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Jobs Act

Sen. Kay Bailey Hutchison

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Mr. President, I rise today to speak on H.R. 3606, the JOBS Act, which we passed in the Senate last Thursday, March 22, 2012 by a vote of 73 26. I am very pleased that this legislation passed with such strong bipartisan support, particularly because it includes a measure which I authored to update the shareholder threshold before which banks must register their securities with the Securities and Exchange Commission.

Title VI of the JOBS Act is based off of S. 1941, which I introduced on December 5, 2011 with Senator Mark Pryor. Section 601 of this title increases the registration threshold for banks and bank holding companies to 2,000 persons and the deregistration threshold to 1,200 person.

As the author of Title VI of the JOBS Act, I welcome today's consideration of H.R. 3606 in the House of Representatives and the endorsement that President Obama has given this job-creating legislation in a Statement of Administration Policy. The new thresholds for registration and deregistration are effective upon the President's signature since no rulemaking is necessary. It is the intent of Congress that this new law should apply immediately to banks and bank holding companies so that they can raise additional capital to increase lending in their communities.