Who wants any of these? Plainly not Progressives and their supporters.
The House of Representatives passed the Jumpstart Our Business Startups Act on 8 March by a vote of 390-23 (yes, that’s 158 Democrats in the House that also voted for this bill. Apparently not all Progressives are anti-JOB).
But now that it’s in the Democratic Party-controlled Senate, where is it? Senate Majority Leader Harry Reid refused to allow it to be debated and voted on unless he got his approved judges voted up in his “jobs for judges” debacle.
Others, Progressives and turf-protecting bureaucrats and unions, also have weighed in in opposition.
SEC Chairman Mary Shapiro, whose regulatory empire would be reduced, however slightly, objects to a provision to exempt companies with annual revenues less than $1 billion from a variety of regulations like Dodd-Frank’s executive compensation rules and duplicative Sarbanes-Oxley audits of internal controls. Senate Majority Whip Dick Durbin joined this particular fray arguing that the agency that watched, while doing nothing, Allen Stanford and Bernie Madoff is somehow needed to oversee the next Bill Gates or Steve Jobs or Mark Zuckerberg.
The accounting firms that stood around and watched Enron and WorldCom are objecting to a reduction in the mandate (i.e., guaranteed business and fees) for their “services” stemming from an exemption for new companies from critical parts of SOX.
Unions, worried about their own loss of power in a free market environment, object because—well, just because.
Senate Progressives (other than Reid) object because it came from a Republican House.
The Senate vote will be interesting to watch.