In April, President Obama signed the Jumpstart Our Business Startups (JOBS) Act, a section of which removes regulations that previously made illegal the practice of private companies turning to crowdfunding to solicit investments from the general public.

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Other questions focused on ensuring private health insurance companies abide by industry codes of practice, membership of the European Defence Agency, and effects of spending cuts on public health.

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"The awarding of earmarks to private companies is the single most corrupting element of this practice, " he said.

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After graduating from Harvard Law School, Gorelick spent 18 years in the private law practice representing major U.S. companies.

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It is standard practice for film companies and technology entrepreneurs to raise funding from private investors.

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