Bill to Expand Small Business Capital Investment Passes House, Thompson Urges Senate Action

Mar 8, 2012

Washington, D.C. – U.S. Representative Glenn 'GT' Thompson today voted to support H.R. 3606, the Jumpstart Our Business Startups (JOBS) Act, legislation to help expand private capital investment in small businesses.  H.R. 3606 passed the House with broad bipartisan support by a vote of 390-23.  

“There’s been a significant decline in small business startups in recent years, with Americans unable to acquire the capital necessary to start that business and employers reluctant to take on new endeavors, grow their market share and create more work,” stated Thompson. “Passage of the JOBS Act will help pave the way for more small-scale business development which is critically needed in localities across the country, including the many rural communities of the 5th Congressional District.”

H.R. 3606 reduces certain Securities and Exchange Commission (SEC) registration and reporting requirements for small businesses seeking to issue securities and raise funds from investors.  The measure also clarifies conditions under which issuers of securities may advertise to potential investors, and defines the conditions under which businesses may raise capital.

“The JOBs Act has bipartisan support here in Washington and from business leaders across the country, and I encourage the Senate to act swiftly on this common sense bill,” Thompson added.