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WASHINGTON – A bipartisan bill to help our nation’s Main Street businesses access the funding and investments they need to grow and create jobs passed the House today 265-159.
True, sustainable economic growth that increases paychecks and creates opportunity for all comes from Main Street, not Washington. Yet excessive Washington regulations make it harder for small businesses on Main Street to grow and create jobs.
H.R. 1675, the Encouraging Employee Ownership Act, is a package of regulatory relief bills that passed the Financial Services Committee last year with overwhelming bipartisan support.
Its provisions will give companies increased options to attract investment capital, update rules to allow small businesses to better compensate their employees with ownership in the business, and simplify the process when a small or mid-sized business is sold.
“By enacting H.R. 1675, we will ease the burdens on small businesses and job creators – and isn’t that what we ought to be about? We will help to foster capital formation so Americans can go back to work, have good careers, pay their mortgages, pay their healthcare premiums, and ultimately give their families a better life,” said Financial Services Committee Chairman Jeb Hensarling (R-TX).
Small businesses are the primary innovators and job creators of our economy, but the cost of regulation falls heaviest on them. In fact, businesses with fewer than 20 employees spend 45 percent more per employee complying with federal regulations than bigger businesses.
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