Floor Updates

Reid, Merkley (The Senate Stands Adjourned)

Morning Business

Mar 14 2012

06:49 PM

Senator Reid: (6:29 PM)
  • Unanimous Consent: At 11:00 AM Thursday March 15, the Senate proceed to the consideration of H.R. 3606, the JOBS Act (Merkley objected).

Senator Merkley: (6:30 PM)
  • Spoke on the JOBS Act.
    • SUMMARY "I can't speak to the challenges with all the portions of the House bill, but I can speak to a specific section of the House bill called crowd funding because I have been working with others, including the distinguished presiding senator, Senator Bennet from Colorado and Scott Brown from Massachusetts to say let's utilize this crowd funding tool but do it in an effective manner. Now, what is crowd funding? Crowd funding is saying let's take the power of the internet, just as we have person-to-person lending facilitated by the internet. Let's take the power of the internet and enable people who see small start-up companies who are seeking capital investments and give them a chance to present their ideas and for folks to invest in those companies. So they might receive thousands of small investments enabling them to take their dream forward, to the benefit of the investor and the benefit of the company but what is wrong with the way that the house drafted this? I'm going to give short examples. It enables companies to raise up to a million dollars by providing no financial information, no financial information. That is not an investment market that is a scam. Second, companies do not have to go through a registered intermediary. So, in other words, you or I tomorrow could start up a web site and say companies sign up and investors sign up with no sorts of protocols for the registering of information and no system required for the protections of investors. So that is a major mistake in this legislation. Third, under the House bill, a person could say hey, here are ten stocks, ten potential companies to put your money into, and through that action could take 100% of your income, your annual income in one fell swoop. So as we create this new, this particularly interesting marketplace full of potential, we don't want it to be a place where no financial information occurs, no rules for the intermediaries and people can be taken for their whole annual income in one fell glance. That is no way to build this wonderful potential marketplace."
  • Withdrew objection to H.R. 3606, the JOBS Act.

Senator Reid: (6:41 PM)
  • Performed Wrap Up --
  • Tomorrow --
    • The Senate will convene at 9:30 AM and proceed to a period of Morning Business until 11:00 AM, with Senators permitted to speak up to 10 minutes each. The time will be equally divided with the Majority controlling the first half and the Republicans controlling the second half.
    • At 11:00 AM, the Senate will begin consideration of H.R. 3606, the JOBS Act.
    • At 1:45 PM, the Senate will proceed to Executive Session for up to 15 minutes of debate, equally divided, on: (1) Executive Calendar #408, Gina Marie Groh, of West Virginia, to be United States District Judge for the Northern District of West Virginia and (2) Executive Calendar #461, Michael Walter Fitzgerald, of California, to be United States District Judge for the Central District of California.
    • At 2:00 PM, the Senate will conduct up to 2 ROLL CALL VOTES on confirmation of the nominations.
The Senate stands adjourned until 9:30 AM Thursday, March 15th.