So Congress finally got something done.
In Washington, they’re taking a short break from lobbing spitballs to celebrate the passage of the Jumpstart Our Business Startups Act, which might take the prize for the worst bill title ever, except in that it forms the nifty acronym JOBS. This is not to be confused with the 2011 American Jobs Act, which was a grab bag of measures sponsored by President Obama that had no chance of passing in Congress. So that bill died and made room for this one.
The 2012 JOBS Act is a modest piece of legislation that won’t affect most Americans, which is probably why it garnered bipartisan support. The goal is to relax the rules for certain companies with less than $1 billion in revenue and make it easier for them to grow. It won’t affect big companies that are already publicly owned or small mom-and-pop outfits. But it provides some breaks for the types of companies that account for the majority of new jobs in the U.S. economy: fast-growing firms looking to raise capital, including many that have the hopes of going public.