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Public Statements

Rulemaking Deadline Exempting Certain Securities

Floor Speech

By:
Date:
Location: Washington, DC

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Ms. WATERS. Madam Speaker, I yield myself such time as I may consume.

As you know, the Jumpstart Our Business Startups Act, or the JOBS Act as it is commonly known, was signed into law about 1 year ago. This bill received the support of both Democrats and Republicans on the Financial Services Committee.

Some of us, including me, have some concerns about this legislation. We are basically taking a chance that investors will not be harmed, but we're taking a chance because we are so anxious to create jobs, and this legislation is possibly yet another approach to creating jobs.

This is not the American Jobs Act, but this is a jobs act. And I believe that my colleague on the opposite side of the aisle, Mr. McHenry, really believes that this is going to create jobs. So we're going to take a chance that this will create jobs.

Regulation A currently allows certain companies to raise up to $5 million a year through a streamlined, less costly registration process, providing smaller companies with much-needed capital without overly burdening them with registration requirements. In the JOBS Act, we raise that level to $50 million, thus providing small companies with a greater ability to develop new products and create much-needed jobs for their local economies.

The JOBS Act did not set a deadline under which the Commission needed to complete this rulemaking. Given the tremendous workload the Commission is managing--including setting up new offices under the Wall Street Reform Act, regulating new markets such as the over-the-counter derivatives market, and completing various other rulemakings under the JOBS Act--it is understandable that the SEC has not yet completed the Regulation A update. H.R. 701 would basically require that the SEC complete the Regulation A rulemaking by October 31 of this year.

While I am reluctant to impose accelerated rulemaking timetables on the Commission, given the resource constraints they face, I will support this bill and my colleagues are supporting this bill, particularly since we understand that the SEC has indicated that they will finish the rulemaking before October 31 anyway, even without this legislation.

Finally, I would ask that my colleagues support adequate funding for the Commission so that they have the staff resources to carry out this and other outstanding rulemakings under both the Wall Street Reform Act and the JOBS Act. This is very important.

The SEC has a great responsibility carrying out the rulemaking for all that we have placed on them. As I know that they like to do this rulemaking in a timely fashion, we must recognize that they don't have all the resources they need. So I hope that as we're taking a chance with our colleagues on the opposite side of the aisle, hoping that this bill is going to produce the kinds of jobs that have been indicated, we want our friends on the opposite side of the aisle to reciprocate with support for the SEC and the funding that they need.

With that, Madam Speaker, I reserve the balance of my time.

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