Silicon Valley Bank Commends U.S. House for Passage of the Reopening American Capital Markets to Emerging Growth Companies Act of 2011 BILL WILL HELP SPUR INNOVATION ECONOMY, JOB GROWTH
SANTA CLARA, Calif., March 9, 2012 /PRNewswire/ -- Silicon Valley Bank, financial partner to high-growth technology and life science companies, commends the U.S House of Representatives for its passage today of the "The Reopening American Capital Markets to Emerging Growth Companies Act of 2011."
The bill, H.R. 3606, provides an IPO "on-ramp" for promising young companies to enter the capital markets. Under its provisions, companies with less than $1 billion in annual gross revenues will be given up to five years after their initial public offering to scale up to full regulation.
"Today's vote encourages innovation companies and their investors to pursue IPOs, which will help spur the U.S. economy at a crucial juncture," said Greg Becker, president and CEO of Silicon Valley Bank. "Emerging growth companies make a major contribution to a healthy economy, creating innovative products and services and new jobs.
"We are hopeful that today's action will encourage swift passage of similar legislation in the U.S. Senate."
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
SOURCE Silicon Valley Bank