The House Financial Services Committee has approved a so-called “crowd funding” bill that would allow entrepreneurs and promoters to solicit up to $1 million of investor capital over the internet without any disclosure requirements, or $2 million if they file audited financials. Individual investments would be made through social media websites and limited to $10,000 or 10% of income. The bill is being criticized by state regulators and other experts who have seen it all and see the internet fraud coming.