Chairman Jeb Hensarling

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The Chicago Tribune: An American Growth Bill
Posted by on March 21, 2012

Not to be missed is Wednesday’s Chicago Tribune editorial on the JOBS Act, a package of six bills from the Financial Services Committee that will promote innovation, economic growth and jobs.

The JOBS Act – short for Jumpstart Our Business Startups – is a “rare example of bipartisanship” in today’s Washington, the newspaper writes, that would cut red tape for small businesses and emerging growth companies. 

Even though the JOBS Act passed the House of Representatives on March 8 by a vote of 390-23 and has the backing of President Obama, some Democrats in the Senate are intent on delaying action or killing it outright.

The Tribune asks:  “Would the Senate really bury a jobs-creation bill that had such broad support in the House? We sure hope not.”

Small business owners, entrepreneurs – and millions of out-of-work Americans – hope not, too.

The editorial comes just two days after more than 5,000 entrepreneurs, investors and job-creators publicly called on the Senate to pass the JOBS Act without delay and without weakening amendments.

“Kauffman Foundation studies show that all net new job growth in the past decade has come from companies that are less than 5 years old. This act will encourage the creation and growth of these young companies by providing them with new sources of capital.”

Their letter continues:  “These measures will also ease some of the regulations that slow the growth of these young companies and impede them from creating new jobs in the U.S.”

The six bills that make up the JOBS Act originated and were first considered and approved by the Financial Services Committee over the course of the past year.  The measures include strong investor protections while removing unnecessary and outdated government barriers that hinder the ability of small companies to access the financing they need to start up, expand and create jobs.

Instead of trying to throw up roadblocks to passage of this much-needed bill, the Senate should listen to these 5,000+ job-creators and pass the JOBS Act immediately.

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