The Wall Street Journal has an important editorial today on how the financial “reform” bill being considered by Congress could help kill the angel investment industry in the United States.

Burying angels under new regulations would be part of a one-two knock-out blow for this group of more than 300,000 higher-income Americans who invest directly into start-up companies. The Obama administration’s tax-increase policies would be the other blow, as I testified to the Senate earlier this year.

Angels have played a crucial role in America’s dynamic job-creating economy over the decades. Policymakers would be absolutely crackers to screw up such a successful part of our innovation economy.