Tuesday's vote has a significant impact on the nation's 28 million small businesses, which impacts our national economy as well. Small businesses are responsible for creating two out of every three new jobs over the past two decades. The candidates have both had their say, now it is our turn.
America's children could have smaller class sizes. Cities and towns could have more police. Roads and bridges would be repaired and rebuilt. The foundation for a new economy could begin to be cobbled together.
In part, the JOBS Act permits entrepreneurs to raise up to $1 million in any 12-month period with much less stringent requirements. Moreover, non-accredited investors will be permitted to invest up to $2,000 each.
Today the SEC stands at a crossroads. The decisions it makes, and the decisions that are made for it by Congress, will determine whether the agency can reemerge as a credible investor watchdog or whether it will be permanently relegated to industry lap dog status.
The JOBS Act at least has initiated a shift from heavier regulation to smarter regulation -- regulation that strikes a good balance between protecting investors and stimulating a more robust, fluid, and effective capital market.
Whether we like it or not, government is an increasingly central player in social and environmental markets. After all, there is a clear public interest in the positive benefits impact investing can bring.
When it comes to campaigning and messaging -- as opposed to governing and solving real-life problems -- Republicans almost always surpass expectations. If Democrats "get it," they could use the same strategy to their great advantage.
Thousands of us entrepreneurs will benefit from the JOBS Act. This could become a very viable and exciting way for small companies to raise capital. But not yet. The Securities and Exchange Commission (SEC) has nine months to draw up the regulations.
Like it or not, Wall Street's stranglehold on investment is over. We now have a new legal landscape that we can play a pivotal role in shaping. Everyone who cares about the vitality of Main Street needs to step up, not out.
The law eases restrictions for small businesses to raise capital, most notably through the introduction of equity based crowdfunding, the process of aggregating small individual investments to meet a larger financial goal for a small business.