Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, today applauded the Senate passage of the Jumpstart Our Business Startups (JOBS) Act to increase capital formation, spur the growth of startups and small businesses, and pave the way for more small-scale businesses to go public and create American jobs.
"The JOBS Act helps create an environment where freely flowing capital fosters competition and encourages innovation," said Garrett after the Senate voted to approve the JOBS Act 73-26. "A dynamic economy means a strong economy, where new products and services pave the way for more growth and upward mobility for all.
"I have always stressed the importance of tearing down unnecessary regulations that saddle small business with burdensome costs and restrict their access to much-needed financing. For too long, the job-creators of this country have been waiting in the shadows to unleash their entrepreneurial spirit on our economy, which is why I made many of the individual components in this bill a top priority of my subcommittee. I am pleased to see the other chamber finally act upon the bipartisan efforts of the House and pass this long-awaited bill.
As Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, Garrett played a leading role in bringing the JOBS Act to the House floor. In October, the Capital Markets and Government-Sponsored Enterprises Subcommittee approved the underlying bills incorporated into the JOBS Act, including H.R. 3606, the Reopening American Capital Markets to Emerging Growth Companies Act, sponsored by Reps. Fincher and Carney; H.R. 2940, the Access to Capital for Job Creators Act, sponsored by Rep. McCarthy; H.R. 2930, the Access to Capital for Job Creators Act, sponsored by Rep. McHenry; H.R. 1070, the Small Company and Capital Formation Act, sponsored by Rep. Schweikert; and H.R. 2167, the Private Company Flexibility and Growth Act, sponsored by Rep. Schweikert.