The much-criticized, bipartisan JOBS Act passed the Senate on Thursday, 73-26, with one amendment that will send it back to the House for reconciliation.
The New York Times reported that the single amendment made slight changes to some of the disclosure requirements for small companies that sell shares. Despite strong support for the bill in the end, Democrats had tried for three days to attach amendments that would strengthen investor protections they, and numerous critics from the SEC to consumer advocacy groups, said had been stripped.
The amendment will require companies to provide tax returns or financial statements to would-be investors before soliciting equity investments of up to $1 million. The House version of the bill has no requirement for companies to provide data to potential investors. House Majority Leader Eric Cantor, R-Va., said he would schedule a vote on the bill for next week.