The House of Representatives passed the Jumpstart Our Business Startups (JOBS) Act by a vote of 390-23. Key components of the bill include several changes to Securities and Exchange Commission (SEC) regulations by:
Creating an "emerging growth companies" category that would lower the costs of initial public offerings for smaller firms;
Abolishing an SEC rule that prohibits small companies from advertising for investors; and,
Lifting restrictions on crowd funding that would allow entrepreneurs raise capital (up to $2 million) from large pools of small investors.
According to an article in the New York Times, Senate Majority Leader Harry Reid of Nevada said a Senate version will be introduced soon.