The Jumpstart Our Business Startups Act (JOBS Act), enacted in April 2012, is the latest in a series of significant securities-law reform efforts. The participants on this panel will assess this statute and comment on its potential impact.
The legislation stands out not only for its substance, but also for its political import and regulatory approach. The JOBS Act is often described as an effort to make it easier for small businesses to raise capital; as such, it is frequently justified as economic stimulus through deregulation. Yet, an argument can be made that the statute adds regulatory complexity to an already complex framework and may, as a result, impose additional costs on (among other companies) the very small businesses it purports to support. The legislation, therefore, implicates a variety of broader issues, including debates about the role of small business in job-creation and economic growth, the role of political rhetoric (in this instance “job creation”) in the lawmaking process, and the nature and related cost of regulatory reform.
Given these wider implications, this panel will embed its analysis of the JOBS Act and securities regulation in a larger discussion of the overarching economic and political issues that the statute implicates.