Arlington, VA – 03/22/2012 – Following the passage of the Jumpstart Our Business Startups (JOBS) Act in the Senate, the Consumer Electronics Association (CEA)® today issued the following statement, attributable to Gary Shapiro, president and CEO, CEA:
“Today, we saw the blue moon of opposing political forces aligned for good, as the Senate enacted the House-approved JOBS Act. This is Washington at its best – putting the interest of economic good and business before political agendas.
“Specifically, the JOBS Act will create a regulatory on-ramp for companies with less than $1 billion in revenues for up to the first five years after an IPO. In addition to offering temporary relief from onerous and costly provisions such as Sarbanes Oxley Section 404b, the measures also allow for these companies to communicate with investors more effectively than before, during and after the offering, creating additional safe harbors for analyst research coverage and allowing an expanded range of pre-filing communications.
“The JOBS Act will encourage economic growth without any additional government spending or new taxes. It will support the drivers of the American economy – entrepreneurs and innovators. We now urge the House to quickly act on the Senate bill and send it to the President for signature.”