House Majority Leader McCarthy: Building on the Success of the JOBS Act Five Years Out
Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) and Chief Deputy Whip Patrick McHenry (NC-10) hosted a bipartisan roundtable with Representatives Susan Brooks (IN-05), David Schweikert (AZ-06), Carolyn Maloney (NY-12), and Jim Himes (CT-04) as well as investor Steve Case and venture capitalist Kate Mitchell to celebrate the five-year anniversary of the Jumpstart our Business Startups (JOBS) Act and to discuss ways to build on its success. Leader McCarthy and Chief Deputy Whip McHenry released the following statement:
“Today on the five-year anniversary of the JOBS Act, we have much to celebrate and much to do. The JOBS Act is one of those perfect examples of legislation that brought people and ideas from both sides of the aisle together to accomplish something we all agree on: advancing entrepreneurship and job creation. By reducing regulations on companies going public and providing more space for startups to raise capital, the JOBS act has allowed more than 6,000 companies to raise $1.4 billion in capital. In the past five years, about 83% of all IPO registration and 87% of all completed IPOs have been aided by provisions in the JOBS Act. That translates directly into American jobs and a growing economy.
“But we can’t rest on our laurels. The rate of new business formation has declined and startups and small businesses still struggle to get the capital they need to grow and thrive. The Innovation Initiative is our answer to this challenge to build upon the success of the JOBS Act. By reforming how government works and empowering private sector innovation, we can recreate the magic of the JOBS Act across all sectors and in every region of America, creating economic opportunity accessible to all.”
NOTE: The House has passed 35 Innovation Initiative bills each with an average of 366 yes votes. Nine of those bills have already been signed into law.