Washington actually got something done.

Our nation's capital — usually the land of gridlock — agreed Thursday to a package of bills designed to encourage private investment in small businesses.

The Democratic-run Senate approved what's been dubbed the "JOBS Act" on a bipartisan 73-26 vote, with both Wisconsin U.S. Sens. Herb Kohl and Ron Johnson supportive.

Leaders in the Republican-run House of Representatives quickly indicated they would accept a Senate change to the bill seeking more protection for investors.

Democratic President Barack Obama said he would sign the legislation.

The "Jumpstart Our Business Startups Act" will make it easier for certain entrepreneurs in Wisconsin and across the country to raise money for their business ideas from lots of small-dollar investors. Among other provisions, it also will ease the red tape on small businesses seeking to offer lower amounts of stock to the public.

The JOBS Act is not a quick fix for the slowly recovering economy. Its incentives will take time to help small businesses grow.

Nor is the package of bills expected to do a lot for Wisconsin's high-tech economy, which relies on larger, more established investors.

That means the Wisconsin Legislature is by no means off the hook for failing to encourage more private investment in early-stage companies before adjourning last week its regular session for the year.

Nonetheless, Washington is recognizing that the world of business is changing, in part because of the Internet. And many mom-and-pop operations with innovative ideas could benefit considerably from the wider equity options.

Raising small-dollar amounts from lots of investors is known as "crowdfunding." It comes with inherent risks for investors and recipients.

That's why more protections were added to the bill.

Small businesses and startups needs more access to capital to grow and create jobs.

The JOBS Act is a modest yet necessary move in the right direction that better reflects the modern and changing economy.

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