Jumpstart our Business Startups Act

Floor Speech

The House in Committee of the Whole House on the state of the Union had under consideration the bill (H.R. 3606) to increase American job creation and economic growth by improving access to the public capital markets for emerging growth companies:

Ms. BONAMICI. Mr. Chair, I rise to support H.R. 3606, the Jumpstart Our Business Startups (JOBS) Act, but in lending my support, I must insist that we do more to protect consumers and investors than this bill currently provides.
Small businesses are the backbone of Oregon's economy and many have been devastated by the recent recession. This Congress must take swift action to ensure that they have access to capital and can invest in job creation. This bill recognizes that a one-size-fits-all approach to regulation can stifle small business growth. The JOBS Act will ease the cost and complexity of some securities regulations, and open greater access to capital so that startups and emerging companies can thrive. This bill is a good, but small, step in the right direction.

More work must be done to accelerate hiring, and more work, still, must be done with this bill to improve consumer and investor protections. A number of my colleagues offered amendments with this goal in mind. I supported those amendments, and I am disappointed that they were not accepted. By ensuring that we are expanding flexibility for the smallest startups where it is most needed, and establishing and encouraging standards for transparency and disclosure, we can both help small businesses grow while also protecting consumers and investors. These are achievable goals, and I remain committed to working with my colleagues in the House and the Senate on these issues as this bill moves forward.

Strong consumer and investor protections strengthen our economy by building confidence in the market. Our work to stand up for consumers and reenergize the economy cannot and must not stop here.

Source