The U.S. House approved the Jumpstart Our Business Startups (JOBS) Act today by an overwhelming majority. All five Iowans were among the 390 votes for passage (roll call). Details on the legislation are below.

UPDATE: The Democratic Congressional Campaign Committee is hammering House Republicans for keeping certain amendments out of the otherwise bipartisan JOBS Act. I’ve enclosed DCCC press releases naming Tom Latham and Steve King below.

Pete Kasperowcz reported today for The Hill,

“In his State of the Union address, President Obama asked Congress to send him a bill that helps start-ups and entrepreneurs succeed,” House Majority Leader Eric Cantor (R-Va.) said shortly before the final vote. “The JOBS Act that we’ll be voting on today does exactly that.” […]

Rep. Jared Polis (D-Colo.) urged passage of the bill, but added Wednesday, “let’s not pretend that this is some kind of jobs bill for our country, or that this is in any way shape or form restores the fiscal integrity of our nation.”

Democrats also said Republicans simply packaged six bills together into the measure, including four bills that the House had already approved. One piece of the bill, H.R. 3606, would create a new class of companies labeled as “emerging growth companies” that would enjoy relaxed rules under the Securities and Exchange Commission (SEC).

The bill also ends an SEC ban on small company advertisements to solicit capital, allows the solicitation of funds over the Internet, known as crowdfunding, increases the offering threshold from $5 million to $50 million before SEC registration is required, raises the shareholder registration requirement from 500 to 1,000 shareholders, and increases the number of shareholders allowed to invest in community banks from 500 to 2,000.

House Minority Leader Nancy Pelosi described the scope of the bill as “meager,” adding, “let’s not mistake it for what we need to do for a real serious, comprehensive jobs bill for our country.” But Iowa Democrats Bruce Braley (IA-01) and Dave Loebsack (IA-02) hailed passage of the bill in statements I enclose below.

Loebsack focused on an amendment he offered, which House members accepted by voice vote today. The House rejected most of the JOBS Act amendments offered by Democrats, described here and here. During the House floor debate, Braley, Loebsack and Leonard Boswell (IA-03) voted for all of the proposed Democratic amendments, while Republicans Tom Latham (IA-04) and Steve King (IA-05) opposed them. One of those amendments, offered by Representative Keith Ellison of Minnesota, inspired the Democratic Congressional Campaign Committee to blast Latham and King for protecting “golden parachutes.” I’ve included the text of one DCCC press releases below, because this vote may become an issue during the election campaigns in Iowa’s third and fourth Congressional districts.

The U.S. Senate has ignored most of the “jobs bills” approved by the Republican-controlled House during the past year. This one may become an exception, because the White House supports its provisions.

Statement from Representative Bruce Braley, March 8:

Braley Supports Bipartisan “JOBS Act”

Crosses party lines to support effort to help small businesses grow and expand

Washington, DC – Rep. Bruce Braley (IA-01) today voted in favor of a Republican-sponsored bill that would help small businesses create jobs.  The legislation passed the House and will now move to the Senate for consideration.

“Americans are desperate for politicians in Washington to work together,” Braley said.  “Reducing restrictions so small businesses can get the capital they need to grow and expand isn’t about politics, it’s about putting people back to work.

“Iowans can’t afford any more gridlock or inaction from Congress on creating jobs.  They don’t care about party labels, they care about results.”

The Jumpstart Our Business Startups (JOBS) Act would make it easier for small businesses to raise capital to grow and expand their businesses by making changes to federal business regulations.  For more information on the bill, visit: http://go.usa.gov/PB5

Statement from Representative Dave Loebsack, March 8:

VIDEO: Loebsack Amendment to Strengthen Women, Veteran and Minority Owned Small Businesses Passes House

Amendment was included in bipartisan JOBS Act

Washington, D.C. – Congressman Dave Loebsack today praised the House passage of legislation that will create jobs by promoting growth and increasing access to capital for small businesses.  Included in the bill was an amendment introduced by Loebsack that will strengthen small businesses owned by women, veterans, and minorities.  The amendment ensures information about opportunities created by this legislation is made widely available and that women-owned, veteran-owned and minority-owned businesses are informed of changes that will help grow their businesses.

“Small businesses will be leaders in helping our country climb out of the recession,” said Loebsack.  “In order for this bill to be effective, small and medium businesses must be aware of the new opportunities they will have to expand and raise capital. This is a commonsense way to ensure that women-owned, veteran-owned and minority-owned businesses are able to use these new tools to grow our economy and create new jobs and industries”

Specifically, Loebsack’s amendment would require the Securities and Exchange Commission to provide information online and also conduct outreach to these businesses to help them utilize the changes made through this legislation.

Video of Loebsack introducing this amendment on the House Floor can be seen here.

Statement from Representative Steve King, March 8:

“As a small business owner in Iowa I experienced first-hand the many barriers that the government places on encouraging growth in the private sector,” said King. “Today I voted to increase opportunities for capitol and financing for small businesses trying to get on their feet. This legislation will make it easier for businesses to attract investors and in turn will help create jobs and stability in our economy. The President says that he supports this bill and I hope that he will use this opportunity to reconsider the dozens of jobs bills he and the Democrat Senate have rejected.”

The Ellison amendment would “require emerging growth companies to fully comply with say-on-pay and golden parachute shareholder votes.” House members rejected that amendment by a mostly party-line vote on March 7.

Here is a DCCC press release of March 7. The DCCC also sent out a virtually identical release, substituting Latham’s name for King’s:

VOTE ALERT: Representative Steve King Votes To Protect Pay and Golden Parachutes

Talk about having the wrong priorities. Representative Steve King (IA-04) just voted to help CEOs raise their pay and get golden parachutes when they leave their jobs. Despite the fact that pay for CEOs in the U.S. skyrocketed at least 27 percent in 2010, King voted against requiring that shareholders vote to approve CEO pay and golden parachutes for retiring executives. While Republicans like King voted to protect out-of-control CEO pay, he and House Republicans nearly forced a middle class tax increase last month and are pushing a plan that would end Medicare and raise health care costs for seniors.

“In just the latest proof that Representative Steve King stands with the ultra wealthy instead of middle income Americans and seniors, he voted to protect excessive pay for ultra-wealthy CEOs and help ensure they get golden parachutes when they retire,” said Jesse Ferguson of the Democratic Congressional Campaign Committee. “While CEO pay continues to rise, Steve King voted against protecting the shareholders’ say on CEO pay increases and their billionaire retirement giveaways. Whenever it comes to protecting the ultra wealthy, King always puts them first and leaves the middle class and seniors out in the cold.”

BACKGROUND

King Voted to Protect Executives’ Salaries and Golden Parachutes from Shareholders. On March 7, 2012, House Republicans voted against requiring companies with revenues under $1 billion provide shareholders with advisory votes on executive compensation. Previously, the Dodd-Frank Wall Street Reform and Consumer Protection Act required public companies to provide their shareholders with a nonbinding vote to approve executive compensation. Proponents of these “say-on-pay” provisions argued it would help stop failed executives from receiving golden parachutes, or taking unnecessary risks with investors’ money. [HR 3606, Vote #104, 3/7/12]

U.S. CEO Pay Jumped at Least 27 Percent in 2010. “Chief executive pay has roared back after two years of stagnation and decline. America’s top bosses enjoyed pay hikes of between 27 and 40% last year, according to the largest survey of US CEO pay. The dramatic bounceback comes as the latest government figures show wages for the majority of Americans are failing to keep up with inflation. America’s highest paid executive took home more than $145.2m, and as stock prices recovered across the board, the median value of bosses’ profits on stock options rose 70% in 2010, from $950,400 to $1.3m.” [The Guardian, 12/14/11]

For Many Chief Executives, Bonuses Rose Quickly in 2010. “CEO bonuses at 50 major corporations jumped a median of 30.5%, the biggest gain in at least three years, according to a study of the first batch of corporate CEO pay disclosures by consulting firm Hay Group for The Wall Street Journal.” [Wall Street Journal, 3/17/11]

UPDATE: On March 8 the DCCC sent out e-mail blasts slamming Latham’s and King’s votes against an amendment proposed by Democrat Gary Peters, which would “require all publicly traded companies to disclose each year the total number of employees that they have in each country and the percentage increase or decrease.” Here is the press release naming Latham; the one about King used virtually identical wording.

VOTE ALERT: Representative Latham Voted To Let Companies Hide When They Ship Jobs Overseas

Today Representative Tom Latham (IA-03) showed he has the wrong priorities by voting to let companies hide shipping American jobs overseas. While millions of Americans are still looking for work, Latham voted against having companies publicly disclose the jobs they ship to other countries. In the last decade, companies eliminated nearly 3 million American jobs and created 2.4 million overseas.

“Iowa families have seen firsthand the effects of companies shipping American jobs overseas and now Representative Tom Latham helped those companies hide their outsourcing,” said Jesse Ferguson of the Democratic Congressional Campaign Committee. “It was bad enough when Latham pledged to give tax breaks to companies that ship jobs overseas, now he wants to let them keep it secret when they ship those American jobs overseas. Representative Tom Latham has the wrong priorities and is protecting companies shipping jobs overseas, instead of hardworking middle income families.”

BACKGROUND

Latham Voted To Let Companies Hide When They Ship Jobs Overseas. On March 8, 2012, House Republicans voted against amending HR 3606, to include the Outsourcing Accountability Act a measure proposed by Rep. Gary Peters (D-MI), which would require large American companies to disclose how many of their jobs are based in the United States and how many are based abroad. The legislation attempts to provide a degree of transparency regarding how many American jobs are being outsourced. [HR 3606, Vote #107, 3/8/12; Washington Post, 2/1/12]

Latham Pledged to Protect $92.5 Billion in Subsidies Encouraging Companies to Outsource Jobs. The Americans for Tax Reform pledge has become a litmus test for Republican congressional candidates and Members of Congress. The Americans for Tax Reform falsely claims that cutting tax expenditures constitute a tax increase. In reality, it is widely recognized that cutting tax expenditures is just another way to cut spending. Latham, who signed the Americans for Tax Reform pledge, has promised to protect $92.5 billion in subsidies that encourage companies to ship jobs overseas. [CBS News, 11/20/11; Americans for Tax Reform Pledge Signers, accessed 7/11/11; Americans for Tax Reform, 4/11/11; Center for American Progress, 3/11]

Corporations Cut Nearly 3 Million Jobs in the U.S., Created 2.4 Million Abroad. “The latest data show that multinationals cut 2.9 million jobs in the United States and added 2.4 million overseas between 2000 and 2009.” [Washington Post, 8/21/11]