Last week the House passed -- by a 390 to 23 margin -- the ; the acronym, not surprisingly, is the JOBS Act. The legislation actually includes five bills, several of which already had passed the House.

That's a pretty whopping margin, even if it garnered major opposition this weekend in an editorial in the New York Times.

Among other changes, amends securities regulations to define an "emerging growth company" as one with total annual gross revenues of less than $1 billion. These companies would gain a bit of flexibility in reporting requirements. For instance, they wouldn't need to present more than two years of audited financial statements in order to initiate an initial public offering. If public, they would be exempt from the requirement under Sarbanes-Oxley of having a public accounting firm attest to their internal controls.