[Congressional Record (Bound Edition), Volume 158 (2012), Part 3]
[Senate]
[Pages 4231-4232]
[From the U.S. Government Publishing Office, www.gpo.gov]




                                JOBS ACT

  Mrs. HUTCHISON. Mr. President, I rise today to speak on H.R. 3606, 
the JOBS Act, which we passed in the Senate last Thursday, March 22, 
2012 by a vote of 73-26. I am very pleased that this legislation passed 
with such strong bipartisan support, particularly because it includes a 
measure which I authored to update the shareholder threshold before 
which banks must register their securities with the Securities and 
Exchange Commission.

[[Page 4232]]

  Title VI of the JOBS Act is based off of S. 1941, which I introduced 
on December 5, 2011 with Senator Mark Pryor. Section 601 of this title 
increases the registration threshold for banks and bank holding 
companies to 2,000 persons and the deregistration threshold to 1,200 
person.
  As the author of Title VI of the JOBS Act, I welcome today's 
consideration of H.R. 3606 in the House of Representatives and the 
endorsement that President Obama has given this job-creating 
legislation in a Statement of Administration Policy. The new thresholds 
for registration and deregistration are effective upon the President's 
signature since no rulemaking is necessary. It is the intent of 
Congress that this new law should apply immediately to banks and bank 
holding companies so that they can raise additional capital to increase 
lending in their communities.

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