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Published on Mar 22, 2012
The Senate today passed Senator Jon Tester's bipartisan bill to help small businesses raise much-needed capital to grow, innovate, and create more jobs.
Tester's bill, introduced with Senator Pat Toomey (R-Pa.), allows companies to sell up to $50 million in shares without filing lengthy paperwork.
"Startup businesses need access to capital so they can create jobs and focus on breakthroughs in science and technology," said Tester, chairman of the Senate Economic Policy Subcommittee of the Senate Banking Committee. "This bill improves and streamlines the ability for companies to raise money and allows small businesses to do what they do best: innovate and create jobs."
Tester and Toomey introduced their Small Company Capital Formation Act in September. The bill changes the Securities and Exchange Commission rule known as "Regulation A."
Currently, businesses can only raise $5 million under Regulation A -- a limit that many businesses consider insufficient and has not been updated for 20 years. Thanks to Tester's bill, Montana entrepreneurs will now be able to raise more capital, expand their businesses, and create more jobs.
Tester's bill passed the Senate today as part of a bipartisan package of bills designed to help small businesses. The measure now goes back to the House of Representatives.