What does the JOBS Act actually do? Six questions answered.
A bipartisan bill known as the JOBS Act, for 'Jumpstart Our Business Startups,' is among the GOP's priorities in Congress. It is targeted at small-business owners, but what would the bill actually do?
4. Is there any controversy over the legislation?
The bit about community banks – a tempest in a Capitol Hill teapot, perhaps, and arguably the least sexy piece of the JOBS Act – has provoked the most controversy. The question is whether it was copied from a bill sponsored by a Democratic member of the House.
Rep. Jim Himes (D) of Connecticut found a lot to like in that provision, noted by the Republicans as sponsored by Rep. Ben Quayle (R) of Arizona, because the House already passed the version of it that he cosponsored with Rep. Steve Womack (R) of Arkansas.
“While it’s unfortunate the Republicans felt it was necessary to copy my legislation rather than include me and my Democratic colleagues in their package and press conference today,” Himes said in a statement Feb. 28, “imitation is the sincerest form of flattery, and I’m eager to see these bills become law.”