House Passes JOBS Act, Clearing the Way for President’s Signature
On Tuesday the House of Representatives approved the Senate version of the Jumpstart Our Business Startups (JOBS) Act by a vote of 380-41. The bill creates a new category of company called "emerging growth companies" that would not be subject to certain SEC rules. The Senate’s contribution was an amendment requiring stricter rules for companies that raise money from so-called "crowdfunding."
Crowdfunding is an approach to raising capital for new projects and businesses by soliciting contributions from a large number of stakeholders over the internet.
President Obama is expected to sign the JOBS Act into law when it hits his desk.
