|9:03 PM EST||
Bill Huizenga, R-MI 2nd
Mr. HUIZENGA of Michigan. Mr. Speaker, I, too, share my friend from Wisconsin's frustration at this. This is sort of like saying we are going to have a cookie that is getting baked here on the House floor and our friends across the aisle approve of the eggs, they approve of the butter, they approve of the sugar, and they approve of the chocolate clips, but they don't want the final [Page: H351]
product. I am confused as to why we cannot put all these ingredients together
and get this done finally. The American people are begging us to get this work done. That is why I rise today, Mr. Speaker: to support H.R. 37.
Part of that bill has my bill from the last Congress, H.R. 2274. Excessive and unnecessary regulations have been hurting our economy, increasing costs to consumers and investors, reducing wage growth, and restricting access to private sector capital that our Nation's job creators need in order to grow the economy and create jobs.
This unanimously passed bipartisan legislation is a compilation of commonsense regulatory relief bills that have been carefully crafted to help grow the economy for Main Street and not from Washington, D.C. My bill actually is part of that.
Eleven of these bills have previously been passed by this very body or at the Financial Services Committee with overwhelming bipartisan support. In fact, my bill idea came not from anybody on Wall Street, not from anybody in Washington, D.C., but from a mergers and acquisitions lawyer back in my district in Grand Rapids, Michigan, who said: We've been struggling with this problem and we need some help because we cannot get the SEC to move on this.
So that is why I put together the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act, and this has been kindly rolled into this larger package.
It has been estimated that approximately $10 trillion of privately owned, small family-owned-type businesses will be sold or, worse yet, closed in the coming years as baby boomers retire. I don't think any of us would think that that is a good thing. Mergers and acquisitions brokers play a critical role in facilitating the transfer of these smaller privately held companies. Who benefits? Small communities and the workers that they employ and that live in those areas. This bipartisan provision
would create a simplified system for brokers performing services in connection with the transfer of ownership of these smaller privately held companies.
In today's highly charged political environment, however, it is hard because it would be nice to show the American people that we have positive, effective initiatives that should be passed.