Paulsen: Cut Red Tape to Promote Growth and Innovation

Press Release

Congressman Erik Paulsen (MN-03) questioned witnesses this week during a Joint Economic Committee hearing entitled, "First Step to Cutting Red Tape." The bicameral, bipartisan committee heard from several individuals including Shaye Mandle, Executive VP and COO of LifeScience Alley in St. Louis Park, Minnesota. Mr. Mandle shared the impact that burdensome FDA regulations have on Minnesota companies and how this makes raising capital difficult.

Congressman Paulsen Remarks:

"Onerous regulations and excessive mandates from Washington are making it more difficult for small businesses to expand and hire new employees. Minnesota's medical device community in particular is feeling the effects from a lack of new investment and venture capital due to higher taxes and more regulation."

Mr. Shaye Mandle Remarks:

"We work with entrepreneurs, and we see business plans all the time. We haven't seen a business plan that intends to take a product through the FDA process first in about three years now. If you don't have a business plan that doesn't go through Europe first, your likelihood of getting that company or that business plan funded is almost nonexistent."

Paulsen, a champion of small business and advocate of free enterprise, entrepreneurship, and innovation, serves on the House Ways and Means Committee, the bicameral Joint Economic Committee, and is co-chair of the Congressional Medical Technology Caucus.

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