Sen.Brown On Crowdfunding Hearing:We Can?t Let Gridlock Stand In The Way Of Innovation And Job Growt "My crowdfunding legislation will help America’s entrepreneurs raise new capital so that their dreams can become a force for job growth.
PoliticalNews.me - Mar 08,2012 - Sen. Brown On Crowdfunding Hearing: We Can?t Let Gridlock Stand In The Way Of Innovation And Job Growth
Washington, DC – U.S. Senator Scott Brown (R-MA) issued the following statement after the Senate Banking Committee hearing on crowdfunding and job growth:
"My crowdfunding legislation will help America’s entrepreneurs raise new capital so that their dreams can become a force for job growth. This will be especially true in Massachusetts, where our high-tech startups and small businesses are world leaders. The next step is to get my Democratizing Access to Capital Act to the floor for a vote. The House passed a bipartisan crowdfunding bill with 407 votes last year and President Obama continues to be a strong advocate for legalizing crowdfunding. We can't let gridlock and restrictions that favor only wealthy investors stand in the way of innovation and job growth.”
Regional Economic Models, Inc. (REMI) found that young firms form a high proportion of net job creation in the economy. In 2005, new firms added a net 3.5 million jobs, while older firms actually lost a net 1 million.
REMI also did an economic model for Senator Brown’s crowdfunding bill and found that it could increase the number of startups by 10 percent.
According to a 2009 Kauffman Foundation study, nearly two-thirds of job creation in the United States occurred in firms less than five years old between 1980 and 2005.
Today, the Senate Banking Committee held its second hearing on crowdfunding where Cambridge Innovation Center founder and CEO Tim Rowe testified about the importance of crowdfunding legislation.
November 2, 2011: Senator Brown introduced legislation to legalize crowdfunding, the Democratizing Access to Capital Act (S. 1791).
November 29, 2011: WIRED published an op-ed by Senator Brown on the importance of crowdfunding for innovation and job growth.
December 1, 2011: Senator Brown testified at the Senate Banking Committee’s first hearing on crowdfunding.
January 31, 2012: During his State of the Union Address, President Obama called for removing regulatory barriers to capital for small businesses. On January 31, the president included crowdfunding legislation in his Startup America Legislative Agenda.
February 3, 2012: Senator Brown wrote President Obama asking for help in urging the Senate to act on crowdfunding legislation.
February 28, 2012: Boston Herald: Scott Brown leads forum on crowd-funding, venture capital
February 29, 2012: In a speech from the Senate floor, Senator Brown called on his colleagues to work together and pass the Democratizing Access to Capital Act.
March 3, 2012: Boston Business Journal: Scott Brown: Crowdfunding for startups would mean economic stimulus
March 3, 2012: BostonInno: Scott Brown: Startups can “Blow the Doors Off” the Economy