SEARCH

Entries in JOBS Act (3)

Thursday
Apr052012

Obama Signs JOBS Act Into Law

BRENDAN SMIALOWSKI/AFP/Getty Images(WASHINGTON) -- President Obama signed the Jumpstart Our Business Startups Act Thursday, calling it a “game-changer” that would remove barriers that prevent small businesses from growing and hiring.

“Because of this bill, start-ups and small business will now have access to a big, new pool of potential investors -- namely, the American people. For the first time, ordinary Americans will be able to go online and invest in entrepreneurs that they believe in,” the president said in a Rose Garden signing ceremony.

The president said the JOBS Act would make it easier for business owners to take their companies public, noting “that’s a big deal because going public is a major step toward expanding and hiring more workers.”

Going forward, the president said it was important to make sure the Securities and Exchange Commission is properly funded “so that they can do the job and make sure that our investors get adequate protections.”

The president, surrounded for the second day in a row by lawmakers from both parties, said the bill “represents exactly the kind of bipartisan action we should be taking in Washington to help our economy.”

Copyright 2012 ABC News Radio

Thursday
Mar222012

Senate Passes JOBS Act With One Change

(WASHINGTON) -- The Senate passed the JOBS act by a vote of 73-26 on Thursday.

The Senate made one change to the House-passed bill, adding to it the crowdfunding amendment passed with bipartisan support. The amendment addresses the difficulties small businesses, young businesses and start-ups face in securing capital, compared with larger companies, by allowing them to raise capital from individual investors online and through social media. The amendment allows entrepreneurs to raise up to $1 million a year through an SEC-registered crowdfunding portal, providing investor protections.

“Crowdfunding will allow small businesses to bypass Wall Street and go straight to Main Street for financing, freeing every American to invest in a local business or the next great idea,” Sen. Scott Brown, R-Mass., said following the vote.

Since this amendment was added to the House-passed bill the amendment does not go straight to the president’s desk just yet. The bill must go back to the House of Representatives for final passage.

Following the vote, Majority Leader Reid called this a “small step” towards creating jobs and then quickly pivoted to call on the House of Representatives to take up another jobs measure that is stalled between the two chambers: the Senate’s bipartisan transportation bill.

Copyright 2012 ABC News Radio

Thursday
Mar082012

JOBS Act Passes the House, Senate to Move Forward With 'Similar' Bill

Bill Clark/Roll Call via Getty Images(WASHINGTON) -- The Jumpstart Our Business Startups (JOBS) Act passed the House 390 to 23, with 158 Democrats voting in favor. The broad bipartisan support came not in small part from an open endorsement by the White House on Tuesday.

The JOBS Act is a collection of six bills with the goal of encouraging small business growth by, among other things, making it easier for them to go public and easing access to capital.

One measure is designed to eliminate SEC restrictions on “crowdfunding.” The term applies to a popular method for small businesses to raise revenue through a pooled fund of contributors, usually organized through the Internet.
 
At her weekly press conference, Nancy Pelosi didn’t mince words, calling Thursday’s vote “Jobs Bill Light.” The democratic leader also said her counterparts were “off the track” for focusing on the JOBS Act instead of the long-tabled transportation bill, what she deemed was a more robust method of job creation.

“Instead of working together on a transportation bill, which is one of the biggest initiatives Congress can pass, the Republicans are once again bringing to the floor some bills that we've passed before, overwhelmingly -- they're noncontroversial,” Pelosi said.

Republican leader Eric Cantor responded to the comment in a press conference after the vote, saying congress was trying to “regain the confidence” of its constituents and called on Harry Reid to take up the bill in Senate.

Senate Majority Leader Harry Reid, D-NV., praised the House for moving forward with the small business jobs bill and says they will “try to do something” similar in the Senate to match the bill.

“The House bill is not perfect,” Reid said on the Senate floor Thursday morning. “We're glad it is moving forward, and we're going to try to do something here to match so we can get to conference and get this done. I’m hopeful that when Democrats reach across the aisle we'll find willing partners on the other side for a change.”

At a press conference later in the day Reid said that next week the Upper Chamber will hopefully move a “similar bill” in the Senate.  

Senate Minority Leader Mitch McConnell, R-KY., said that since the White House has issued a statement of support for the jobs bill coming out of the House that the senate should pass the bill untouched immediately.

Copyright 2012 ABC News Radio







ABC News Radio