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Congress Sends CBAI-supported JOBS Act to the President

March 28, 2012

This week Congress passed and sent the Jumpstart Our Business Startups (JOBS) Act to President Obama. This legislation will ease reporting and regulatory requirements for small businesses trying to raise capital and make it easier to hire workers and help boost the economy. One section of the legislation specifically impacting community banks raises the threshold that triggers SEC registration from 500 to 2,000 and raises the deregistration threshold from 300 to 1,200. These SEC reforms will make it easier for community banks to raise capital without incurring costly registration requirements and will also allow some banks to more easily deregister. Easing these thresholds were part of the ICBA's Communities First Act and CBAI applauds its inclusion in the JOBS Act.

On March 8th, the House passed the bill with strong bipartisan support by a vote of 390-23. All Illinois members voted to pass the bill with the exception of Jan Schakowsky (D-9th) who voted "No" and Danny Davis (D-7th) who was "Not Voting". The six bills combined into the JOBS Act had various bipartisan co-sponsors from the Illinois delegation including Bobby Rush (D-1st), Mike Quigley (D-5th), Joe Walsh (R-8th), Robert Dold (R-10th), Judy Biggert (R-13th), Donald Manzullo (R-16th), Bobby Schilling (R-17th), and Aaron Schock (R-18th).

The Senate also passed the bill with strong bipartisan support by a vote of 76-23 (with 1 not voting). Illinois Senator Richard Durbin voted "No" and Senator Mark Kirk, who is still recovering from his recent stroke, was "Not Voting". The Senate adopted the bill with an amendment which required further action in the House.

Yesterday, the House voted to concur with the Senate version by a vote of 380-41. All Illinois House members voted in favor of passage with the exception of Jan Schakowsky (D-9th) who voted "No" and Jesse Jackson Jr. who was "Not Voting". The bill now goes to the President for his signature, and he has signaled his strong support for this important legislation.