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On April 5, 2012, President Obama signed into law the Jumpstart Our Business Startups Act, aka the JOBS Act. Davis Polk & Wardwell, a large law firm that caters to Wall Street, wrote in a March 26, 2012, Client Memorandum that the JOBS Act represented "the most significant legislative loosening in memory of restrictions around the I.P.O. process and public company reporting obligations."
The JOBS Act, among other things, eliminates the prohibition against general advertising for Reg D private placements to accredited investors, permitted a new type of small business financing known as Crowdfunding, asked the SEC to open up Reg A offerings to $50,000,000 with an all important 50 state exemption from state blue sky law and created a new class of small public companies known as "Emerging Growth Companies".