Late Monday night, an opinion piece by GOP Representatives Eric Cantor and Stephen Fincher was published at The Politico, highlighting the GOP’s JOBS Act. After a bit of background into the importance of small businesses in the jobs market, and the regulations and red tape that block them (and the pair avoid playing the Blame Game, something Obama is not doing when it comes to his, well, everything), we get
President Barack Obama in his State of the Union address asked Congress to send him a bill that helps small businesses and entrepreneurs succeed. That is exactly what we intend to do.
Last year, the House worked on a series of bills to remove regulatory barriers that are holding back entrepreneurs and small businesses. Today, we are unveiling a bipartisan legislative package that puts all of these items together: the JOBS Act — Jumpstart Our Business Startups. This represents an important opportunity to work together to help our small-business startups grow, create jobs and get the economy back on track.
The JOBS Act contains several measures to remove the obstacles preventing small businesses and startups from accessing the capital they need to grow. A measure championed by House Majority Whip Kevin McCarthy (R-Calif.) repeals the solicitation ban on companies trying to raise capital, and North Carolina Rep. Patrick McHenry’s bill removes the ban on “crowdfunding,” enabling entrepreneurs to pool investments from smaller investors.
A measure from Rep. David Schweikert of Arizona eases shareholder threshold regulations that slam small businesses with costly requirements before they have the capital to comply. And a bill by Rep. Ben Quayle, also of Arizona, modifies securities regulations governing the registration of small bank holding companies.
Sounds like a well thought out piece of legislation, one which makes use of the recommendations of Obama’s own Jobs and Economic Competitive Council.
In a time marked by partisan battles and finger-pointing between the White House and Congress, the JOBS Act is an opportunity for both parties in Washington to work together and produce results for our nation’s small businesses and entrepreneurs. We are hopeful that the president will stand by his State of the Union pledge and work with us to pass an agenda that helps entrepreneurs succeed. The president called on Congress to put the measures in a bill and “get it on my desk this year.”
Here it is, Mr. President.
It’s not quite a triple dog dare, but, the opinion piece certainly puts Obama on the spot. Of course, Cantor and Fincher should have been daring Senate Majority Leader Harry Reid, Democrat, to bring the JOBS Act up for a vote on the Senate floor quickly, since, based on other GOP economic legislation, it will probably die in committee. The legislation is sure to pass quickly in the House. The interesting part will come in seeing how many Democrats vote in the positive for the legislation. Will they put their partisanship aside and vote for making it easier and less costly for small businesses, or vote to continue making life difficult for them?
Will Obama step up and embrace the JOBS Act, and push for quick passage? Or, will he blow it off, or even campaign against small business?