The House of Representatives will pass something they’re calling a jobs bill today. They accomplish this by giving it a nice acronym: the Jumpstarting Our Business Startups, or JOBS, Act. Now, jump-starting should be a hyphenated word so it really should be the J-SOBS Act, but we’ll let that slide. The really egregious things about this are: A) it has nothing to do with jobs, and B) it’s based on Democratic legislation that already passed, simply repackaged by the House GOP and called a jobs bill.
The proposal called the JOBS Act, short for “Jump-starting Our Business Startups,” comprises of six measures aimed at removing barriers to small business investment [...]
“We’ve been very explicit about the opportunity to move forward on some aspects of” the JOBS proposal, Carney said.
Most of the JOBS Act measures have already passed the House with bipartisan support.
The main legislation in this bill, which passed almost unanimously last year, basically removes some regulations on initial public offerings and capital generation for small businesses. You don’t necessarily have to stretch so much to call this a financial market deregulation bill, as David Waldman does. This is what we’re touting as a great job creator in Congress, with broad bipartisan support.
There’s also some intrigue underlying this bill, which was initially offered by Republican David Schweikert, in association with Democrat Jim Himes. The rewritten “J-SOBS Act” bill has now been attributed to Republican Ben Quayle, who not coincidentally is facing Schweikert in a primary in Arizona due to redistricting. Barney Frank had the temerity to bring this up on the House floor yesterday and got sent to the penalty box (really, read the article).
Anyhoo, so this will probably pass into law with the Administration behind it and the House GOP desperate to get a “jobs” bill through Congress they can tout. Surely the nation’s jobless will rejoice that the Securities and Exchange Commission now has a few less tools to deal with startup businesses, putting us on a road to success. Are we excited yet?