The House of Representatives voted 416-6 on Wednesday to pass two bills from the Financial Services Committee, including one measure that would establish a rulemaking deadline for the SEC to implement a certain JOBS Act provision.
Under H.R. 701, the SEC is required to finalize rules by Oct. 31 to implement a provision of the JOBS Act that helps startup businesses gain access to capital.
“Hardworking Americans demand and deserve a healthy economy,” Financial Services Committee Chairman Jeb Hensarling (R-TX) said. “Yet today we remain stuck in the slowest and weakest economy of modern times. That’s why we must take every opportunity to help small businesses grow and create jobs. The sooner the JOBS Act is fully implemented, the sooner more entrepreneurs and startup companies will be able to access the capital they need to help jumpstart the economy.”
Rep. Patrick McHenry (R-N.C.), the chairman of the House Subcommittee on Oversight and Investigations, sponsored the legislation, in addition to Reps. Anna Eshoo (D-Calif.), David Scott (D-Ga.), David Schweikert (R-Az.) and Scott Garrett (R-N.J.).
“To cultivate a stronger economy, we have to build a more vibrant marketplace for our startups and entrepreneurs, which is what this legislation is all about. It’s critical that the SEC finally start to implement the JOBS Act – a bipartisan bill that was signed into law more than a year ago. Small businesses and entrepreneurs are starving for capital, and this legislation simply sets a firm deadline for the SEC to get its job done,” McHenry said.
Also passed in the vote was H.R. 384, the Homes for Heroes Act sponsored by Rep. Al Green (D-Texas). The legislation would ensure veterans have access to housing and homelessness assistance programs and requires the secretaries of Housing and Urban Development and Veterans Affairs to report to Congress on veteran homelessness and housing assistance every year.