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Sen. Toomey Impatient with Delay on JOBS Act
WASHINGTON, DC (WENY) -- Itís been more than a year since President Obama signed a bipartisan bill into law designed to help grow the economy.
But one local lawmaker says key provisions still havenít gone into effect, and he wants answers. President Obama signed the Jumpstart Our Business Startups Act Ė a.k.a. JOBS Act Ė into law last April.
The JOBS Act is supposed to help small businesses raise the capital they need to keep growing. But more than a year later, Pennsylvania Senator Pat Toomey says not much has happened.
ďThis is taking too longÖThe SEC is responsible for writing the rules and implementing the law. But they havenít done it. So companies arenít able to take advantage of the ability weíre trying to afford them to raise capital more easily," said Sen. Toomey, (R - Pennsylvania).
Toomey has written a letter to SEC Chair Mary Jo White, urging the agency to implement a key provision -- known as Section 201 --that removes a roadblock for businesses seeking to attract capital from accredited investors across the country.
ďThe SEC has excuses Ė they had some turnover. The old chair left and a new one came in and thatís a little disruptive. OK, itís time to get this work done. Parts of these changes are really simple and easy. The SEC needs to get this work done because itís going to create more jobs," Toomey said.
As for the SEC, it has proposed rules to implement that provision of the JOBS Act. But the commission has yet to finalize those rules, and so far, no date has been set to do so.