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Progress: Obama Signs Small Business JOBS Act

ProudProgressive 2012/04/06 13:23:44
While the Republican Presidential circus show dominates the news, followed only closely behind by Right Wing defense of a racist murderer in Florida, lost in the news is another step forward by the Obama Administration in restoring our economy to the heights it reached before the Bush Administration blew it up. The only mystery is how a bill that actually helps Americans managed to get through the most obstructionist Congress in recent memory. I guess the Republicans were preoccupied with figuring out which of the rights of American women they're going to take away next. But still, coming on the heels of another tenth of a point drop in the unemployment rate, its another good sign.

Article excerpt follows:

Obama signs small-business legislation
By The Associated Press

President Barack Obama signed bipartisan jobs legislation Thursday that will help small businesses and make it easier for startups to raise capital, saying it could be a "game-changer" for entrepreneurs dreaming of founding the next Microsoft or Facebook.

"When their ideas take root, we get inventions that can change the way we live," Obama said in the Rose Garden, flanked by lawmakers of both parties who backed the bill. "And when their businesses take off, more people become employed."

President Obama signs the bipartisan-backed JOBS Act into law, which allows small business access to new lines of capital, and opportunities for individuals to start, or invest in new businesses.

He said the initiatives in the bill paralleled many of the provisions that he sought last fall in his jobs agenda to encourage small-business growth.

Republicans, who promoted the pro-small business ideas in the House, joined Obama at the signing ceremony, including House Majority Leader Eric Cantor, R-Va. Sen. Scott Brown, R-Mass., whose seat has been targeted by Democrats, also looked on as Obama signed the bill into law.

"This bill represents exactly the kind of bipartisan action we should be taking in Washington to help our economy," Obama said.

Cantor, speaking to reporters after the ceremony, said the bill was aimed at "the problem that we face in America today which is that our economy is lagging and our small businesses are having too hard of a time getting up off the ground."

Some Democrats, however, raised concerns that the bill softened investment protections enacted after the dot.com excesses and Wall Street meltdowns and the changes could lead to fraud and abuse.

Speaking to an audience that included small business owners, Obama indicated he's aware of those concerns and has directed top officials to "keep a close eye" on how it goes into effect

The main part of the bill would phase in Securities and Exchange Commission regulations over a five-year period to let smaller companies go public sooner. Firms that have annual gross revenues of less than $1 billion would enjoy this "emerging growth company" status.

The legislation may be one of the few accomplishments for a Congress stymied by partisan divisions heading into the fall elections.

The bill combines a number of bipartisan bills that exempt newer companies from SEC reporting rules in order to reduce costs and red tape.

Another provision facilitates the practice of "crowd-funding" in which the Internet is used to solicit a large number of smaller investors.

Senate Democrats were unsuccessful in their efforts to add more investor protections but succeeded in attaching one provision that requires websites involved in crowd-funding to register with the SEC. It also demands that companies seeking to raise money this way provide information on its financial status, business plans and shareholder risks.

Sara Hanks, a securities attorney and co-founder of CrowdCheck, a company aimed at helping startups, said the crowd-funding element will help make it easier for small companies to access capital but warned it will be up to investors and entrepreneurs "to protect themselves from deals that are too good to be true."

In addition to the emerging growth company and crowd-funding provisions, the legislation removes SEC regulations preventing small businesses from using advertisements to attract investors and raises from 500 to 2,000 the number of shareholders a company or community bank can have before it must register with the SEC.

Read More: http://nbcpolitics.msnbc.msn.com/_news/2012/04/05/...

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  • Steve 2012/04/06 18:18:12
    Steve
    +1
    Well, encouraging small business is very good, and I'm glad the Ds and Rs got together to achieve something.

