WASHINGTON, D.C. – Congressman Robert Hurt (R-Virginia) released the following statement after House passage of H.R. 1105, the Small Business Capital Access and Job Preservation Act, which was introduced by Hurt in May 2013 and passed with a bipartisan 254-159 vote:
"I am pleased this important bill has passed the House with bipartisan support. At a time when economic uncertainty and over-regulation are hindering job creation in Virginia and across our great nation, it is imperative that we implement policies to fuel job growth and move our economy forward.
"The Small Business Capital Access and Job Preservation Act will reduce unnecessary regulations implemented by Dodd-Frank that inhibit private equity firms from investing private capital into small businesses. By reducing over-regulation, this bill will promote greater access to capital for small businesses, encouraging the creation of new jobs and economic stimulation across the country.
"I thank my colleagues for joining me in this effort to grow our economy and create much-needed jobs throughout Virginia and America."
- Reduces complicated and unnecessary registration requirements that unfairly burden private equity firms that are not highly leveraged. Private equity invests hundreds of billions of dollars into U.S. businesses each year. Private equity funds did not cause the financial crisis, and they continue to pose no systemic risk to the U.S. economy.
- By eliminating unnecessary regulations, this bill seeks to expand capital formation so that companies can innovate and expand. H.R. 1105 is a crucial aspect of the bipartisan Financial Services Committee agenda to improve access to capital for businesses so they can infuse much-needed jobs into our fragile economy.
- For more information on H.R. 1105, click here.
[To view Congressman Hurt's Floor Speech, click here or below.]