Final bill includes language supported by Sen. Moran to help Community Banks
Apr 09 2012
WASHINGTON, D.C. – Last week, President Obama signed the Jumpstart Our Business Startups (JOBS) Act, H.R. 3606, in to law. U.S. Senator Jerry Moran (R-Kan.) released the following statement on the bill’s signing:
"Research shows that young companies less than five years old accounted for nearly all net job creation in the United States from 1980 to 2005. The passage and signing of the JOBS Act is an important step to helping the innovators in our economy who are responsible for creating millions of jobs each year. But with unemployment above 8 percent for the 38th straight month, Congress and the President must do more to help entrepreneurs start businesses and for those new businesses to grow more quickly.
"Sen. Warner and I have introduced legislation called the Startup Act, which is based on a simple premise: the easier it is for creative individuals to take risks and start a business, the more jobs will be created. The Startup Act would create tax incentives that will spur investment in startups, further reduce the regulatory barriers that make it harder for startups to grow, and keep highly-skilled, American-educated workers here in the United States where their talents and new ideas can fuel economic growth. The Startup Act should be next on Congress’ job creating agenda."
The JOBS Act also includes language supported by U.S. Senator Jerry Moran (R-Kan.) that will expand the ability of small banks to raise capital and increase lending to local communities by raising the existing and outdated 500 “shareholders of record” threshold for Securities and Exchange Commission (SEC) registration.
"Since 1964 community banks in Kansas have been limited in the number of shareholders they can have before they are required to register with the Securities and Exchange Commission. This registration process is costly so there is a strong incentive for a bank or small company to remain below the 500-shareholder limit – liming the amount of capital a bank can raise and the amount of lending it can do to the community. I am pleased Congress took action to raise the shareholder limit – something I originally proposed last year in my Communities First Act, S. 1600. This policy change is just one of the pieces of the puzzle and I will continue to push for full adoption of S. 1600 and other pieces of legislation to reduce regulatory burden and facilitate job creation."
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