SEC Delays Implementation of Key Provision in JOBS Act

August 20, 2012

WASHINGTON – Oversight Financial Services Subcommittee Chairman Patrick McHenry pressed Security and Exchange Commission Chairman Mary Schapiro on the SEC’s refusal to implement a key provision of the JOBS Act – lifting the ban on general solicitation.

“By kicking the can down the road, you are abdicating your responsibility to follow the law, failing to fulfill your sworn commitment to this Subcommittee, and ignoring the will of Congress and the President of the United States,” wrote Chairman McHenry.

Lifting the ban on general solicitation will make it easier for startup companies and other small businesses to raise capital in the United States, invest in themselves and create jobs. The JOBS Act was signed into law on April 5th, 2012 after it passed the House and Senate with overwhelming bipartisan support.       

Read the letter here