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Senate Votes To Approve Amended Start-Up Bill

An amended version of a bill designed to make it easier for growing firms to access capital markets was approved by a solid majority in the Senate on Thursday.

The Senate voted 73 to 26 in favor of the Jumpstart Our Business Startups Act, or JOBS Act, with nearly all of the Republicans joining with twenty-six Democrats and Independent Sen. Joe Lieberman, I-Conn., in order to approve the legislation.

The version of the bill passed by the Senate included an amendment related to crowdfunded securities, meaning that the House will have to vote again on the Senate version of the bill.

Earlier this month, the House voted 390 to 23 in favor of their version of the legislation, providing a rare moment of bipartisanship in an increasingly gridlocked Washington.

House Majority Leader Eric Cantor, R-Virg., said, "Today's strong Senate vote combined with bipartisan support in the House, from the President, and the business community shows even in a divided Washington we can come together to get things done for our nation's job creators."

Cantor said he intends to schedule a vote on the Senate version of the bill early next week, and the Obama administration has indicated its support for the legislation.

The Senate has also voted overwhelmingly in favor of a bill to prohibit members of Congress from engaging in insider trading.

by RTT Staff Writer

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