Mr. CARNEY. Madam Speaker, I rise today to encourage my colleagues to support bipartisan legislation to create jobs. In December, Congressman Stephen Fincher and I introduced H.R. 3606, the Reopening American Capital Markets to Emerging Growth Companies Act of 2011.
Our legislation will create jobs by making it easier for emerging growth companies to undertake an IPO. On average, 92 percent of a company's growth occurs after they go public. Unfortunately, in recent years the number of companies going public has fallen dramatically. This legislation will reduce the cost of going public for emerging growth companies by phasing in certain costly regulatory requirements.
Last night, our legislation passed out of the Financial Services Committee with a bipartisan vote of 54 1. We have worked hard to craft this legislation in a way that can pass both the House and the Senate and be signed by the President.
Please join me in supporting this bipartisan legislation that will create jobs and grow the economy.