WASHINGTON, D.C.--Senator John Thune (R-S.D.) today called on Majority Leader Harry Reid (D-Nev.) to immediately take up the bipartisan House-passed Jumpstart Our Business Startups (JOBS) Act, a collection of six measures that will remove barriers currently preventing small business investment, including the Access to Capital for Job Creators Act originally introduced by Majority Whip Kevin McCarthy (R-Calif.). Thune introduced companion Access to Capital for Job Creators legislation in the Senate on November 9, 2011. The White House endorsed the JOBS Act on March 6, 2012, and the House passed the bill by an overwhelming margin of 390-23 on March 8, 2012.
"Last week, the House of Representatives came together in a bipartisan way to pass the Republican JOBS Act to get America working again," said Thune. "Yet, rather than consider this common-sense bill that has been endorsed by President Obama following the completion of the surface transportation bill, Majority Leader Reid has stated he will next turn to judicial nominations. I am calling on Majority Leader Reid to put politics aside, bring forward the JOBS Act, and allow for immediate debate on the Senate floor upon completion of the surface transportation bill. With over 13 million Americans currently unemployed, it is unacceptable for Majority Leader Reid to delay this important bill, which will help our small businesses access capital to grow their businesses and hire additional workers. Small businesses are the engines of our economy, but government red tape is currently preventing these businesses from creating more jobs. This bipartisan legislation will help remove these unnecessary roadblocks."
Thune's Access to Capital for Job Creators legislation would remove a Securities and Exchange Commission (SEC) provision that currently prevents small businesses from attracting capital from accredited investors nationwide. The SEC's general solicitation prohibition is a roadblock for small businesses looking to obtain needed capital because it allows them to raise capital only from investors with whom they have a pre-existing relationship. This provision severely hampers the ability for small companies to obtain needed capital from investors in order to grow and create jobs. Thune's legislation would remove the solicitation prohibition and allow businesses to attract capital from accredited investors nationwide.