Congressman Tim Griffin (AR-02) issued the following statement after final passage of the Jumpstart Our Business Startups (JOBS) Act (H.R. 3606):
"The House is fighting to strengthen our economy and encourage job creation, and the bipartisan JOBS Act is part of that effort. This bill will eliminate unnecessary hurdles and excessive reporting burdens for small businesses seeking access to capital. Thankfully, the Senate followed the House's lead and approved the JOBS Act last week. Now it's time for the President to sign this critical bill into law, and I encourage him to do so immediately."
Today, the House passed a Senate amendment to H.R. 3606, which would allow companies to raise up to $1 million in investment capital from "crowdfunding" via the Internet. In addition, it would ensure protections for investors by requiring these companies to meet specific disclosure requirements. All other components of the House passed bill were unchanged.
The JOBS Act combines six bills, four of which have already been passed by the House with strong bipartisan support. In addition to the Reopening American Capital Markets to Emerging Growth Companies Act (H.R. 3606), this package includes the Small Company Capital Formation Act (H.R. 1070), the Access to Capital for Job Creators Act (H.R. 2940), the Entrepreneur Access to Capital Act (H.R. 2930), the Private Company Flexibility and Growth Act (H.R. 2167), and the Capital Expansion Act (H.R. 4088). H.R. 4088 is similar to the Shareholder Threshold for SEC Registration Act (H.R. 1965), which passed the House on November 2, 2011.