In my view, this is a very good step towards addressing the IPO crisis in America. However, this legislation alone won't solve the problem and more work needs to be done. Additional areas that need to be addressed include: the broken business model for investment banks to support smaller public companies (inadequate compensation for investment banks's research departments that cover these companies and inadequate trading profits for investment banks that support these companies); the dearth of boutique investment banks servicing smaller companies (the bubble-era disappearance of the "four horsemen" - Hambrecht & Quist, Montgomery Securities, Alex. Brown and Robertson Stephens); and other regulations that have combined to effect the deterioration of the IPO market for smaller companies.
Link to the Wall Street Journal article (full article requires subscription): http://online.wsj.com/article/SB10001424052970204880404577227853616803384.html?KEYWORDS=ipo+bill