Republicans blast SEC over JOBS Act delays

Jobs Act 2013Republican lawmakers on Thursday blasted top officials at the nation’s securities watchdog over delays in the agency’s implementation of key aspects of a law approved a year ago to help small businesses accumulate capital.

“I’m getting a lot of verbal moon-walking but I’m not getting anywhere,” said Rep. Kerry Bentivolio, Republican from Michigan, at a House small business committee hearing about establishing rules based on the Jumpstart Our Business Startups Act — a , approved in April 2012.

Bentivolio’s comments echoed those of a number of Republicans at the hearing, who raised concerns that the Securities and Exchange Commission has yet to implement a couple measures they are required by law to adopt, including a provision known as “crowdfunding,” that seeks to ease restrictions on entrepreneurs so they can raise capital cheaply by providing exemptions from SEC registration and disclosure rules to raise up to $1 million annually.

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