|8:53 PM EST||
Robert Pittenger, R-NC 9th
Mr. PITTENGER. Mr. Speaker, I thank the leadership and Mr. Fitzpatrick.
Today, I rise in support of H.R. 37, the Promoting Job Creation and Reducing Small Business Burdens Act. We are here, once again, debating simple measures aimed at growing the economy and relieving some of the unnecessary burdens imposed by the Dodd-Frank legislation.
Even Tim Geithner, the former Secretary of the Treasury, stated that the Volcker rule and implications of it being regulated were not material in the demise and harm due to major institutions, rather as a result of extended credit.
This legislation included in this bill is bipartisan, which is why so many of my colleagues already voted in support of it in the 113th Congress and again last week.
This is a jobs bill. The relief we can give to small business today directly impacts their ability to create jobs. For instance, although small companies are at the forefront of technological innovation and job creation, they often face significant obstacles in obtaining capital in the financial markets. [Page: H350]
These obstacles are often due to the largest burden that securities regulations, which are typically written for large public companies, place on small companies when they seek to go public.
We need competitive markets that encourage innovation, and we need to a develop regulatory environment that acknowledges the differences between small, private, and start-up companies and well-established public companies.