February 3, 2013
In just two months we will celebrate the first anniversary of the JOBS (Jumpstart our Business Enterprises) Act.
The only problem is no businesses have been jumpstarted thanks to the SECs procrastination.
Congress obviously made a big mistake when it ordered the SEC to act within 90 days but provided no teeth to compel it to comply. It should have added: "If the Commission does not revise its rules within 90 days, it may not, until it does so, impose any liability on any person reasonably relying upon this section."
I hope Congress learns a lesson from this fiasco and adds such a provision to future legislation.