From TN Rep. Fincher’s website . . . (the text of the bill isn’t available yet, once it is I’ll post a link):
New Legislation to Help Small Businesses Create Jobs
On Thursday, I introduced H.R. 3606, the Reopening American Capital Markets to Emerging Growth Companies Act of 2011. The legislation would reduce the costs of going public for small and medium-sized companies by phasing in certain regulatory requirements. Over the last ten years, the number of companies going public has fallen dramatically, hurting the ability of small companies to grow, innovate, and hire new workers. The legislation creates a new category of issuers, called “emerging growth companies,” that have annual revenues of less than a $1 billion and following the initial public offering (IPO), less than $700 million in publicly traded shares. Exemptions for these “on ramp” status companies would end either after five years, or when the company reached $1 billion in revenue or $700 million in public float. The bill mirrors legislation introduced by a bipartisan group of U.S. Senators last week. Small companies are our nation’s best job creators, but have been the hardest hit by burdensome regulations. On average, 92% of a company’s job growth occurs after an IPO. It is imperative we reduce regulations to help these small companies create private sector jobs for Americans.