Congressman Ben Quayle released the following statement after his bill, H.R. 4088--the "Capital Expansion Act"--was included in the bipartisan "Jumpstart Our Business Startups" (JOBS) package announced yesterday. The "Capital Expansion Act" changes an outdated requirement that banks with 500 shareholders or more register with the Securities and Exchange Commission. The bill revises the shareholder threshold upward to 2000, in order to make the process of raising capital easier.
"To keep our small businesses competitive, we must make sure they are not held back by antiquated rules. This bill creates jobs by enabling small banks--which make the vast majority of small business loans--to raise capital without the SEC's costly oversight holding them back.
"Throughout my time in Congress I have worked to free our small businesses from the onerous rules and requirements that keep them from raising capital, and therefore hiring and expanding their operations. A bill I proposed last year, the "Startup Expansion and Investment Act" (H.R. 2941), advanced those goals and I am proud that the "Capital Expansion Act" was included in the JOBS package to continue that work. I hope the Senate and the President will agree that we need these sensible bipartisan bills enacted right away."