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Showing posts with the label House Commitee on Oversight and Government Reform

JOBS Act Hearing and Meeting

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As C-SPAN noted, "The JOBS Act (Jumpstart Our Business Startups Act), designed to help small companies raise investment capital, was signed into law by President Obama on April 5, 2012. 

On June 26th, the TARP Subcommittee of  the House Oversight held a hearing on the Security and Exchange Commission's (SEC) efforts to implement the Act. The SEC had 270 days from the signing of the Act to set forth rules. Rep. Patrick McHenry (R-NC) chaired the hearing. The JOBS Act relaxes some of the regulations put in place by the Sarbanes-Oxley Act and establishes the creation of Internet funding portals to facilitate 'crowd funding,' the collective pooling of money to support business projects. Critics worry that the JOBS Act's relaxed regulations will encourage fraud." 

We attended the hearing and found that the SEC will be late in responding to the deadlines established by the law. No mention was made of the recent $2 billion dollar loss at JP Morgan or the LIBOR scandal…