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Obama signs small business legislation

WASHINGTON — President Barack Obama has signed legislation that will help small businesses and make it easier for startups to raise capital.

Obama says it’s a “potential game-changer” for American entrepreneurs hoping to build and sell the next big thing.

The legislation had bipartisan support, with backers saying it would promote job creation. Some Democrats raised concerns that the bill softened investment protections put in place after the excesses and Wall Street meltdowns, arguing it could lead to fraud and abuse.

The main part of the bill would phase in Securities and Exchange Commission regulations over a five-year period to let smaller companies go public sooner.

The bill combines a number of bipartisan bills that exempt newer companies from SEC reporting rules in order to reduce costs and red tape.

One comment

  1. This is not a Jobs Bill but a deregulation of the market bill. Just as Bill Clinton did in the 90s, Obama has watched as the Financial Reform bill has been gutted and now shows all signs of making the market even more susceptable to fraud. We heard earlier this week that the market is as leveraged and poses as much risk now
    than in 2007.

    The online IPOs for which the bill was written has been shown to have as much as 75% fraud against investors paticipating. This was a give-away to the banks that will entangle yet again, unsophisticated investors who will lose billions.

    One good thing coming from this crisis…..people now openly assume that there will be fraud and that the government is promoting it. So hopefully people will be the wiser!