Fundamentally reform the securities laws and create a scaled disclosure system

“The SEC and Congress should fundamentally reform the securities laws governing issuers, broker–dealers, exchanges, and other market participants. Among other things, they should establish a simplified and rationalized securities disclosure system with: … Three basic categories of firm: private firms, an intermediate category of smaller firms, and public firms; Reasonable, scaled disclosure requirements; and Specified secondary markets for the securities of these firms.”