>House Injects New Life into Small Businesses and Startups
Rep. Garrett discusses the JOBS Act
on CNBC’s “Squawk Box.”
America has always survived periods of economic despair because of the entrepreneurial spirit and never-say-die attitude of our small businesses and job creators. With 36 straight months of unemployment above 8% and more Americans on food stamps than ever before, our job creators are long overdue for some much-needed reprieve from the crushing weight of federal regulations.
All across the U.S., American entrepreneurs are waiting to unleash their potential on the U.S. economy, but the federal government continues to stand in the way with burdensome and outdated investment rules. Rather than typing up investment capital with unnecessary regulations, we need to liberate America’s entrepreneurs so they can do what they do best—create jobs and grow our economy.
The House this week answered the call by passing the Jumpstart Our Business Startups (JOBS) Act. The JOBS Act will increase investment, spur the growth of startups and small businesses, and pave the way for more businesses to go public and create jobs. Put simply, this package will reduce red tape and restore some much-needed certainty to the U.S. economy. As Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, I was proud to help shepherd this package of common-sense bills through the Financial Services Committee last year, and pleased to see the full House pass it with such wide bipartisan support.
When sources of funding like venture capital and initial public offerings (IPOs) are strangled by burdensome regulations everyone suffers. Without capital, innovative new companies cannot grow or invest in new research and products that lead to more jobs. What if uncertainty out of Washington caused Mike Markkula to sit on his $250,000 in 1977, instead of risking it on a 22 year-old with a bright idea? The world may never have known the iPod and the iPad—or even the personal computer, for that matter.
The JOBS Act immediately addresses this concern and helps the next Apple bulldoze through the barriers government has thrown up over the last few decades. This bill ensures that America remains a country of opportunity—where jobs are created, risks are taken and startup businesses flourish.
Now that the House has acted, it’s time for the Senate to follow suit. President Obama has already thrown his full weight behind this important jobs bill. For the sake of our economy, let’s hope Senate Democrats give this bill the attention it deserves.
Sincerely,
Scott Garrett
