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Capps Applauds House Passage of Legislation to Help Central Coast Small Businesses, Says More is Needed
WASHINGTON – Today Congresswoman Lois Capps (CA-23) applauded House passage of legislation to ease Securities and Exchange Commission (SEC) regulations on small companies and help them grow and raise capital, but said that a more comprehensive jobs package is needed. The Jumpstart Our Business Startups Act (H.R. 3606) combines six pieces of legislation, most of which had been previously passed in the House. A summary of the legislation is available here
The Central Coast is home to so many promising entrepreneurs and small startup companies. I’m pleased that this legislation will make it easier for smaller companies like these to enter the market and raise the capital they need to grow. While this legislation is a good step forward, it is by no means a comprehensive jobs plan and we must do more to help create jobs,” said Capps.
Capps also offered an amendment to the legislation directing the SEC to conduct a study on the increase in initial public offerings (I.P.Os) resulting from this legislation, specifically in the manufacturing and high-technology industries.
Increasing growth in innovative high-tech manufacturing is critical to rebuilding our economy so we can better compete in the 21st century. Whether it’s in clean energy, defense, or computer science, the Central Coast’s high-tech manufacturers are creating jobs, spurring economic growth, and helping our nation regain its rightful place as the global leader in innovation and manufacturing. My amendment would simply ensure the legislation is actually working, and these innovative entrepreneurs and small businesses are getting the support they need,” said Capps.
A copy of her floor statement on the amendment is included below.
Madam Chair, I rise today to offer a straightforward amendment to H.R. 3606, the Jumpstart Our Business Startups Act.
My amendment would simply direct the Securities and Exchange Commission to conduct a study one year after enactment on the increase in I.P.O.’s resulting from this legislation.
The study would also include data specifically on the increases in the manufacturing and high-technology industries.
Though I have concerns about the underlying bill, I plan on supporting it because I believe it will help small high-tech manufacturers – particularly those in my congressional district – grow and hire.
However, I also believe we must take steps to ensure these provisions are actually working, and our innovative entrepreneurs and small businesses are getting the support they need.
Madam Chair, as our nation has struggled these last few years from the economic crisis, we have taken a hard look at what is required for our economy to grow and thrive into the future.
One thing we have all agreed on is the need to Make it in America.
Of course, this means rebuilding and re-energizing American manufacturing – especially in high-tech.
America’s greatest export has always been our innovative ideas.
For decades, we excelled at both imagining and building new products here in America.
But in recent years, we’ve lost so many manufacturing plants and the millions of quality, middle class jobs that came with them.
Small startups and local companies have been replaced with large global corporations that have exported our best ideas – and our jobs – overseas.
This has to stop.
Encouraging growth in high-tech manufacturing here at home is critical to rebuilding our economy to better compete in the 21st century.
Whether it’s in clean energy, defense, or computer science, high-tech manufacturers are creating jobs, spurring economic growth, and helping our nation regain its rightful place as the global leader in innovation and manufacturing.
My amendment will simply ensure this bill is actually accomplishing what it’s supposed to accomplish.
It will ensure that these reforms are helping high-tech entrepreneurs and small businesses grow and hire more workers.
I’m fortunate in my district to see firsthand the tremendous success these innovative high-tech manufacturers can have in the 21st Century economy.
Companies like Transphorm, Inogen, Trust Automation, MariPro, Owl Biomedical, and Wyatt Technologies.
And they’re all homegrown – often with ideas first hatched at our public universities like UC Santa Barbara and Cal Poly San Luis Obispo.
These companies – and many more like them – are all innovating, expanding and creating quality, local, good paying jobs on California’s Central Coast.
These innovative businesses have weathered the economic crisis better than anyone.
And they have done this not by outsourcing jobs or cutting pay and benefits.
They’re doing it the old-fashioned way – by constantly innovating and out-thinking their competition.
They demonstrate the critical link between education, innovation and our economy.
While the reforms in the underlying bill are certainly important, we can’t lose sight of the many other critical policies that help nurture and grow small businesses.
As I meet with small business owners and entrepreneurs throughout my district, I hear not just about access to capital and cutting red tape, but also about the importance of funding our local community colleges and universities, improving local infrastructure, and protecting critical federal programs like SBIR.
This bill certainly moves us in the right direction, but we need to do so much more.
We need to take up a long-term transportation bill that rebuilds our crumbling roads, bridges and railways without partisan gimmicks and giveaways.
We need to address the ongoing housing crisis that continues to drag down our economy and force families from their homes.
And we need to close the gaping loopholes in our tax code that encourage companies to ship jobs overseas.
Madam Chair, this bill is a positive step forward, but as many of my colleagues have pointed out, there is room for improvement.
While I hope this bill can be improved as it moves forward, I plan on supporting it because it includes important reforms that will help small businesses.
But we must also ensure these reforms are actually helping the businesses that need it most – our small manufacturers and innovators.
My amendment will make that happen, and I urge my colleagues to support it.