Congressman James Lankford (R-OK) praised bipartisan support for the Jumpstart Our Business Startups (JOBS) Act after it passed the House today by a vote of 390-23.The JOBS Act is a comprehensive legislative package to spur growth among startups, small businesses and entrepreneurs through capital formation and elimination of bureaucratic burdens. Five of the six provisions in the JOBS Act have previously passed the full House of Representatives or Financial Services Committee with bipartisan support.
"Over the past few years, the federal government has piled red tape and compliance requirements on small businesses and private lenders, and this is bogging down the economic engine of our country," said Congressman Lankford. "Many of the arcane regulations and requirements for small business startups do not make sense in a dynamic and entrepreneur-driven economy. Since the credit markets dried up three years ago, small businesses have seen difficulties in expanding their companies.
"The President has indicated he will sign this jobs legislation, and I encourage the Senate to consider the JOBS Act immediately. The House has sent over 30 jobs bills to the Senate this session, and it is time to make them law. Small business access to private capital should be an area where the federal government gets out of the way of private investment and job creation. There is no reason to delay any longer. We must come together to get Americans back to work now."