The U.S. Chamber of Commerce strongly supports the “Jumpstart our Business Startups Act 4.0 of 2022.” We appreciate your leadership on policies for startups and their ability to grow.

It has now been over a decade since Congress passed the initial JOBS Act, a major bipartisan achievement that has had tangible results for the initial public offering (IPO) market and aided the ability of small and startup businesses to raise capital. The original legislation allowed businesses to turn ideas into successful enterprises, benefiting their employees and communities along the way. We strongly support Congressional efforts to once again work across partisan lines to pass the JOBS Act 4.0.

In 2012, after a nearly two-decade decline in the IPO market, the original JOBS Act revived U.S. listings and encouraged more companies to enter the public markets. In the five years preceding the JOBS Act, there were roughly 121 IPOs per year in the United States; from 2013-2021, the annual average was 344 per year. Most of these companies filed as emerging growth companies (EGCs) under Title I of the JOBS Act. Last year, the IPO market in the U.S. hit an all-time high with more than 1,000 IPOs that raised a combined $316 billion. Nevertheless, current inflationary challenges, increased global competition, and geo-political instability may reverse these gains.