Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2013by Representative James A. Himes
Posted on 2014-01-14
HIMES. Mr. Speaker, I thank my good friend from Alabama for
yielding me time, and my friend from New Jersey and Mr. Huizenga for
the sponsorship and leadership on this bill.
I rise in strong support of H.R. 2274.
We spend a lot of time in this Chamber talking about the American Dream, and of course in many cases the apex of the American Dream is when that entrepreneur who started a bunch of restaurants or car washes or a local retailer or a local service organization, after working hard over a period of a lifetime, has the opportunity to reap [[Page H195]] the rewards of that labor, to sell that business, and to really achieve that success an individual worked a lifetime to do.
Of course, if you have run car washes or restaurants or retail operations, you probably know very little about the very complicated task of selling a small business. There is no reason in the world why that transaction, which again is at the very apex of the American Dream, should be overburdened by regulatory costs that don't make sense.
At the end of the day, the M&A brokers that we are talking about here are not selling stocks to retail investors. They are not marketing mortgages. They are doing a very technical transaction that, again, is so important to wealth creation in this country.
So I thank my colleagues on the other side.
I don't want to let the moment go by without reminding my good friend from New Jersey that, as he blanket condemns regulation today on the floor, there are 300,000 people without drinking water in West Virginia today, in the greatest country on Earth, not because there is too much regulation, but because the regulations weren't good enough.
Years ago in west Texas, a fertilizer train blew up, killing 15 people and injuring 160 people, not because there was too much regulation, but because there was poor regulation.
In the area of our expertise, financial services, this economy was also devastated, not because there was too much regulation, but because there was effectively no regulation under derivatives--complicated, large instruments that brought down institutions like AIG and others because, before Dodd-Frank, you could go into a neighborhood and sell somebody a mortgage without asking for their income.
We succeed and the economy succeeds because we do exactly this, because we find the right balance. We acknowledge that good regulation can save lives in Texas, drinking water in West Virginia, and prevent the destruction of $17 trillion of American's wealth as occurred 5 years ago.
Again, I celebrate and thank my good friend from New Jersey and promise to continue this dialogue on how we don't condemn all regulation, but seek a balance that allows our economy to thrive as it always has.