WASHINGTON, March 21 (UPI) -- The U.S. Senate Wednesday cleared the way for a vote on the JOBS Act that would make it easier for small businesses to attract investors and obtain capital.
Republican's proposed Jumpstart Our Business Startups Act, which has already been passed in the U.S. House, cleared a procedural vote Wednesday 76-22 despite concerns from Democrats the bill would weaken financial oversight for consumers and investors.
Sen. Dick Durbin, D-Ill., has argued the the bill could reverse many of the reforms implemented in the wake of the 2008 financial crisis, The Hill said.
A vote to pass the measure could come as early as Wednesday, Politico reported.
"These bills on their own certainly won't solve the jobs crisis," Senate Minority Leader Mitch McConnell, R-Ky., said. "But they will make it a lot easier for entrepreneurs and innovators to get the capital they need to build businesses and create jobs.
President Obama has endorsed the House version of the package, which contains six bills that would ease various Securities and Exchange Commission rules.
Senate Majority Leader Harry Reid, D-Nev., said Democrats want to add two amendments to boost protections for investors.