Sen. Hutchison Applauds Senate Passage of JOBS Act

Statement

Today, U.S. Senator Kay Bailey Hutchison (R-TX) joined Sens. Pat Toomey (R-PA), John Thune (R-SD), and Scott Brown (R-MA) to applaud Senate passage of the JOBS Act. This included her capital formulation bill, S. 1941, which will help community banks more effectively raise funds by increasing the number of shareholders permitted to invest from 500 to 2,000. Below is a transcript of her remarks, or to watch the video, click here.

"I am very pleased that the bill that I introduced, quite a while ago, is part of this package, for our community bankers that have been left at a 500 shareholder threshold, and then have had to go to the SEC. These bankers have estimated that it cost them about a quarter of a million dollars to register with the SEC and to take care of all of the legal requirements. That's $250,000 multiplied by all of the community banks in America. They believe that they will be able to put billions into the marketplace for our small businesses to gain the [needed] capital and create new jobs.

I am very pleased Senator Toomey, Senator Thune, Senator Brown and I all had separate legislation that was great for our businesses - mine was banking, Senator Toomey's was all businesses, Senator Brown and Senator Thune have added to what is a great package that the President has already said he will support. We've had progress, we've had success, it's been bipartisan and bicameral, and, most important, small businesses are going to get something good, finally, to help them create jobs. And that was the goal."

Source