scott garrett from new jersey, jim himes from connecticut. >> i also rise to express support for the jobs act today. i strongly believe that the jobs act will ease the burden on capital formation on the entrepreneurial growth companies that have traditionally served as the u.s. economy's primary job creators and provide a larger pool of investors with access to information and investment options on the companies that currently doesn't exist. with venture capital fundraising stagnant when the ipo market closed off innovative startup companies who can have access to the capital market they need have been forced literally to lay research on promising medical and scientific and technological breakthroughs. that's hurt our economy and the global competitiveness. companies need capital. developing medical cures to help people living loner and healther need capital. developing technology to improve the speed of communications need capital. developing alternative energy technologies to reduce dependence on foreign sources requires capital. with the pass a.m. of the bill, we'll provide those

a minute ago talking about capital formation caught my attention because last year i worked with jim himes on a bill that as you know elevates the threshhold or registration number for community banks from 2500 to 2,000. that same language is coming back in a bill this week as you know. the s.e.c. has the, i guess the authority. it's within its purview to do that within its own. we had 420-votes? >> it was overwhelming. yes. >> it was pretty decisive. help me with that. >> sure. and let me add to it that we have a new advisory committee at the s.e.c. on small and emerging business which has been a tremendous resource to us over the last six or eight months in looking at a lot of these issues and they recently recommended to us that we raise that 500 trigger to 2,000 for communities banks and 1,000 for other public companies. so this is something we're looking at very carefully and we would have to engage in rule making which may take longer than actually passing legislation would take. but the staff is working very hard and there's a lot of i want rist at the commission in moving forward.

both sides of the aisle, and i'm disturbed that one bill was taken from my democratic colleague, jim himes. i would like to quote "the washington post", "the washington post" said, i quote, this jobs act is not new legislation but is instead a grab bag of items that have already passed at the committee level or on the house floor by wide bipartisan votes. these previously passed bills makes them useful and yet modest steps forward, but they are no substitute for a major job creating highway bill or passage of the full american jobs act. these bills make modest changes for start-up companies. making it easier for them to raise capital through the internet and the solicitation of accredited investors and loosening certain filing and regulatory requirements for start-ups and small banks. i would say the prime goal of the democratic leadership is to reignite the american dream by building the pillars of success for small businesses, entrepreneurs, and making our economy stronger. these bills before us do help in many ways, although they are not a comprehensive jobs package, it rightly gives sm