A bipartisan majority of the House of Representatives yesterday voted 416-6 in favor of passing a bill proposed by Congressman Patrick McHenry (NC-10) to enforce a deadline on JOBS Act legislation signed into law last year.
"To cultivate a stronger economy, we have to build a more vibrant marketplace for our startups and entrepreneurs, which is what this legislation is all about," said Congressman McHenry. "It's critical that the SEC finally start to implement the JOBS Act -- a bipartisan bill that was signed into law more than a year ago. Small businesses and entrepreneurs are starving for capital, and this legislation simply sets a firm deadline for the SEC to get its job done."
Specifically, H.R. 701 requires the SEC to implement Title IV of the JOBS Act by October 31. Title IV requires the SEC to adopt or amend regulations that encourage capital formation for small businesses through a currently under-used provision of securities law known as Regulation A.
The House originally passed Title IV of the JOBS Act to help small businesses with wide bipartisan support, 421-1.