The Senate on Wednesday voted to advance House Republicans' JOBS Act, a bill proponents say would create jobs by easing capital formation regulations for smaller companies.

The legislation, which soared through the House earlier in March by a 323-92 vote, cleared the 60-vote procedural threshold in the Senate, 76-22, after several powerful Democrats argued the proposed deregulations would go too far. The measure may now proceed to a vote on passage, which could come as early as later today.

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Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellGOP braces for wild week with momentous vote GOP divided over expected Cheney ouster Sunday shows - White House COVID-19 response coordinator says US is 'turning the corner' MORE (R-Ky.), prior to Wednesday’s vote, took a swing at President Obama in touting the Jumpstart Our Business Startups (JOBS) Act, saying the bill was “more concerned with getting Washington out of the way than getting it more involved."

"One bill alone can't undo the damage done to the economy by this administration, but it sure can help,” he said.

Obama has endorsed the JOBS Act and is expected to sign it.

The House-passed bill would create a new class of companies labeled as "emerging growth companies" that would enjoy relaxed rules under the Securities and Exchange Commission (SEC). Among other changes, the bill would also end an SEC ban on small-company advertisements to solicit capital; allow the solicitation of funds over the Internet, known as crowd funding; increase the offering threshold from $5 million to $50 million before SEC registration is required; raise the shareholder registration requirement from 500 to 1,000 shareholders; and increase the number of shareholders allowed to invest in community banks from 500 to 2,000.

Although the legislation was called to the floor by Senate Majority Leader Harry ReidHarry Mason ReidBiden's first 100 days is stylistic 'antithesis' of Trump The Memo: Washington's fake debate on 'bipartisanship' The Hill's Morning Report - Presented by Tax March - CDC in limbo on J&J vax verdict; Rep. Brady retiring MORE (D-Nev.), who supported it, the bill quickly met resistance from several high-ranking Democrats, including Assistant Majority Leader Dick DurbinDick DurbinDOJ faces big decision on home confinement America's Jewish communities are under attack — Here are 3 things Congress can do Schumer 'exploring' passing immigration unilaterally if talks unravel MORE (D-Ill.), who argued the bill could reverse many of the hard-won reforms represented in the Dodd-Frank regulatory reform legislation and other reforms implemented in the wake of the 2008 financial crisis.  

Sen. Mary LandrieuMary Loretta LandrieuCassidy wins reelection in Louisiana Bottom line A decade of making a difference: Senate Caucus on Foster Youth MORE (D-La.), who also opposed the bill, suggested the day prior that so many of her Democratic colleagues who support the bill, including Reid, were being duped by it’s “jobs” moniker. 

"So this little innocuous bill flies over from the House with a fancy name talking about jobs, and because we are all desperate, really, to create more jobs we look at the title of the bill, it says ‘jobs’ and we just can't wait to vote for it,” she said. 

On Tuesday the legislation also survived a Democratic amendment that would have gutted and replaced many of these deregulations aimed at easing capital formation. 

Sen. Jack ReedJack ReedOvernight Defense: Former Navy secretary reportedly spent .4M on travel | Ex-Pentagon chief Miller to testify on Jan. 6 Capitol attack | Austin to deliver West Point commencement speech Overnight Defense: Gillibrand makes new push for military sexual assault reform | US troops begin leaving Afghanistan | Biden budget delay pushes back annual defense policy bill Biden budget delay pushes back annual defense policy bill MORE (D-R.I.), who offered the amendment, said it would also help small businesses and entrepreneurs grow by raising capital, but would do so "in a way that protects investors." That amendment failed to reach cloture, 55-44.