Tags: arizona | sec | sarbanes | sinema

With Red Tape Relief Congress Could Boost Middle Class

middle class is frequently economically squeezed

(Feng Yu/Dreamstime)

By
Thursday, 15 November 2018 10:28 AM Current | Bio | Archive

Next year, with Congress divided once again, bipartisan legislation will be the order of the day. Indeed for passage of both chambers, it will be virtually the only thing on the menu.

The good news is Congress doesn’t have wait until next year to pass some bipartisan legislation that will benefit greatly America’s middle-class investors and entrepreneurs.

There is a modest but impactful deregulatory bill that the U.S. House of Representatives passed nearly unanimously. All the U.S. Senate has to do is pass the same bill with very minor tweaks in the lame duck session over the next month and a half, before the newly elected Congress is sworn in this coming January

House and Senate leaders this week convened a lame duck session to confirm judges and presidential nominees, fund operations of the government, and finish other unfinished business. During this lame duck session they should at the very least ensure that this bill, which has already passed the House, makes its way to the president.

The bill is the Jobs and Investor Confidence Act, which cleared the House in July with a vote of 406 to 4. Also called the JOBS Act 3.0 — referring to the original modestly deregulatory Jumpstart Our Business Startups (JOBS) Act that was signed by President Barack Obama in 2012 — this bill further broadens exemptions for small and midsize public companies from the costly mandates of the Obama-era Dodd-Frank Act and the Bush-era Sarbanes-Oxley Act.

Many of the measures in the July bill were championed by Rep. Kyrsten Sinema, D-Ariz., who will represent Arizona in the Senate next year.

Sinema emerged victorious from a tight race.

Earlier this year, Sinema said that removing red tape on public companies "allows innovative companies to spend valuable resources on product research and development instead of costly and unnecessary external audits. This commonsense solution cuts red tape and allows companies to move life-saving innovations forward."

The legislation also liberalizes the Securities and Exchange Commission’s "accredited investor" rules to allow middle-class investors who have demonstrated financial expertise to join wealthy venture capitalists in investing in high-growth private companies.

As I wrote recently in Forbes, "[the] JOBS and Investor Confidence Act would increase investment opportunities for millions of Americans, while expanding the pool of capital to which entrepreneurs can appeal for funding. The Senate should pass it immediately to give the middle class a step up on the ladder of wealth."

John Berlau is a senior fellow at the Competitive Enterprise Institute (CEI). He is the author of the book "Eco-Freaks." Read more reports from John Berlau — Click Here Now.

© 2018 Newsmax. All rights reserved.

   
1Like our page
2Share
JohnBerlau
The legislation also liberalizes the Securities and Exchange Commission’s "accredited investor" rules to allow middle-class investors who have demonstrated financial expertise to join wealthy venture capitalists in investing in high-growth private companies.
arizona, sec, sarbanes, sinema
432
2018-28-15
Thursday, 15 November 2018 10:28 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved