Promoting Job Creation and Reducing Small Business Burdens Actby Representative Michael G. Fitzpatrick
Posted on 2015-01-13
FITZPATRICK. Mr. Speaker, I thank the chairman.
It is really hard to believe that a package of bills that comes to the floor which individually passed the House 422-0, another bill passes by voice vote, another bill passes 414-3, have become so controversial--become so controversial why? Because they are about to become law and they should become law. These are smart, technical reforms to an overly burdensome law, Dodd-Frank, that are bipartisan.
All of these bills have Democrat and Republican cosponsors, all of them have gained Democrat and Republican support in the committee and on the floor of the House, and these bills should pass.
I want to thank Chairman Hensarling for his longstanding leadership in reining in out-of-control Washington regulators that are hurting small business and Main Street lenders.
Mr. Speaker, smart regulations allow the private sector to innovate and create jobs while protecting taxpayers and consumers; however, one- size-fits-all regulations hurt the economy by treating small- and medium-sized companies as if they are large multinational corporations.
No Main Street small business, manufacturer, farmer, or rancher caused the financial crisis; yet they are subject to thousands of new pages of regulations that were supposedly designed for big Wall Street firms. Mr. Speaker, that is not fair.
That is why I have introduced this bill. It is a bipartisan package of commonsense jobs bills that provides regulatory relief to help grow the economy from Main Street up, not from Washington down.
This bill is made up of individual measures that previously passed either the House or the Financial Services Committee with overwhelming bipartisan support during the 113th Congress. It is a recognition of the fact that regulations, no matter how well-intentioned, can be made more targeted and can be made more effective.
More than 400 new regulations imposed on our Nation's small- and medium-sized companies impedes their ability to access the capital needed to grow, innovate, and create jobs. These regulations may have been targeting Wall Street, but their burden falls heavily on Main Street.
That is what this bill seeks to fix. These legislative prescriptions represent serious bipartisan commitments to make our regulatory system more responsive to the needs of the workers and the local businesses that we all represent.
The American people want Republicans and Democrats to work together to strengthen our economy and help the private sector create jobs like only it can. Good-paying jobs and greater opportunities are the foundations of real economic growth, growth that is strong and growth that is sustainable, growth that lifts people up from poverty.
That kind of growth can't come from Washington, and it won't happen unless small business owners, entrepreneurs, and workers have the freedom and the opportunity to use their God-given talents and creativity to earn their success.
Mr. Speaker, there is a lot of talk in this town about bipartisanship and finding middle ground here in our Nation's Capitol; yet, at this very moment, groups on both the far left and the far right stand in the way of even incremental progress by pulling Members of both parties to the extremes.
I know that if things are going to get done in this body, it will be from strong bipartisan support from principled, yet pragmatic, lawmakers willing to put politics to the side and work together for the common good. As someone who seeks out that course, I would like to recognize those Members willing to look past the demagoguery and misinformation in order to support this bill.
I have high hopes that this Congress can restore the faith of our constituents in the legislative process and the role of Congress in strengthening our Main Street economy, and we can start with this bill.
I urge my colleagues to join me in voting ``yes'' on the bill and, in doing so, putting aside bill posturing in favor of bipartisan reforms to get people back to work.
Ms. MAXINE WATERS of California. Mr. Speaker, I yield myself such time as I may consume.
Despite what my colleagues on the opposite side of the aisle have said, this package of bills does not simply constitute a technical set of changes to Dodd-Frank or to our securities laws. In fact, these changes are substantive and the package is widely opposed.
My friends on the opposite side of the aisle keep talking about they are protecting Main Street, but let me recite for you what Main Street is saying about this bill. Let me read for you some highlights of the opposition letters we have received in addition to opposition from President Obama, Secretary Lew, and former Federal Reserve Chair Paul Volcker himself.
Main Street is represented by, number one, Americans for Financial Reform. Americans for Financial Reform says that H.R. 37 ``includes numerous changes that could have significant negative impacts on regulators' ability to police the financial markets, so that they function safely and transparently.'' They go on to oppose title VII of this bill, citing a Wall Street Journal article outlining how regulators are increasingly warning banks about the looser underwriting standard for leverage loans.
Further, representing Main Street, the AFL-CIO says of H.R. 37, that they oppose the bill because it ``would loosen key Dodd-Frank protections wisely put in place after the 2008 financial collapse.'' The Leadership Conference on Civil and Human Rights notes about H.R. 37: ``One lesson of the financial crisis is that deregulation in areas that appear technical and arcane can have significant impacts on the financial system and, thus, on the well-being of ordinary families, particularly in the communities we represent.'' Finally, Public Citizen noted about H.R. 37 that we should not provide more CLO relief because ``the largest banks dominate ownership,'' as I demonstrated a moment ago, ``of CLOs.'' Mr. Speaker, I think we should heed the warning of Main Street, the warning of these groups who truly represent Main Street.
With that, I reserve the balance of my time.