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Popular House-passed small business bill hits obstacles in Senate
WASHINGTON (AP) ' It might seem a recipe for success: Legislation to help small businesses raise capital passed the House last week with support from 95 percent of its members as well as President Barack Obama. But in today's Congress, nothing comes easy.
Since the vote, a senior administration official has voiced concerns the bill would weaken protections for would-be investors in startup companies.
Senate Democrats are warning that the Enron and dot-com debacles could be repeated.
And now that the bill is on the Senate floor, some Democrats also want to link it to expanding the Export-Import Bank, an agency some conservatives would like to eliminate.
The bill would exempt small businesses from some federal regulations, making it easier for them to raise capital and go public.