Today, the JOBS Act passed the U.S. House of Representatives as amended by the Senate by a vote of 380-41. The JOBS Act is a legislative package designed to jumpstart our economy and restore opportunities for America's primary job creators: our small businesses, startups, and entrepreneurs. The base bill is H.R. 3606, which Congressman Fincher introduced.
Fincher said, "Small businesses and entrepreneurs are the backbone of our nation and our economy. This bill puts the focus on the private sector, capitalism, and the free market, providing the jumpstart our nation's entrepreneurs and small businesses need to grow and create jobs. Our nation has seen a decline in small business start-ups over the last few years, which means less jobs created for American workers. The best thing our government can do right now to get our economy moving in the right direction is to help create an environment where new ideas and start-up companies have a chance to grow and succeed."
Congressman Fincher's H.R. 3606, which previously passed the U.S. House of Representatives with bipartisan support (390-23) and then the Senate (73-26), is the base bill for the JOBS Act. Title I of H.R. 3606, the Reopening American Capital Markets to Emerging Growth Companies Act, reduces the costs of going public by phasing in certain regulations over a five-year period, or until the company reaches $1 billion in revenue. This allows companies to go public sooner and access much needed capital, resulting in more job creation within the company.
The JOBS Act is supported by the President, U.S. Chamber of Commerce, American Bankers Association, Financial Services Forum, the Small Business and Entrepreneurship Council and the Independent Community Bankers of America. In addition, the Biotechnology Industry Organization, Burroughs & Chapin Company, CONNECT, Gate Technologies, Mesirow Financial, NASDAQ OMX, National Taxpayers Union, National Venture Capital Association, NYSE Euronext, OTC Markets Group, SIFMA, Silicon Valley Bank, TechAmerica, TechNet, and SecondMarket.