Promoting Job Creation and Reducing Small Business Burdens Actby Representative Frank C. Guinta
Posted on 2015-01-13
GUINTA. Thank you, Mr. Chairman, for yielding.
Mr. Speaker, I am happy to rise today in support of, and as a cosponsor of, H.R. 37.
Mr. Speaker, back in April 2012, President Obama signed into law the JOBS Act, a bipartisan piece of legislation which makes it easier for small companies, small businesses, to access capital markets by easing the burden of certain securities regulations.
Despite its sweeping scope, the Dodd-Frank Act does little to spur the type of capital formation that is essential for any real and lasting economic recovery to take hold in our Nation. Without access to capital, business slows, and without regulatory certainty, capital disappears.
A small company should not be subject to the same regulatory demands and requirements that a Fortune 500 company is required to meet. That is why H.R. 37 follows on the success of the bipartisan JOBS Act and continues the Financial Services Committee's extensive examination of finding bipartisan solutions.
This package includes 10 pieces of legislation that my friend from California, the ranking member, supported and endorsed and voted for in the past. We need to make it easier for small companies to access public and private markets so that they can grow, hire, and provide greater economic opportunities for our citizens.
Contrary to this rhetoric we hear this evening, H.R. 37 is not a massive repeal of Dodd-Frank. It is a bill that recognizes Dodd-Frank is not perfect. It is a bill that recognizes market disruptions are not a smart result.