House Passes JOBS Act Bill to Support Entrepreneurship

JOBS Act Entrepreneurship Image

House lawmakers have passed a bill aimed at helping those with business experience on their resumes start their own companies, which they said, would lead to U.S. economic growth.

The Jumpstart Our Business Startups (JOBS) Act, overwhelmingly passed by a 390 to 23 vote, is expected to win final approval by the White House since the bill already contains a number of repackaged measures already approved by Republicans last year, according to The New York Times.

The JOBS Act will get small business and entrepreneurs back into the game by removing costly regulation and making it easier for them to access capital, the number two Republican, Eric Cantor, said on the House floor before the vote.

Lawmakers said the bill will help stimulate more business jobs by abolishing a Securities and Exchange Commission rule that prevents small companies from advertising for investors, lifts restrictions that would help entrepreneurs raise capital and creates a category of “emerging growth companies” that would lower the costs of initial public offerings for smaller firms.

According to the Bureau of Labor Statistics, approximately 2.5 million jobs were created by establishments less than 1 year old in the U.S. in 2010.

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