It’s rare for Congress to find common ground these days, but here’s something Republicans and Democrats should be able agree on: the “Jobs Act 3.0.”
The policy, which would reduce securities regulation, is expected to encourage small businesses to go public.
While most bills look unlikely to be passed so closely to the 2018 midterm elections, this bill has secured a promise from Senate Majority Leader Mitch McConnell that it would be scheduled for a vote before the November ballots are cast.
The other advantage this legislative package has — or ought to have, I should say — is Democratic support.
Even though several Republicans are in favor of more conservative deregulation policies such as repealing Dodd-Frank — a 2010 act that affected federal financial regulatory agencies — Jobs Act 3.0 is expected to be constructed in a way that will gather Democratic support. This is a smart move if Republicans want to pass the package before November.
The series of bills aim to follow up on legislation signed in 2012 by President Obama that eased securities laws for small businesses, most notably by allowing for the possibility of crowdfunding.
More centrist Democrats on the Senate Banking Committee paved the way for the banking regulatory relief bill earlier this year, and would be key in another such effort this time around.
Republicans say they are willing to negotiate to add more regulatory relief into the legislation in the coming months. And Democrats should get on board. There really is no reason not to.