‘JOBS’ Act ground rules from SEC “past due”

Congressman David Schweikert (R-AZ), Chairman of the Small Business Subcommittee on Investigations, Oversight and Regulations, on the one year anniversary of the president signing the ‘JOBS’ Act into law, which included two bills authored by Rep. Schweikert, said he “as well as the business community, are still awaiting ‘JOBS’ Act ground rules from the SEC that are long past due.”

“A year ago today, the ‘JOBS’ Act opened new doors to capital formation and job creation for small businesses.

“The American people deserve a government that upholds the principles of economic freedom and doesn’t stand in the way of free enterprise and capital formation.

Next Thursday, Schweikert will be chairing a Small Business Oversight Subcommittee hearing which will feature a discussion with the SEC and the small business community better ways to provide the ideas contained in the ‘JOBS’ Act out to job creators.

“I look forward to working with them to get capital starved small businesses off the sidelines.”

Ryan Caldbeck, writing for Forbes argued for staged implementation which “efficiently targets the engine of our economic growth. Investment capital is the lifeblood of small businesses, which collectively account for two thirds of all net job creation in the past two decades. What today takes many companies six to twelve months, can be reduced to a few weeks by letting buyers and sellers in an existing market find each other more efficiently. Without tackling the much more controversial issue of who can invest in these companies (the crowdfunding provision), or adding a penny to national debt, regulators will increase the flow of capital from qualified investors to the most productive areas of our economy.

One year ago today, the President signed the Jobs Act celebrating entrepreneurs and small businesses, and our ‘nation of doers.’ There was no mention of hedge funds. The SEC should follow suit. We cannot let sensible solutions continue to be held hostage by hidden agendas. Implement the lift in the ban on general solicitation for small businesses without delay.”

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