Bill Text: NJ AR179 | 2012-2013 | Regular Session | Introduced
Bill Title: Urges federal Securities and Exchange Commission to promulgate regulations implementing provisions concerning crowdfunding in the "Jumpstart Our Business Startups Act."
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2013-06-10 - Introduced, Referred to Assembly Commerce and Economic Development Committee [AR179 Detail]
Download: New_Jersey-2012-AR179-Introduced.html
Sponsored by:
Assemblyman ANGEL FUENTES
District 5 (Camden and Gloucester)
SYNOPSIS
Urges federal Securities and Exchange Commission to promulgate regulations implementing provisions concerning crowdfunding in the "Jumpstart Our Business Startups Act."
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution urging the federal Securities and Exchange Commission to speedily promulgate regulations to implement certain provisions of the "Jumpstart Our Business Startups Act."
Whereas, The "Jumpstart Our Business Startups Act" (JOBS Act) was passed by Congress and signed into law by President Obama in April 2012; and
Whereas, The JOBS Act received strong bipartisan support in Congress; and
Whereas, Title III of the JOBS Act, the "CROWDFUND Act," allows private companies to raise small amounts of equity capital from a potentially large pool of investors through platforms such as the Internet, a process commonly referred to as "crowdfunding;" and
Whereas, Startup companies and small businesses will benefit from the JOBS Act because for the first time they will have considerable access to capital from ordinary Americans who will be able to go online and invest in entrepreneurial enterprises; and
Whereas, Market participants are eager to start providing crowdfunding services to entrepreneurs and investors alike, and small businesses and entrepreneurs are eager to raise money and create jobs; and
Whereas, The JOBS Act mandated that the Securities and Exchange Commission promulgate regulations under Title III of the act by December 31, 2012; and
Whereas, The Securities and Exchange Commission failed to meet that deadline and has yet to promulgate such regulations, thereby preventing the benefits of crowdfunding from taking effect; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. The General Assembly hereby urges the federal Securities and Exchange Commission to speedily promulgate regulations to implement the provisions concerning crowdfunding in the "Jumpstart Our Business Startups Act," as mandated by that act.
2. Duly authenticated copies of this resolution, signed by the Speaker of the General Assembly and attested by the Clerk thereof, shall be transmitted to the Commissioners of the Securities and Exchange Commission.
STATEMENT
This Assembly resolution urges the Securities and Exchange Commission to speedily promulgate regulations to implement the crowdfunding provisions of the "Jumpstart Our Business Startups Act" (JOBS Act). The JOBS Act mandated that the Securities and Exchange Commission promulgate such regulations by December 31, 2012, and the commission has yet to promulgate these regulations.
Title III of the JOBS Act, the "CROWDFUND Act," once implemented, will enable startup companies and small businesses to raise small amounts of equity capital from a large number of small investors. This capital will be of benefit to entrepreneurs and small businesses, and help to create jobs.
