Congressman Francisco "Quico" Canseco (TX-23), a former small business owner and member of the House Financial Services Committee, issued the following statement after the House Financial Services Committee's Capital Markets Subcommittee held a joint hearing with the House Oversight and Government Reform Committee's TARP, Financial Services, and Bailouts of Public and Private Programs Subcommittee regarding implementation of the Jumpstart Our Business Startups (JOBS) Act:
"The JOBS Act is an important piece of bipartisan legislation that was passed into law to give American entrepreneurs a greater ability to grow their businesses and create jobs. The JOBS Act does this by providing much-needed relief from onerous provisions of the Sarbanes-Oxley Act, and eliminating outdated regulations that have prevented start-up companies from growing an investor base."
"Unfortunately, federal regulators have missed deadlines to implement basic rules included in the JOBS Act, and a recently proposed rule from the Securities and Exchange Commission (SEC) will likely increase costs and uncertainty for start-up companies who should be benefiting from the JOBS Act. As a member of the House Financial Services Committee, where most provisions of the JOBS Act originated, I am deeply concerned that federal regulators are delaying and complicating implementation of the bill. The federal government should be promoting entrepreneurship and creating an environment where start-ups are able to grow their business or even go public one day. Congress made this clear when the JOBS Act was passed. Instead, the SEC has chosen to go the way of Washington -- missing important deadlines, writing overly complex rules, and leaving the private sector in a state of uncertainty."
"One of my primary goals is to promote policies that empower the private sector and increase the likelihood that somebody in our economy will create the next Microsoft or Apple. The JOBS Act was an important step towards making that happen. I will continue monitoring implementation of the JOBS Act and working to stop Washington bureaucrats from throwing sand in the gears of our economy."