House Republicans have embraced at least one proposal in President Barack Obama's jobs package: changing the rules to make it easier for closely held companies to raise money without going public.

Republicans have already lined up with hearings and bills to support expanding exemptions from U.S. Securities and Exchange Commission rules for companies trying to raise capital, and two lawmakers introduced legislation yesterday.

The idea was contained in a single line from the president's speech to Congress last week, where he pledged “to cut away the red tape that prevents too many rapidly growing start-up companies from raising capital and going public.”