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Jobs Bills: What’s The Holdup?

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@stevenfoley

A former U.S.Marine, he is the Creator of The Minority Report Network. He is also the Founder and Managing Editor of the Network’s flagship site, www.theminorityreportblog.com, Former Director of New Media for Liberty.com, Former Director of New Media for Liberty First PAC, and the Former Chief Managing Editor of 73Wire.com. Steve is a well respected national conservative blogger who’s dedicated the past several years of his life advancing conservatism online. Recently Steve was instrumental in the development of Liberty.com, Liberty First PAC, The Patriot Caucus, the national campaign trail and grassroots news site73wire.com.

Each Of These Popular Jobs Proposals Has Support From The Obama Administration And Over 400 Members In The House

 

Small Company Capital Formation

Sen. Pat Toomey (R-PA); S.1544 / H.R.1070

 

OBAMA ADMIN SUPPORTS THE IDEA

·         “The President is putting forward responsible measures that will help growing businesses…  The President is calling to raise the offering limit under Regulation A from $5 million to $50 million, coupled with strong investor protections.” (The White House, Press Release, 1/31/12)

 

PASSED HOUSE 421 – 1

·         183 House Democrats Voted For It. (H.R.1070, Roll Call Vote #820, Bill Passed 421-1: R 238-0; D 183-1, 11/2/11)

 

·         House Dem: “I’m proud to be a cosponsor… What better time than now when our economy needs this important boost.” (Rep. Anna Eshoo (D-CA), Congressional Record, H.7231, 11/2/11)

 

WAITING FOR A SENATE VOTE

·         Companion measure S.1544 sponsored by Sen. Pat Toomey (R-PA). Cosponsored by Sen. Richard Blumenthal (D-CT), Sen. Claire McCaskill (D-MO), Sen. Robert Menendez (D-NJ), Sen. Jon Tester (D-MT).

 

WHAT IT DOES

·         Changes SEC rules to allow companies to sell up to $50 million in shares without filing lengthy paperwork.

 

Shareholder Registration Thresholds

Sen. Kay Bailey Hutchison (R-TX); S.1941 / H.R.1965

 

OBAMA ADMIN SUPPORTS THE IDEA

·         “The [White House Jobs] Council recommends the following initiatives to help spur renewed entrepreneurship: Reduce regulatory barriers … e.g. … 500 shareholders [SEC rule].” (White House Jobs Council, “Taking Action, Building Confidence,” P.22, 10/11)

 

PASSED HOUSE 420 – 2

·         184 House Democrats Voted For It. (H.R.1965, Roll Call Vote #819, Bill Passed 420-2: R 236-1; D 184-1, 11/2/11)

 

·         House Dem: “We need to see lending to small businesses and homeowners, but they are hamstrung in their attempt to raise capital by outdated SEC registration requirements…” (Rep. Steny Hoyer (D-MD), “House Passes Legislation To Ease SEC-Registration Rules For Small Companies,” CQ, 11/2/11)

 

WAITING FOR A SENATE VOTE

·         Companion measure S. 1941 sponsored by Sen. Kay Bailey Hutchison (R-TX). Cosponsored by Sen. Claire McCaskill (D-MO), Sen. Bill Nelson (D-FL), Sen. Mark Pryor (D-AR).

 

WHAT IT DOES

·         Increases the number of shareholders permitted to invest in a community bank from 500 to 2,000.

 

Access To Capital For Job Creators

Sen. John Thune (R-SD); S.1831 / H.R.2940

 

OBAMA ADMIN SUPPORTS THE IDEA

·         “Ensure entrepreneurs can access financing to scale up their firms through traditional funding methods and new ones… New financing options can add further firepower to the innovation ecosystem in the United States.” (“Road Map To Renewal,” The White House Jobs Council, P.24, 2011 Year End Report)

 

PASSED HOUSE 413 – 11

·         175 House Democrats Voted For It. (H.R.2940, Roll Call Vote #828, Bill Passed 413-11: R 238-0; D 175-11, 11/3/11)

 

·         House Dem: “I rise in support of today’s legislation… the Access to Capital for Job Creators Act (H.R. 2940) will allow small companies to raise capital more easily by removing restrictions…” (Rep. Chris Van Hollen (D-MD), Congressional Record, H.2003, 11/3/11)

 

WAITING FOR A SENATE VOTE

·         Companion measure S.1831 sponsored by Sen. John Thune (R-SD).

 

WHAT IT DOES

·         Eliminates an SEC regulation that inhibits companies from reaching out to potential investors in order to raise capital.

 

Democratizing Access To Capital

Sen. Scott Brown (R-MA); S.1791 / H.R.2930

 

OBAMA ADMIN SUPPORTS THE IDEA

·         “The President is putting forward responsible measures that will help growing businesses… The President is calling for a national framework that allows entrepreneurs and small businesses to raise capital through ‘crowdfunding.’” (The White House, Press Release, 1/31/12)

 

PASSED HOUSE 407 – 17

·         169 House Democrats Voted For It.  (H.R.2930, Roll Call Vote #825, Bill Passed 407-17: R 238-0; D 169-17, 11/3/11)

 

·         House Dem: “By passing this bill, we will make it easier to provide different avenues for startups and smaller businesses to access the capital they need to move our economy forward…” (Rep. Carolyn Maloney (D-NY), Congressional Record, H.7299, 11/3/11)

 

WAITING FOR A SENATE VOTE

·         Companion measure S.1791 sponsored by Sen. Scott Brown (R-MA).

 

WHAT IT DOES

·         Changes SEC regulations that inhibit entrepreneurs from raising capital among large groups of small dollar investors.

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