In a letter to members of the House of Representatives, CFA is urging a No vote on both H.R. 3911, the ‘‘Risk-Based Credit Examination Act’’ and H.R. 2201, the “Micro Offering Safe Harbor Act.” CFA opposes H.R. 3911 because it could embolden rating agencies to return to practices that were so detrimental on our financial system and broader economy prior to the financial crisis. CFA opposes H.R. 2201 because it creates an unnecessary exemption to the Securities Act of 1933 which would quickly and predictably become an avenue enabling questionable offerings to avoid regulatory scrutiny, causing countless retail investors to suffer devastating losses.