JOBS Act gains final passage

March 27, 2012 at 5:44 PM

WASHINGTON, March 27 (UPI) -- The U.S. House Tuesday gave final passage to the JOBS Act, making it easier for companies to raise money and comply with securities laws.

The House voted 380-41 to approve the measure, the Jumpstart Our Business Startups Act, which now goes to President Obama for his signature.

The bill was approved last week by the Senate, which tweaked the "crowdfunding" provisions to better protect against credit scams, forcing the House to rehandle the measure, which Rep. Eric Cantor, R-Va., described as a rare bipartisan legislative victory, The Washington Post reported.

Crowdfunding enables entrepreneurs to raise money from large pools of small investors. The measure eases Securities and Exchange Commission regulations.

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