The JOBS Act, also known as the Jumpstart Our Business Startups Act, was signed into law in April in order to help startups and small businesses avoid cumbersome hurdles regarding funding and regulation. Congress is now looking to build upon this law with another bill dubbed Startup Act 2.0.
With this proposed legislation, the U.S. would not only make it easier for startups to raise capital, but it would also bring about immigration reform to help attract and keep talent in the U.S. According to Kevin Richards, the Senior Vice President of Federal Government Affairs at TechAmerica, both of these provisions are “core to our nation’s economy.”
Although the U.S. has excelled in technology and innovation in the past, Richards told us that, if the U.S. doesn’t make changes to its current laws, it could lose its position. He believes that Startup Act 2.0 would encourage more innovation, which would, of course, boost the economy in return.
The bill is bipartisan and has been introduced in both the Senate and the House. While many bills struggle to get passed during an election year, Richards told us that the Startup Act 2.0 had a good chance of going through since the economy is the biggest issue of the election.