $ 20.4 billion increase over the fiscal 2018 level. In November 2011, Merkley led an effort to urge President Obama to expedite transition of responsibility for military and security operations to

#593406