Thursday, May 1, 2014
WASHINGTON, D.C. – Congressman Robert Hurt (R-Virginia) made the following statement at a Capital Markets Subcommittee hearing entitled, "Legislative Proposals to Enhance Capital Formation for Small and Emerging Growth Companies, Part II." Text and video of his remarks are available below.
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"Mr. Chairman, thank you for holding today's hearing on these three legislative proposals to further enhance capital formation. I also want to thank our witnesses for being here today.
"While we have witnessed the successes of the JOBS Act in the two years since it was enacted, more still needs to be done – starting with the SEC completing implementation of the JOBS Act. Additionally, Congress and the SEC must expand on those successes and find practical solutions to increase access to capital for small business without sacrificing key investor protections.
"Our securities laws are riddled with outdated and burdensome regulations that are hindering small businesses in Virginia's Fifth District, our district, from accessing the capital they need to grow. As our markets and the needs of its participants continue to evolve, it is necessary for our regulatory structure to reflect those new realties.
"Chairmen Garrett and McHenry's bills will provide important modifications to key sections of the JOBS Act that enhance the ability of small businesses and start-ups to raise capital. For many of the companies that would take advantage of these improvements, the public markets are not a viable option, and they would otherwise face increased costs and complexity to meet their goals.
"I appreciate this Committee's continued focus on ensuring that our small businesses and startups have the ability to access the necessary capital in order to innovate, expand, and create the jobs that we need. I look forward to working with my colleagues to advance these proposals and others that will provide growth and opportunity for our constituents and communities.
"I look forward to the testimony and thank you for your appearance today. Thank you, Mr. Chairman. I yield back the balance of my time."