Tuesday night, the House of Representatives passed a massive piece of bipartisan legislation that some are calling the “cherry on top” of President Donald Trump’s Dodd-Frank rollback.
Back in May, Trump signed S. 2155 into law, rolling back many provisions of the Dodd-Frank Act, and seeking to bring regulatory relief to community banks across the U.S. This law was passed through Congress without bipartisan support.
But now, the House passed the JOBS Act 3.0, a massive bipartisan bill made up of 32 pieces of individual legislation, with a margin of 406-4. Some supporters are calling this bill the “cherry on top” of the Dodd-Frank rollback signed into law in May.
Those voting against the bill included two Republicans, Rep. Thomas Massie, R-Ken., and Rep. Justin Amash, R-Mich. Two Democrats also voted against the bill including Rep. Jan Schakowsky, D-Ill., and Rep. Jerrold Nadler, D-N.Y. Another 18 members did not vote including six Republicans and 12 Democrats.
“What we’re trying to do, and do it on a bipartisan basis, is ensure that our entrepreneurs at least don’t face the challenge of having the capital they need to launch their companies,” said Rep. Jeb Hensarling, chairman of the House Financial Services Committee and lead sponsor of the bill.
And the committee’s Ranking Member Maxine Waters, D-Calif., also voiced her strong support of the bill.
“The House amendment to S. 488 will strengthen our nation’s small businesses and entrepreneurs, bolster investor confidence, help consumers, promote financial stability and counter human and drug trafficking,” Waters said. “This package of bills has been touted as the third iteration of the Jumpstart Our Business Startups Act of 2012. Just like the first and second JOBS Act packages, S. 488 has been carefully crafted with strong bipartisan support.”
Now consumer groups are also beginning to weigh in, urging the Senate to move the bill forward quickly and send it to the president’s desk.
“Like the original JOBS Act, the Jumpstart Our Business Startups Act signed by President Obama in 2012, this 3.0 legislation is bipartisan recognition that middle-class investors and entrepreneurs need Congress to cut red tape impeding their ability to achieve the American Dream,” said John Berlau, Competitive Enterprise Institute senior fellow.
“The bill builds on the important reforms of the original JOBS Act, easing barriers for non-wealthy but experienced investors to buy into private stock offerings and freeing small and midsize public companies from the some of the most onerous mandates of Sarbanes-Oxley and Dodd-Frank,” Berlau said. “It’s urgent that the Senate complete work on this package and send to the president to be signed into law.”
Some of the legislation includes clearing up rules, reducing regulation for smaller companies such as making different small banks exempt from federal stress tests or even orders for federal agencies to look further into the benefits of certain rules.
To read more about the specifics of the bill, click here.