In a rare display of bipartisanship in an election year, the House of Representatives voted overwhelmingly on Thursday to make it easier for small businesses, seen as a driver of economic growth, to raise capital.
With both Democrats and Republicans eager to show voters they are trying to create jobs, the bill passed easily, 390 to 23. The White House had already given its approval to the bill, which repackaged measures approved by the Republican-controlled House last year.
"The JOBS Act will get small business and entrepreneurs back into the game by removing costly regulation and making it easier for them to access capital," the No. 2 Republican in the House, Eric Cantor, said on the House floor before the vote.
He urged the Democratic-controlled Senate to take up the bill as quickly as possible and "just get it to the president's desk."
The Senate is expected to unveil a similar package as early as next week.