SBE Council Applauds Senate Passage of JOBS Act
March 22, 2012

FOR IMMEDIATE RELEASE

CONTACT: KAREN KERRIGAN, 703-403-0044, kkerrigan@sbecouncil.org

Woodie Neiss, 202-247-7182

Small Business Advocates Applaud Passage of JOBS Act in U.S. Senate

Washington, D.C. -  Today, the U.S. Senate passed the Jumpstart Our Business Startups Act (JOBS Act), H.R. 3606, which includes a package of critical capital formation and access measures that will aid cash-starved small businesses and entrepreneurs.  The Senate passed the measure 73-26. The U.S. House passed a separate version of the bill on March 8, with strong bipartisan support (390-23) and with President Barack Obama's backing.

Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement upon U.S. Senate passage of the JOBS Act:

"Startups and high-potential businesses have been plagued by a capital chasm since the financial crises, and the JOBS Act offers several reforms to help entrepreneurial firms at their various stages of growth and development.  We would prefer that the crowdfunding provision be less onerous and complex, and feel the Securities and Exchange Commission has been given to much rein from a regulatory perspective.  Still, the Merkley amendment to H.R. 3606 was an improved measure from the original Senate bills   We applaud President Obama for his support of this initiative, as well as the bipartisan collaboration in Congress that made this legislation possible," said Kerrigan.

According to Kerrigan, the final product will be a powerful package with 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 impeding the growth of 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.

"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," added Kerrigan.

SBE Council is a nonprofit, nonpartisan advocacy organization dedicated to protecting small business and promoting entrepreneurship. For more information, please visit: www.sbecouncil.org.

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