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H.R. 3606: the Jumpstart our Business Startups Act

RECENT VOTES

Deregulation

On March 8, 2012, the House considered H.R. 3606: the Jumpstart our Business Startups Act. This bill is a combination of six other bills, some of which have previously passed in the House. H.R. 3606 essentially seeks to increase access to capital for small businesses. It does this by making changes to existing Securities and Exchange Commission (SEC) rules regarding the way that small businesses can raise money from investors.H.R. 3606 reduces many SEC reporting and registration requirements.

I could not support this bill, and in fact have already voted against three of the bills in this package. My chief concern is the loosening of SEC rules without fully reviewing the consequences of doing so. I am concerned about the bill’s exemptions to many current regulations and consumer protections. For example, H.R. 3606 would allow companies with up to $1 billion in annual revenues to be temporarily exempt from mandatory shareholders’ say-on-pay votes, independent auditing of their internal controls and other regulations. The bill also defines a small business as one with revenue below $1 billion. This is just too high. In fact, under this definition, Dunkin Donuts and Spirit Airlines would be considered small businesses.

I voted NO. At this writing the Senate is considering the bill. I hope that the Senate is able to tighten it and I will carefully review the bill once it comes back to the House. I want to support it and I will certainly consider supporting it, depending on what changes are made. H.R. 3606 passed and the entire vote is recorded below:

  YEA NAY PRESENT NOT VOTING
REPUBLICAN

232

0

0

9

DEMOCRAT

158

23

0

10

TOTAL

390

23

0

19

MASSACHUSETTS
DELEGATION

7

3

0

0



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