House Majority Leader Eric Cantor (R-Va.) pushed Senate Majority Leader Harry Reid (D-Nev.) today to abandon efforts to amend his JOBS Act in advance of key Senate votes scheduled for Tuesday.
“Over the past week, Leader Reid and Senate Democrats have worked overtime to find excuses not to pass the bipartisan JOBS Act despite support of 390 members in the House, the President and job creators across the country,” Cantor said in a statement.
“Rather than making 11th hour claims about phantom investor protection issues or adding partisan amendments like the [Export-Import] Bank reauthorization that threaten to derail the bill, the Senate should pass the JOBS Act and get it to the President’s desk immediately.”
The bill, which removes various regulations on startup and small businesses, has come under criticism from some outside groups who fear it could lead to “boiler rooms” that take advantage of unsophisticated investors. A Democratic alternative and a bipartisan amendment reauthorizing the Export-Import Bank are the only two amendments that will get votes on Tuesday, and both face a 60-vote threshold.
Reid moved to limit debate on amendments last week, to the chagrin of rank-and-file Democrats who wanted more opportunities to tweak the bill.
The White House has backed Cantor’s bill but also supports the Democratic efforts to strengthen investor protections.