By Brandon Moseley
Alabama Political Reporter
Congressman Spencer Bachus (R) from Vestavia issued a written statement announcing that the House gave final approval to a bipartisan Financial Services Committee bill that decreases some federal regulations to boost startup companies and promote new job creation. The bill passed the House 380 to 41. The JOBS (Jumpstart Our Business Startups) Act now goes to President Barack H. Obama for his signature.
Representative Bachus said “the bill is a victory for those who are unemployed and small companies and entrepreneurs who want Washington to reduce the red tape that stifles innovation, economic growth and job creation.” Congressman Bachus is chairman of the House Financial Services Committee where the JOBS Act originated.
On the floor of the United States Congress Rep. Bachus said, “The JOBS Act is a victory for unemployed Americans who are crying out for more jobs. It is a victory for small companies and entrepreneurs who want Washington to reduce the red tape that stifles innovation, economic growth and job creation.
The JOBS Act will do exactly what its title says: jumpstart our economy by creating new growth opportunities for America’s startup companies and small businesses.
Rep. Bachus continued, “As Chairman of the Financial Services Committee, I’m proud that the JOBS Act is comprised of 6 bills that first originated in the Committee and received overwhelmingly bipartisan support. The JOBS Act is proof that Republicans and Democrats can find common ground and work together when it comes to helping America’s small businesses.
Small business is the growth engine of our economy. Nearly 65 percent of all new jobs created over the last 15 years were created by small businesses. Yet today, many find it hard to obtain the investments and the financing they need to expand their operations and create jobs. That’s why Congress must cut the red tape that prevents many startup companies from raising capital and going public.
Mr. Speaker, the kind of companies we’re talking about can be found at places like the Innovation Depot in Birmingham, Alabama. The Innovation Depot is one of the nation’s most successful small business incubators, focusing primarily on emerging technology and service companies.
With the JOBS Act, startup companies like those at the Innovation Depot will find it easier to attract investments because we remove unnecessary and outdated government barriers to capital formation – so these entrepreneurs have more freedom to access capital, hire workers and grow their businesses.”
Chairman Bachus said that as Chairman of the Financial Services Committee he has made small business capital formation and job creation a priority. Rep. Bachus said that the JOBS Act will help increase startup businesses access to the capital that they need to get off the ground, expand and hire. The bill had previously passed the House; but minor changes occurred in the Senate. Tuesday’s vote approves the bill with those minor changes. The JOBS Act now goes to President Obama who has been a supporter of the legislation.
Congressman Spencer Bachus represents Alabama’s Sixth Congressional District. He is seeking his eleventh term in the United States Congress and faces retired U.S. Air Force Colonel Penny Huggins Bailey (D) in the November 6th General Election.
To read Congressman Bachus’s statement in it’s entirety: