Bipartisan JOBS Act Passes House of Representatives

Press Release

Today, the House of Representatives passed H.R. 3606, the Jumpstarting Our Business Startups (JOBS) Act, by a bipartisan vote of 390-23. The legislation reforms, streamlines, and repeals financial regulations that are holding back small business and entrepreneurial growth.

After supporting the measure, Congressman Dave Camp (R-Midland, MI) released the following statement: "We know that small businesses are the engine of job growth in America. When I travel across Mid- and Northern Michigan, small business owners have repeatedly told me that one of the biggest barriers they face is the lack of access to finance to be able to expand their operations, buy new inventory, and hire new workers. The JOBS Act is a common sense and bipartisan package that will enhance ability of small businesses to access the capital they need to invest, grow, and hire. This bill eases the burdens that start-ups, existing small businesses and entrepreneurs face so that they can grow and get Americans back to work. I was pleased the bill passed with overwhelming bipartisan support in the House, and I'm hopeful the Senate will quickly take up the package and send it to the President's desk for the benefit of American small businesses."

The Jumpstart Our Business Startups (JOBS) Act removes government barriers to job creation and economic activity. The package is comprised of six bills designed to help startups and entrepreneurs get off the ground, access capital and create jobs. These initiatives have all received strong bipartisan support in Congress, the President's Jobs Council and the business community.

The following bills are part of the JOBS Act:

H.R. 3606, the Reopening American Capital Markets to Emerging Growth Companies Act of 2011, makes it easier for more small and medium sized companies to access the capital markets by reducing the cost of going public.

H.R. 1070, the Small Company Capital Formation Act, makes it easier for small businesses to go public by increasing the offering threshold for companies exempted from SEC registration from $5 million to $50 million.

H.R. 2167, the Private Company Flexibility and Growth Act, removes an impediment to capital formation for small companies by raising the shareholder threshold for mandatory registration with the SEC from 500 to 1,000 shareholders.

H.R. 4088, the Capital Expansion Act, raises the threshold for mandatory registration under the Securities Exchange Act of 1934 from 500 shareholders to 2,000 shareholders for all banks and bank holding companies and raises the shareholder deregistration threshold from 300 shareholders to 1,200 shareholders.

H.R. 2940 removes the regulatory ban that prevents small, privately-held companies from using advertisements to solicit accredited investors across the country.

H.R. 2930 removes SEC restrictions that prevent "crowdfunding" so entrepreneurs can raise equity capital from a large pool of small investors who may or may not be considered "accredited" by the SEC.

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