U.S. Congressman Mike McIntyre announced that he voted for and the U.S. House passed legislation, including an amendment that he authored, that would roll back regulations for smaller, privately held companies as part of a plan to boost investment in new ventures and generate jobs.
Congressman McIntyre stated, "Getting government out of the way so that small businesses can grow and prosper is critical. Our economy continues to face challenging times, and many Americans are struggling with dwindling family finances while too many are facing joblessness. And, no one knows that better than our true job creators across this nation -- the small companies that are being hit hard by burdensome regulations. It is imperative that we work together to reduce regulations to helps them continue to create jobs and persevere."
The Jumpstart Our Business Startups (JOBS) Act, reduces certain Securities and Exchange Commission registration and reporting requirements for small businesses seeking to issue securities and raise funds from investors, clarifies conditions under which issuers of securities may advertise to potential investors, and defines the conditions under which businesses may use "crowdfunding" to raise capital. The measure packages together six smaller bills, including several previously passed by the U.S. House, which will help small businesses grow and create jobs.
Also included in the bill is an amendment sponsored by Congressman McIntyre that adjusts the Emerging Growth Company definition for inflation, resulting in providing more flexibility for businesses. This amendment will ensure that small businesses and start-ups across the country will thrive in our nation's challenging economy and continue to create jobs that are so important to our citizens.