Reuters: Small Business News: Startup bill advances in Senate after setbacks

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Startup bill advances in Senate after setbacks Mar 21st 2012, 17:40 By Alexandra Alper WASHINGTON | Wed Mar 21, 2012 1:40pm EDT WASHINGTON (Reuters) - A bill to boost small business growth passed a key procedural hurdle in the Senate on Wednesday, paving the way for a possible vote on final passage later in the day. The U.S. Senate voted 76-22, clearing the 60-vote threshold needed to advance the so-called JOBS Act, which passed the House with overwhelming support earlier this month and has White House backing. The bill would make it easier for companies to raise capital and make initial public offerings. It has been on a fast track for approval, with both parties eager to be seen backing business growth in an election year with the unemployment rate still hovering above 8 percent. But the measure had hit speed bumps in recent days, as regulators and some Senate Democrats slammed it for discarding key investor protections and a controversial bid to add an amendment reauthorizing the Export-Import bank ran aground. Senate Majority Leader Harry Reid called off a procedural vote on the bill scheduled for Tuesday night, after a bid to attach a provision to renew the Ex-Im Bank's charter failed. The reauthorization of the bank, which provides financing to U.S. exporters to make sales viewed as too risky by private banks, has drawn opposition from House Republicans, who slam the agency's use of taxpayer-backed loans to finance exports. Senate Minority Leader Mitch McConnell complained on Wednesday that Senate Democrats were creating needless hurdles to passage of the legislation. "I ask them to put politics aside and allow this bipartisan bill to move forward," he said, promising to work on renewing the Ex-Im bank's charter afterwards. But the Securities and Exchange Commission and Senate Democrats also say the bill leaves investors vulnerable to fraud. On Wednesday, Michigan Democrat Carl Levin urged senators against advancing the bill, saying that without needed fixes the measure would harm investors, large pension funds and foundations. "We would, far from encouraging job growth, endanger job growth by endangering the investments that help America's businesses grow and create new jobs," he said. He echoed comments from SEC Chairman Mary Schapiro, who has told lawmakers that she fears the House-passed version of the bill would exempt too many companies from important investor protections and also chip away at the firewalls in place to reduce conflicts of interest between investment bankers and research analysts. Senate Democrats Jeff Merkley and Jack Reed have proposed amendments that would increase investor protections, but it was not immediately clear if they could muster the votes necessary for passage. (Reporting by Alexandra Alper; Editing by Lisa Von Ahn) Link this Share this Digg this Email Reprints

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