Providing for Consideration of H.R. 2930, Entrepreneur Access to Capital Act, and Providing for Consideration of H.R. 2940, Access to Capital for Job Creators Act

Floor Speech

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Mrs. BIGGERT. I thank the gentleman for yielding me the time.

Mr. Speaker, I rise in support of this rule. It is time to act. We cannot afford to wait any longer on regulatory agencies to tweak the rules and regulations, commission further studies, or form another committee.

Since 2008, employment at regulatory agencies is up 13 percent while private-sector jobs have decreased by more than 5 percent. And despite the increased manpower, regulators have been unable to meet deadlines, issue timely rules, or reform unnecessary and outdated regulations.

The cost of starting a business, measured as a percentage of per capita income, has more than doubled since 2007. Even more troubling, according to a new report by the World Bank, the U.S. has fallen to number 13 in terms of ease of starting a business.

To reverse these troublesome trends, it is critical that Congress focus its efforts on eliminating barriers to capital formation. Instead of inhibiting innovation, we must put in place sound policies that harness America's entrepreneurial spirit and spur economic growth.

I am pleased that we are able to join with our friends from the other side of the aisle on today's legislation, which will amend outdated provisions that currently inhibit the ability of small businesses to connect with investors. These bipartisan provisions will allow small businesses to raise essential job-creating capital and reclaim their rightful place as the most vibrant job creators in America.

I want to recognize the gentleman from California and the gentleman from North Carolina for their hard work on these bills, and I encourage all my colleagues to support this rule on the underlying legislation.

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