Vice Chairman Robert Hurt released the following statement following the House Committee on Financial Services Capital Markets and Government Sponsored Enterprises Subcommittee hearing. The Subcommittee examined four pieces of legislation, two of which were introduced by Vice Chairman Hurt -- the Small Business Capital Access and Job Preservation Act and the Audit Integrity and Job Protection Act:
"I was pleased to hear testimony from our witnesses today about the need for commonsense legislation like the Small Business Capital Access and Job Preservation Act and the Audit Integrity and Job Protect Act. As I travel my rural district, I constantly hear from Main Street business owners about the critical need to reduce unnecessary regulations in order to free up private capital. There is nothing more essential to creating jobs in our small towns than putting private capital on the streets -- and that is what both of my bills seek to facilitate.
"Federal over-regulation and regulatory uncertainty are growing problems in Virginia's 5th District. At a time when families and small businesses are drowning in red tape, I remain committed to protecting them from federal over-reach that limits job creation and discourages investment in our communities. As we at the Committee look for ways to create jobs and reduce burdensome regulations resulting from federal laws like Dodd-Frank and Sarbanes-Oxley, I look forward to working with members on both sides of the aisle toward our shared goal of creating a regulatory environment in which our Main Street businesses can thrive and create the jobs our communities need."
The bipartisan Audit Integrity and Job Protection Act will amend the Sarbanes-Oxley Act to prohibit the implementation of audit firm rotation, thereby allowing public companies to maintain quality auditing practices and avoid unnecessary additional costs that ultimately are passed on to investors and consumers. By removing the threat of onerous federal over-regulation on our local businesses, we will allow our businesses to focus on hiring and expanding rather than more federal bureaucracy. Congressman Gregory Meeks (D-NY) is the lead cosponsor of the bill.
The bipartisan Small Business Capital Access and Job Preservation Act, will reduce government mandates and unnecessary regulations on private equity firms implemented by the new Dodd-Frank law and thereby promote increased access to capital for small businesses in the 5th District and across the country. This bill will help to support the creation of new jobs and preserve existing jobs. Congressmen Jim Himes (D-CT), Jim Cooper (D-CT), and Scott Garrett (R-NJ) are original cosponsors of this legislation.