Leader Cantor Introduces Bipartisan JOBS Act
At a press conference this afternoon with Speaker John Boehner and House Republican leaders, House Majority Leader Eric Cantor (R-VA) introduced the bipartisan JOBS Act, vital legislation to remove government barriers to private sector job creation. In an op-ed penned in POLITICO this morning, Leader Cantor and Rep. Stephen Fincher outline the bill:
“President Barack Obama in his State of the Union address asked Congress to send him a bill that helps small businesses and entrepreneurs succeed. That is exactly what we intend to do.
“Last year, the House worked on a series of bills to remove regulatory barriers that are holding back entrepreneurs and small businesses. Today, we are unveiling a bipartisan legislative package that puts all of these items together: the JOBS Act — Jumpstart Our Business Startups. This represents an important opportunity to work together to help our small-business startups grow, create jobs and get the economy back on track.
“The JOBS Act contains several measures to remove the obstacles preventing small businesses and startups from accessing the capital they need to grow. A measure championed by House Majority Whip Kevin McCarthy (R-Calif.) repeals the solicitation ban on companies trying to raise capital, and North Carolina Rep. Patrick McHenry’s bill removes the ban on ‘crowdfunding,’ enabling entrepreneurs to pool investments from smaller investors.
“A measure from Rep. David Schweikert of Arizona eases shareholder threshold regulations that slam small businesses with costly requirements before they have the capital to comply. And a bill by Rep. Ben Quayle, also of Arizona, modifies securities regulations governing the registration of small bank holding companies.
“These measures will increase capital formation and spur growth, paving the way for more startups and smaller businesses to go public. The final provision of the JOBS Act gives small businesses a reprieve from costly SEC regulations, allowing them to go public sooner, grow faster and create more jobs.
“Individually, these bills have garnered broad bipartisan support from both sides of the Capitol, and from members of the business community who represent current or former startup companies. Specifically, Steve Case, former AOL chairman and founder and a member of the President’s Council on Jobs and Economic Competitiveness, has highlighted the need for these tools to boost startups and has endorsed the JOBS Act.”
Read the rest of the op-ed here. With nearly 30 jobs bills stalled in the Senate, House Republicans will continue to press Washington Democrats to remove government barriers to private sector job creation.