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Public Statements

Rulemaking Deadline Exempting Certain Securities

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. ROSS. Madam Speaker, as my colleague mentioned earlier, the JOBS Act passed into law with broad bipartisan support.

It hasn't been easy for Republicans and Democrats to agree on a lot of things; but when it came to directing the SEC to get out of the way and allow small public companies to raise capital and create jobs in America, we agreed.

Over a year later, we're still waiting for the SEC to implement several portions of a bill that should have been noncontroversial. This isn't the first instance. In title II of this act, the SEC failed in a time certain to follow the will of Congress and promulgate rules. That's why we're here today.

Now, it's unclear when the SEC is going to promulgate the rules under title IV, which will allow faster capital formation for smaller public companies. But like the job creators and the unemployed in my district, I'm tired of waiting. We're down here today urging Members to support legislation to require the SEC to do their job and implement the rules under this title by the end of October.

It's disheartening that we have to waste taxpayer dollars to do this, but I urge Members to vote in favor of H.R. 701. Madam Speaker, it's time for the SEC and all the regulators to stop stalling and stop ignoring the will and direction of Congress. It's time for regulators to do their jobs so Americans can go back to work and do their jobs, and it's time that Congress hold all regulators accountable.

Thank you, Mr. Chairman, for this bill.

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