Senate Passes JOBS Act With One Change
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(WASHINGTON) — The Senate passed the JOBS act by a vote of 73-26 on Thursday.
The Senate made one change to the House-passed bill, adding to it the crowdfunding amendment passed with bipartisan support. The amendment addresses the difficulties small businesses, young businesses and start-ups face in securing capital, compared with larger companies, by allowing them to raise capital from individual investors online and through social media. The amendment allows entrepreneurs to raise up to $1 million a year through an SEC-registered crowdfunding portal, providing investor protections.
“Crowdfunding will allow small businesses to bypass Wall Street and go straight to Main Street for financing, freeing every American to invest in a local business or the next great idea,” Sen. Scott Brown, R-Mass., said following the vote.
Since this amendment was added to the House-passed bill the amendment does not go straight to the president’s desk just yet. The bill must go back to the House of Representatives for final passage.
Following the vote, Majority Leader Reid called this a “small step” towards creating jobs and then quickly pivoted to call on the House of Representatives to take up another jobs measure that is stalled between the two chambers: the Senate’s bipartisan transportation bill.
Copyright 2012 ABC News Radio