Congressman John Shimkus (R, Illinois-19) joined his colleagues in voting for legislation designed to put Americans back to work, the Jumpstart Our Business Startups (JOBS) Act, which passed the U.S. House of Representatives 390-23 on Thursday.
"The JOBS Act provides incentives for small businesses and entrepreneurs to invest, hire and expand," Shimkus said. "The ideas in this legislation have been supported by Republicans and Democrats, the President's Jobs Council, and the business community."
The act joins together six bills that passed through the House Financial Services Committee with overwhelming bipartisan support. The legislation establishes a new category of securities issuers, Emerging Growth Companies, which will be exempt from certain Securities and Exchange Commission (SEC) regulatory requirements. It also raises the offering threshold for companies exempted from registration with the SEC from $5 million, set in the early 1990s, to $50 million. Such moves would help small companies gain access to capital markets without the costs and delays associated with the full-scale securities registration process.
The legislation now moves to the Senate, and Shimkus is calling on that side of the Capitol to act quickly.
"The Senate has become the place where good ideas go to die," the Congressman said. "Twenty-seven pieces of job-creating legislation have passed the House and are awaiting Senate action, even before the JOBS Act. With so many American s out of work, the time to act is long overdue."