Consumer Electronics Association Urges Immediate Implementation of Crowdfunding
The Consumer Electronics Association’s CEO urges the Securities and Exchange Commission to implement “immediately” rules for the new JOBS Act. The Jumpstart Our Business Startups Act changes US securities laws to make it easier for small businesses to raise capital, including, raising funds from crowdfund investing. CEA’s Gary Schapiro pointed out “Delaying implementation of the JOBS Act will hinder U.S. job creation, economic growth and continued U.S. leadership in innovation. We urge the SEC to implement the JOBS Act immediately.”
“With overwhelming bipartisan support, Congress passed the JOBS Act earlier this year,” Schapiro noted, adding that the JOBS Act allows for easier capital creation, like crowdsource funding, for new ventures, and promises to spur the creation of new companies and much-needed American jobs.
“The recent announcement by the SEC that it will postpone implementation of the JOBS Act until some point next year limits funding of innovative ventures and thus hurts U.S. job creation, exports and the economy,” Schapiro said. “This delay contradicts the SEC’s previous statement to Congress in which it committed to implementing the crowdfunding provisions of the JOBS Act this summer. We understand that the SEC has limited resources. However, in today’s economy, our top priority must be putting America back to work. By enabling easier capital formation, the JOBS Act will create many new jobs for U.S. workers.”
The Consumer Electronics Association (CEA) promotes growth in the $206 billion U.S. consumer electronics industry. More than 2,000 companies are members of the CEA. CEA provides legislative advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships.