Earlier this month, President Obama signed the JOBS Act into law. At a time when there has been little bipartisan cooperation in Washington, the Jumpstart Our Business Startups Act, which aims to give small businesses more access to capital, made its way through the House and Senate and on to the President’s desk. The provisions of the new law represent only a small portion of the broad plan the President has laid out for job creation, but both Republicans and Democrats praised it as being a positive step towards creating jobs, getting Americans back to work, and possible future cooperation.
The JOBS Act, originally drafted by Representatives Stephen Fincher (R-TN) and John Carney (D-DE), is a collection of several smaller pieces of legislation that aim to increase access to capital for small businesses. Many observers feel the law reflects a desire by both parties during an election year to show they are doing all they can to create jobs and provide a climate where start-ups and smaller companies can flourish.