    I share the concerns about reduced reporting and transparency, though. If a company is taking investor money, transparent reporting to those investors is essential. In this information age, any well-run business should be able to report its activities fairly easily, it's dangerous to permit a business to solicit funds without making all relevant information available to its investors.
  • Prog~Exterminator 2012/04/06 14:25:32
    Prog~Exterminator
    So, we had Kathleen Sibelius announce one of those "Wait to find out what's in it" items in 0bamacare which took a swipe at 1st amendment rights and brought contraception into the GOP debates.
    Then we and the dog & pony show with the Fluckster lying about how college students were going bankrupt because the cost of their extracurricular activities.
    Demo-Rats set the table for a fight over the Women's vote because 0bie is tanking in every category and his base is looking elsewhere.
    That didn't quite work as well as planned so the operatives found a case in Florida to exploit into a race-baiting, public hanging and 0bie's lame stream media jumped in to blast the airwaves with misinformation, edited audio & video tapes.
    Didn't Van Jones promise this was all in the way back in Oct. 2011 ?

    Anyhow, now that Jones' storm has come ashore, 0bie's advisers are picking though the 27+ job creating, debt reducing bills passed by the House since Jan. 2011 that have been collecting dust on Reid's desk and found a few items to put together and call it a bi-partisan moment.

    Newsflash,... passing legislation that allows businesses to operate, grow or start up is exactly what the GOP has been saying for three years while the stimulus dollars have been flowing to the green energy fiascos that ...



    So, we had Kathleen Sibelius announce one of those "Wait to find out what's in it" items in 0bamacare which took a swipe at 1st amendment rights and brought contraception into the GOP debates.
    Then we and the dog & pony show with the Fluckster lying about how college students were going bankrupt because the cost of their extracurricular activities.
    Demo-Rats set the table for a fight over the Women's vote because 0bie is tanking in every category and his base is looking elsewhere.
    That didn't quite work as well as planned so the operatives found a case in Florida to exploit into a race-baiting, public hanging and 0bie's lame stream media jumped in to blast the airwaves with misinformation, edited audio & video tapes.
    Didn't Van Jones promise this was all in the way back in Oct. 2011 ?

    Anyhow, now that Jones' storm has come ashore, 0bie's advisers are picking though the 27+ job creating, debt reducing bills passed by the House since Jan. 2011 that have been collecting dust on Reid's desk and found a few items to put together and call it a bi-partisan moment.

    Newsflash,... passing legislation that allows businesses to operate, grow or start up is exactly what the GOP has been saying for three years while the stimulus dollars have been flowing to the green energy fiascos that are going bankrupt before they ever got out of first gear.

    Two co-founders of Home Depot, Bernie Marcus and Ken Langone have said there's no way they could have started up the multi-billion corporation which provides over 300,000 non-union jobs in the 0bamaville environment.

    So, even though it's three years late in the making, aka day late-dollar-short, this is a step in the right direction that wouldn't have happened unless the election season was upon us. Keep all this in mind while the orchestrated division and civil unrest continues and thank our lucky stars that we're finally in the fourth quarter and the clock is ticking down.
    (more)
  • ProudPr... Prog~Ex... 2012/04/06 14:40:45 (edited)
    ProudProgressive
    The House hasn't passed ONE job creation bill since Boehner took over. That 27 bills lie is getting old already.

    http://www.politicususa.com/g...
    http://crooksandliars.com/kar...
    http://www.wrko.com/node/1030...

    It was the Right Wing that decided to attack women's contraceptive rights. They can't talk about the economy because of President Obama's ongoing success in helping our country recover from the Bush disaster, so they constantly dream up these distractive issues.

    And your continuing slanders against a private citizen whose only "crime" was to express her opinion to a Congressional committee are quite distasteful. Sandra Fluke didn't lie about a damned thing.

    Finally, the administration is not the one that has been race-baiting over the murder of Trayvon Martin. That's you folks - fighting to defend a racist murderer's right to murder someone for the crime of being black and wearing a hoodie.
  • Prog~Ex... ProudPr... 2012/04/06 14:56:49
    Prog~Exterminator
    "President Obama's ongoing success" BWAAHaaaHaaaHaaaa,....
    Recovery Summer 2009 ,... WHERE ARE YOU,.... we're still waiting.

    Man,... the rest of that is the result of what being hooked up to a Drano IV drip will get ya. You ran out of the Jim Jones' brand, long ago.

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