Congressman Robert Hurt today released the following statement after the House Committee on Financial Services conducted review to ensure that the JOBS Act continues to decrease existing obstacles faced by entrepreneurs and emerging businesses. The JOBS Act eliminates unnecessary regulations to provide small businesses the opportunity to access the capital necessary to hire and expand and helps our entrepreneurs get their startups off the ground:

“The JOBS Act, which originated in our Committee and was signed into law by the President, is a great example of how Washington can work together to address the problems facing this nation and create the jobs our communities need. Today's hearing examined ways in which the JOBS Act is addressing the challenges that small business owners and aspiring entrepreneurs face, and also provided an opportunity to hold federal agencies accountable as they implement the policies Congress has enacted. Prompt implementation of the JOBS Act is essential to addressing these critical challenges, and today, we have conducted the necessary oversight to ensure that Washington bureaucrats are not needlessly stifling job creation and putting our small businesses and start-ups on hold by failing to administer critical provisions of this law. As we in the House of Representatives continue working to reduce unacceptably high unemployment, efficient implementation of the JOBS Act is critical to our efforts of making it easier for our job creators to succeed and create the jobs that Central and Southside Virginians need. The Committee on Financial Services is committed to doing its part to make sure that the policies we put forth promptly and effectively address these challenges.”

Background

Today, the Capital Markets Subcommittee and the Oversight and Government Reform Subcommittee on TARP and Financial Services held a joint hearing on the implementation of the JOBS Act. The JOBS Act is comprised of six bills that originated in and were originally approved by the Financial Services Committee with bipartisan support before their passage by the House and Senate. Its provisions will help startup companies and entrepreneurs access capital and create jobs. The JOBS Act was signed into law on April 5, 2012.