Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) released the following statement on passage of the JOBS Act 3.0:

“Startups drive our nation’s economic growth by expanding the technology frontier and employing millions of workers in high-quality jobs. And Americans are inspired by stories of entrepreneurs who build an empire out of their garages. Yet too many small businesses fail to launch because of government restrictions on investment and growth.

“I co-authored the original JOBS Act in 2012 to address this problem. That bill, plus the second JOBS Act signed into law in 2015, helped thousands of small companies raise billions of dollars in funding. Together, they contributed to our economy’s extraordinary comeback over the past few years.

“Today the House took another step to encourage entrepreneurship by passing the JOBS Act 3.0. This bill stimulates investment by reducing regulatory burdens on angel investors. It also lowers the regulatory barriers on certain kinds of IPOs, which can cost startups millions of dollars. And this bill allows more Americans to invest in businesses and ideas they believe in by expanding the definition of ‘accredited investors.’ Right now only a wealthy few can qualify to be accredited investors. The new definition will include experienced investors, even if they do not meet financial thresholds.

“Chairman Jeb Hensarling (TX-5) has proven time and again that he cares about crafting bipartisan solutions for entrepreneurs. His approach to build on the success of the first and second JOBS Acts has been creative and inclusive. The JOBS Act 3.0 is the latest evidence of this House’s commitment to expanding opportunity for American workers and investors.”