On the recordMarch 22, 2012
Madam President, one of the six components of the House-passed JOBS Act is a measure I sponsored here in the Senate to foster capital formation in the community banking industry. I appreciate the support of Senator Toomey and twelve additional cosponsors, including Senators Pryor, McCaskill and Bill Nelson. Our bill would update the threshold before a bank must register its securities with the Securities and Exchange Commission from 500 shareholders to 2,000. It is Title 6 in the JOBS Act before us today. My colleague Senator Toomey has a bill contained in the JOBS Act as well that would raise the shareholder threshold for all companies. Senator Toomey's legislation is contained in Title 5 of the JOBS Act. On this point, my understanding is that Sections 501 and 601 of the JOBS Act address two distinct classes of issuers. One is a general provision for all issuers other than banks and bank holding companies-- and the other one applies to banks and bank holding companies. I ask the Senator, is this correct?
