Jumpstart Our Business Startups
Latest action. Became public lawWhat a bill becomes when enacted, numbered by Congress and order of enactment: Public Law 119-4 is the 4th law of the 119th Congress.Read the full definition (opens a new tab) No: 112-106.
Jumpstart Our Business Startups Act - Title I : Reopening American Capital Markets to Emerging Growth Companies - (Sec. 101) Amends the Securities Act of 1933 (SA) and the Securities Exchange Act of 1934 (SEA) to define "emerging growth company" as an issuer that had total annual gross revenues of less than $1 billion during its most recently completed fiscal year.
Disqualifies from treatment as an emerging growth company any issuer whose first sale of its common equity securities pursuant to an effective registration statement occurred on or before December 8, 2011.
(Sec. 102) Amends SEA and the Investor Protection and Securities Reform Act of 2010 (title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act [Dodd-Frank]) to exempt emerging growth companies from the requirement for separate shareholder approval of executive compensation, including golden parachute compensation.
Requires any emerging growth company that ceases to be one to comply with procedures for soliciting a separate shareholder approval of executive compensation.
Amends SA to state that an emerging growth company need not present more than two years of audited financial statements in order for its registration statement, with respect to an initial public offering of its common equity securities, to be effective.
Amends both SA and SEA to state that, in any other registration statement to be filed with the Securities and Exchange Commission (SEC), an emerging growth company need not present certain selected financial data for any period before the earliest audited period presented in connection with its initial public offering.
Declares that an emerging growth company may not be required to comply with any new or revised financial accounting standard until a company that is not an issuer is required to comply with it, if the standard applies to companies that are not issuers.
An emerging growth company may comply, however, with specified executive compensation disclosure requirements by disclosing the same information as any issuer with a market value of outstanding voting and nonvoting common equity held by non-affiliates of less than $75 million.
The summary continues for 36 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Public Law" stage on April 5, 2012. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
This bill has been enacted. It is law.
The record's latest action, on April 5, 2012: Became Public Law No: 112-106.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Stephen Fincher (R-TN) introduced it on December 8, 2011, and 53 members have since signed on as cosponsors.
They come from both major parties: 20 Democrats, 33 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HousePassed
- SenatePassed
- PresidentSigned into law