Washington, D.C. — TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, today welcomed House passage of the JOBS and Investor Confidence Act and urged the Senate to follow suit. Led by House Financial Services Committee Chairman Jeb Hensarling (R-TX), this legislation passed last night with a strong bipartisan vote of 406-4 and includes provisions to boost access to capital for startups and encourage more companies to go public.
“Startups fuel job creation and innovation, and the JOBS and Investor Confidence Act is a much-needed boost for entrepreneurs across the U.S.,” said Linda Moore, President and CEO of TechNet. “This legislation will help entrepreneurs access new funding sources so they can launch and grow their startups and create new opportunities for workers. It also reforms the process companies go through in order to go public, making it more attractive and less burdensome for entrepreneurs to grow their companies by tapping into public markets. Historically, 92 percent of companies’ job creation has come after going public.
“Our nation’s startup growth has slowed significantly, and the average number of companies going public in the U.S. has fallen by half over the past 20 years,” Moore continued. “We need to reverse these trends and restore America’s global innovation leadership, and the JOBS and Investor Confidence Act is a key way to do it. We thank Chairman Hensarling for prioritizing this legislation to support U.S. startups, and we urge the Senate to pass this bill this year.”
In April, TechNet and other business community partners released a detailed report of policy recommendations to promote economic growth and job creation by encouraging more companies to go and stay public. The full report can be found here. A two-page summary of these policy recommendations is available here.
About TechNet
TechNet is the national, bipartisan network of technology CEOs and senior executives that promotes the growth of the innovation economy by advocating a targeted policy agenda at the federal and 50-state level. TechNet’s diverse membership includes dynamic American companies ranging from startups to the most iconic companies on the planet and represents over three million employees and countless customers in the fields of information technology, e-commerce, the sharing and gig economies, advanced energy, cybersecurity, venture capital, and finance. TechNet has offices in Albany, Austin, Boston, Chicago, Olympia, Sacramento, San Francisco, Silicon Valley, Tallahassee, and Washington, D.C.