When It Comes to Jobs, We Still Have Work to Do
While each month shows a little more progress than the one before, February’s jobs report stated the national unemployment rate is still 8.3 percent. With 12.8 million Americans unemployed, it’s clear Congress still has a lot of work to do. According to a recent World Bank study, the United States dropped two ranks, from eleventh to thirteenth, in the “starting a business” category, which gauges how easy or difficult it is for businesses to get up and running. For true economic recovery to take root, the U.S. has to be competitive in the global market. American businesses should be incentivized to succeed, and we must do away with regulations that will drive jobs overseas.
I am working hard to ensure not only that job creators have the stability to expand their businesses and hire new workers, but also that entrepreneurs have the capital and confidence to take on the risk of starting a new business.
That is why I was pleased to support the Jumpstart Our Business Startups (JOBS) Act, a bipartisan proposal that increases small businesses’ access to capital and removes burdensome regulations. By passing legislation like the JOBS Act, we can make it easier for entrepreneurs and businesses to invest, expand, and create jobs. The bill passed the House and will now be considered in the Senate.
The JOBS Act would make raising capital easier by easing several Securities and Exchange Commission (SEC) registration requirements, which is a burdensome, complex process. The JOBS Act would make it easier to raise capital from a large pool of investors by increasing the threshold below which companies are exempt from SEC registration. The legislation also raises the shareholder registration requirement threshold from 500 shareholders to 1,000 shareholders, allowing entrepreneurs to pool together without having to be considered a public company.
I will continue to support legislation like the JOBS Act that will help create an environment in which job creation is possible and get Americans back to work. I was pleased to see the president support these bills and I encourage him to do the same with the 27 other jobs bills that await action in the Senate.We have a responsibility to create a pro-growth business environment in this country, and we should take this as an opportunity to work together. I strongly believe we can continue to come together in a bipartisan way to get our country back on track. Last week was a good example of how putting politics aside can benefit the American people.