What: All Issues : Making Government Work for Everyone, Not Just the Rich or Powerful : Helping Small Business : (H.R. 3606) On an amendment to add new investor-protection measures to a bill aimed at expanding availability of financial capital for small businesses (2012 senate Roll Call 54)
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(H.R. 3606) On an amendment to add new investor-protection measures to a bill aimed at expanding availability of financial capital for small businesses
senate Roll Call 54     Mar 22, 2012
Progressive Position:
Yea
Progressive Result:
Win

This vote was on an amendment to help protect investors who take part in a new system designed to help small businesses and entrepreneurs raise financial capital.

Sen. Jeff Merkley (D-OR) offered the amendment to the Jumpstart Our Business Startups, or JOBS, Act. The bill was designed to make it easier for new businesses to raise the funds necessary to expand.

Sen. Merkley argued that the legislation opened the door to potential fraud. In particular, the bill encouraged “crowdsourcing,” the practice of inviting everyday investors to buy shares in a start-up company. Sen. Merkley’s amendment would have required companies to register with the SEC and submit to oversight so that investors could have assurance that their money was in the hands of reputable business owners, not scam artists.

“Small businesses are our engines of job creation, so I am excited about this new marketplace and the potential for small businesses with great ideas to see breakthroughs in their ability to grow and create jobs. For this new market to thrive, however, investors must have confidence in provisions that block predatory practices,” Sen. Merkley said.

Sen. Merkley’s amendment passed by a vote of 64-35. Voting “yea” were 52 Democrats and 12 Republicans. Voting “nay” were 34 Republicans and 1 Democrat. As a result, the Senate passed legislation adding investor protections to a bill aimed at expanding availability of financial capital for small businesses.

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