|2:05 PM EDT||
Shelley Moore Capito, R-WV 2nd
Mrs. CAPITO. Mr. Speaker, I thank my colleague from California for his leadership on this issue.
Mr. Speaker, I rise today and urge all of my colleagues to support H.R. 327, the Small Business Paperwork Relief Act. This plan has the ability to really fuel our economy to new heights by reducing the costs and improving the levels of efficiencies for our small businesses, thereby allowing them to expand and create new jobs.
In my home State of West Virginia, over 80 percent of our businesses are small businesses. In our State, good jobs are at a premium, and economic growth is our continual goal. This plan will support our State and other States in their goal to reach for more job creation and a stronger economy by helping small businesses thrive and perhaps even helping a small business begin.
Mr. Speaker, small business has always been and will continue to be the key to the American dream, but by erecting and ignoring the government barriers that hinder the success of small business, this slows the creation and stifles growth.
We have heard a lot of figures today, but I have a new one. According to recent figures by the Office of Management and Budget, American businesses spend 7.7 million hours each year complying with Federal paperwork at an astounding cost of $230 billion a year. Just think how many additional people could be employed or how many additional health benefits could be afforded with that much money.
Passing the Small Business Paperwork Relief Act will free the hands of our small business owners by removing the unnecessary regulations that prevent them from doing things that I have mentioned, offering expanded health benefits, employing new employees. All these things could be done with the cost they expend on filling out the mountains of paperwork.
We need to work quickly and pass this so that our constituents will not be cheated and our economy will not be stifled by depriving our businesses of many talented and capable workers. I urge my colleagues to recognize the tremendous benefits of this plan and to pass H.R. 327.