By Loren Genson
U.S. Rep. Jim Renacci, R-Wadsworth, told Akron business leaders Thursday he first ran for Congress in 2010 to defend the business community.
Renacci, who said he's owned more than 60 businesses, added he does not believe it is an easy time for small business owners given the current political climate.
"The federal government does not bring certainty or predictability these days," he said.
The remarks were part of his appearance Thursday morning at the Greater Akron Chamber of Commerce Small Business Council's Excellence in Business Awards at the Sheraton Inn and Suites in Cuyahoga Falls.
Renacci represents Ohio's 16th District, which includes eastern Medina County -- the cities of Brunswick, Medina and Wadsworth -- plus the western and southern suburbs of Cleveland, western Summit County, portions of western Portage and Stark counties and Wayne County.
Renacci, 56, said he never intended to get back into politics after his term as mayor of Wadsworth ended in 2008, but the closure of his Chevrolet car dealership in 2010 was a casualty of the auto industry crash and prompted him to seek office.
In 2009, the government loaned General Motors $50 billion after GM declared bankruptcy, leading to a 61 percent ownership of the company by the government.
About 2,000 dealerships were given what were called "wind-down" agreements when GM began the bankruptcy process. Out of those, 1,160 took advantage of federal legislation that allowed dealerships to appeal their agreement through arbitration. Renacci appealed but was unsuccessful.
"In 2009, I got a letter from GM about the fate of the dealership," Renacci said. "That was the darkest day in American capitalism, when the federal government can step in and take your business."
Renacci said the dealership, which he took over in 2007, was like other companies he took ownership of -- it was in trouble and he was trying to turn it around.
"You've heard I've owned 60 businesses," Renacci said. "Most were in trouble, and the first thing I'd do was put a balance sheet together."
Spending, taxes
Renacci, now serving his third term, said he's proposed legislation to require the U.S. government keep track of debts and assets on a balance sheet similar to those used by businesses, but it fails to get traction in the House.
"I was fought by senior members of Congress, both Democrats and Republicans, because they don't want Americans to see this," he said.
Renacci said the reported debt of $18 trillion is likely higher because the government doesn't keep track of debts the same as businesses do.
Renacci said he hopes to continue efforts to introduce legislation aimed at reining in spending. He added that he was proud to have been appointed to serve on the House Ways and Means Oversight Committee. He also has served on other committees within Ways and Means, the chief tax-writing committee for the House.
"I'm proud to be back on the Ways and Means committee," Renacci said. "I'm a business guy and a CPA. This is where I belong."
Renacci said he hopes to one day pass reforms that will lower taxes on businesses and give them incentive to keep their headquarters in the United States.
"We have these companies that are leaving the U.S. and we can't call them unpatriotic, because they're doing what's best for their business," he said.
Renacci said tax reforms have stalled, in part, because he believes there is little cooperation from President Barack Obama.
"We have a sitting president who doesn't really come to the House," he said. "He's only been there once in the five years I've been here."
But Renacci said he is optimistic that compromises can be made. He said he's proud of his bipartisan breakfast committee that meets once per week on bipartisan legislation. Renacci formed the group with U.S. Rep. John Carney, D-Delaware.
Last week, the group introduced the Budget Integrity Act, which would make changes to improve the federal budget process by requiring Congress to take into account long-term consequences of spending decisions. Renacci said the work with the breakfast group proves Democrats and Republicans can work together.
"We have 26 people, 13 Republicans and 13 Democrats," Renacci said. "It's the best hour in Washington."
Highway Trust Fund
During his keynote address to the chamber audience Thursday, Renacci also talked about his work to secure funding for the Highway Trust Fund. Renacci said he's been disappointed that efforts to put together a bill that would fund infrastructure have been postponed more than once.
"They just keep kicking it down the road," he said.
Renacci said he supports an increase in the fuel tax that supports the Highway Trust Fund. Right now, 18.4 cents on every gallon of gas sold goes to support the fund and infrastructure improvements.
"It's been that way for 23 years, without increase," Renacci said. "Construction costs have gone up and cars now get better mileage."
Renacci said an increase in the fuel tax isn't really a tax, but rather a "user fee." He said without raising it, the money for federal infrastructure projects is taken from general fund dollars, adding to the deficit.
"Every time we go to the general fund, we're raising taxes on our children," he said.
Candidates
During a question-and-answer period at the end of his remarks, Renacci was asked what he thought of Democratic presidential candidate Hillary Clinton's ability to work with business leaders.
Renacci said Clinton, like many career politicians, is not qualified to lead because he believes she "never lived in the real world." But, he also took Republican presidential candidates to task.
"I don't know exactly how many are running now, but I'd write 85 percent of them off because they've never had to live in the real world," Renacci said.
When asked about his favorite presidential candidates, Renacci indicated he strongly supports Gov. John Kasich, but isn't sure he'll get into the race.
Kasich has hinted at an interest in a presidential run, but has not made an official announcement.