BusinessWeek – When President Barack Obama signed the Jumpstart Our Business Startups Act into law one year ago today, his goal was to make it easier for small businesses and entrepreneurs to raise capital. Supporters of the JOBS Act are still waiting for the Securities and Exchange Commission to write rules needed to implement the law.
One reason for the holdup is that the SEC has a lot on its plate. The regulator is still writing rules required by the Dodd-Frank financial reform law and is in the middle of a leadership transition. If you squint hard enough, you can make out another reason: hedge funds.