Senate Coalition Letter Supporting H.R. 3606, JOBS Act
March 20, 2012

Entrepreneurs Need H.R. 3606, The JOBS Act

March 20, 2012

Dear Senator:

Small business owners and entrepreneurs are in serious need of solutions that provide new opportunities for accessing capital.  The Jumpstart Our Business Startups Act (JOBS Act, H.R. 3606) provides key solutions to this critical challenge, and on behalf of the small business owners and entrepreneurs represented by our organizations, we urge you to vote for this important legislation.  The various measures contained in H.R. 3606 offer practical steps to update archaic rules, and help to construct a new regulatory framework that leverages technological innovations and practices to open new pools of capital for small businesses.  

There is a reason why the JOBS Act passed with overwhelming bipartisan support in the House (390-23), and with the encouragement of President Barack Obama.  Democrats and Republicans not only listened to entrepreneurs regarding their plight on the issue of capital access, but they also found assurance in solutions that protect investors through new technologies, as well as a modern regulatory framework that will increase transparency and investor engagement. 

The JOBS Act offers practical reforms that will help entrepreneurial firms at various stages of growth and development.  The legislation helps to address the startup and seed funding gap, as well as the capital chasm that has long plagued high-growth, high-potential businesses. The reforms provide regulatory flexibility and relief, and will enable capital formation.  A strong entrepreneurial ecosystem depends on access to capital.  Freeing up new sources of capital – as the JOBS Act will do – will strengthen our nation’s small business sector, and add to their job creating capacity.

The crowdfunding provision of the JOBS Act, along with the sensible changes made to Regulation D, are two forceful components that will produce significant benefits for the small business community. Other reforms contained within the JOBS Act will help small businesses access and accelerate their growth in the public markets.  Inflexible and costly rules that impede our most promising enterprises are properly addressed in H.R. 3606, allowing these firms to more efficiently scale up while freeing up more resources for investment and job creation.

As you well know, small businesses and new firms are the font of job creation.  A diminishing rate in start-ups is hurting our economic recovery, and our nation’s competitiveness.  The JOBS Act is an important solution in addressing outdated laws that impede business growth and entrepreneurial potential.  We urge a “yes” vote on H.R. 3606.

Thank you for supporting America’s small business and entrepreneurial sector.

 

Sincerely,

Hispanic Leadership Fund

National Association of Wholesaler-Distributors

National Black Chamber of Commerce                        

National Roofing Contractors Association

Small Business & Entrepreneurship Council

The Latino Coalition

United States Chamber of Commerce

 
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