The Senate Pulled Together And Passed The Jobs Bill Without A Major Drama

Harry Reid

Photo: AP

Surprise! Sometimes both parties can get together and pass something without the normal melodrama that has been a regular feature for the past year. The U.S. Senate passed the JOBs Act, a collection of measures that ease regulation on businesses. It was a lopsided 73-26 vote. 

Here’s how Politico’s Seung Min Kim explained the bill: 

The overall bill would ease a set of six Securities and Exchange Commission regulations intended to make it easier for companies to go public more quickly and raise money more easily – such as allowing more shareholders to take part in companies without triggering SEC regulations. By cutting away federal red tape, backers of the JOBS Act believe it would be easier for businesses to hire workers.

The bit about “shareholders” without SEC regulations, is basically the idea of a “Kickstarter” economy, where small companies can raise capital by giving out shares of their company, without having to go through the hugely burdensome process of going public. 

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