Opponents of the measure, including the U.S. Chamber of Commerce, argued against that the change because it changes how businesses are currently structured.
“First, by requiring changes to this definition, companies and their owners may be forced to accept ownership or control structures that are not in the best interests of a business,” the Chamber said in a letter. “Second, Senator Reed has stated that SEC should be given the ability to clarify important points, yet the reason why the underlying legislation is necessary in the first place has been the inability of SEC to update investment requirements and keep them current. Third, this mandate would drive up costs for all involved in capital formation, with the costs ultimately being borne by investors. ... The Chamber strongly opposes this amendment and may consider including votes on, or in relation to, this amendment in our How They Voted scorecard.”
The JOBS Act passed primarily on the strength of GOP support — 46 Republicans voted for the measure along with 27 Democrats. All 26 who opposed the bill are Members of the Democratic Conference.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.