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Congress Sends Small Business Capital Bill To Obama

Congress passed the JOBS Act Tuesday and has sent it to the White House for President Barack Obama's signature.

The legislation, the Jumpstart Our Business Startups Act, will make it easier for small companies to obtain capital without getting in trouble with strict federal regulations.

The bill will also allow small businesses to use the Internet to raise up to $1 million in small investments from many people, a technique known as crowdfunding.

Obama has indicated that he would sign the JOBS Act into law if both chambers passed it and sent it to his desk.

The Senate voted 73-26 last week to approve the bill after adding an amendment to tighten regulations for companies seeking out investors on the Internet.

The House accepted the changes made by the Senate and passed the legislation with a 380-41 vote. In both the House and the Senate, all "no" votes came from the Democratic side.

The legislation has been backed by Silicon Valley and the high-tech industry, including AOL founder Steve Case.

House Majority Leader Eric Cantor, R-Virg., said, "Today, the House voted to send the bipartisan JOBS Act to the President's desk for his signature and deliver real results for our nation's small business owners, entrepreneurs and innovators."

He added, "The bipartisan JOBS Act represents an increasingly rare legislative victory in Washington where both sides seized the opportunity to work together, improved the bill and passed it with strong bipartisan support."

Cantor went on to say that Congress should build on the momentum provided by the rare moment of bipartisanship in order to help small businesses and job creators.

by RTTNews Staff Writer

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