Jobs Act 3.0
This statement from Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, confirms the House continues to work on JOBS Act 3.0. The press release notes six Democratic bills were being considered by the House Committee. Congresswoman Waters stated “Mr. Chairman, these Democratic measures that I have outlined are a step in the right direction as you continue your effort to move forward a package of capital markets bills known as the JOBS Act 3.0. For the JOBS Act 3.0 to truly facilitate capital formation, promote a stronger economy and create jobs, it is important that we work together to include common-sense bipartisan legislation.”
The statement notes Congresswoman Waters is “sponsoring the Promoting Transparent Standards for Corporate Insiders Act, which would limit the ability of corporate insiders to trade on non-public information. For years, we have heard stories about executives abusing their power by using loopholes in the securities laws to personally gain from confidential information. This bill would require the SEC to study whether to amend antifraud provisions that are used to combat illegal insider trading, report to Congress and write rules consistent with the results of the study.”
You can find a description of eight bills advanced by the House Committee here, which includes the Promoting Transparent Standards for Corporate Insiders Act.
This Washington Examiner article notes JOBS Act 3.0 faces an uphill battle during an election year. However, Jeb Hensarling, the conservative chairman of the House Financial Services Committee, reportedly secured a commitment from Senate Majority Leader Mitch McConnell for a vote on a legislative package. That deal was struck in order to facilitate the passage of the recent Dodd-Frank reform legislation.
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