I applaud the Senate for passing the Jumpstart Our Business Startups (JOBS) Act today, which will help entrepreneurs get faster access to capital to grow their companies and create jobs. This was a key recommendation of the President’s Council on Jobs & Competitiveness last year, and it has been gratifying to watch Democrats and Republicans come together in a bipartisan manner to support crowdfunding and an on ramp for IPOs. This would not have been possible without strong support from President Obama and the economic team at the White House; Majority Leader Eric Cantor’s leadership in introducing the JOBS Act; and the work of Senators Warner, Moran, Coons & Rubio in introducing the Startup Act and the AGREE Act, which helped pave the way for the JOBS Act. Finally, I want to thank the thousands of entrepreneurs and their allies who took to social media to encourage passage of the JOBS Act, and made their voices heard in Washington.
While it is important to celebrate this legislative achievement – both for entrepreneurship, and for bipartisanship – we still have work to do. Most immediately, I hope the House will pass the Senate version of the JOBS Act – the quickest and simplest path to getting this legislation to the President’s desk. Then, I urge Congress to take up the other recommendations of the Jobs Council, including steps to win the global battle for talent by updating our immigration policies, adopt new investment incentives, and implement expanded commercialization of federally funded research. If we do all this, I am confident that America can remain the world’s most entrepreneurial nation, the key to our nation’s long term economic success.