Congress approved legislation Tuesday intended to spur investment in small businesses and help them access the capital markets, despite criticisms that it would weaken audit safeguards and investor protections.
The Jumpstart Our Business Startups Act received strong bipartisan support and backing from the Obama administration as a way to improve job creation at small businesses. The measure passed the House for the second time on Tuesday, this time by a vote of 380-41. After the House passed the legislation earlier this month, the Senate took it up and approved an amendment intended to add some protections for investors in so-called “crowdfunding” ventures. The Senate then passed the JOBS Act last week by a vote of 73-26 and sent it back to the House (see Senate Passes JOBS Act for Small Business). The bill will now go to President Obama for his signature.
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