U.S. Rep. Mike Fitzpatrick yesterday voted to pass H.R. 3606, the Jumpstart Our Business Startups (JOBS) Act. The Congressman represents the 8th District, which includes Bucks County.
According to a release, this legislation represents a combination of several job creation measures aimed at increasing capital formation, spurring the growth of startups and small businesses, and paving the way for more small-scale businesses to go public and create more jobs.
“We appreciate the support for nurturing entrepreneurial development and investment. Innovation is going to drive the future of the economy in southeast Pennsylvania and around the United States," said Dr. Tim Block, President of the Pennsylvania Biotechnology Center of Bucks County when asked about the JOBS Act. "Capital is the lifeblood that sustains these dynamic entrepreneurs who are harnessing innovation to create new companies and new jobs.”
Fitzpatrick said that " it is risk-takers like Tim and the companies he works with that hold the keys to a lasting recovery and a strong American economy if we only give them the tools they need. The JOBS Act will provide certainty to small business owners and entrepreneurs in terms of access to capital and the federal regulatory environment. Without access to capital, businesses cannot expand, and without regulatory certainty, capital disappears."
According to the release, most of the items included in the JOBS Act enjoy overwhelming bipartisan support in the House, as well as from President Obama and successful entrepreneurs such as Steve Case, former Chair and Founder of AOL and a member of the President's Council on Jobs and Economic Competitiveness.
Others weren’t very impressed with the legislation.
"While this little package is, I think, viewed positively, it is not any substitute for the jobs bill that we need," said House Democratic leader Nancy Pelosi according to a Reuters story.