By Brandon Moseley
Alabama Political Reporter
Tuesday Congressman Spencer Bachus (R) from Vestavia called on the U.S. House of Representatives to pass the Jumpstart Our Business Startups (JOBS) Act. The JOBS Act has already been approved by the House Financial Services Committee, which Rep. Bachus chairs. Rep. Bachus said that the package of four bipartisan bills are aimed at “bolstering job creation, capital markets and the economy.”
Chairman Bachus said, “We know that small business is the growth engine of our economy. Yet today, many small companies find it hard to obtain the investments and financing they need to expand their operations and create jobs. Congress needs to remove unnecessary and outdated government barriers to growth so that our entrepreneurs have more freedom to access capital, hire workers, and grow their businesses and our economy.”
Rep. Bachus said that the “Key to building a strong recovery is fixing outdated and costly regulations that make it harder for small companies and entrepreneurs to create jobs. The progress we made today can build a strong foundation that encourages economic growth and job creation.”
“Since the start of the 112th Congress, the Financial Services Committee has been a leader in advancing ideas that will jumpstart our economy and create jobs. The bills that make up the legislative package announced today came out of our committee with strong bipartisan support. They will empower small businesses and entrepreneurs to invest, hire and expand. They will help put Americans back to work. Once we get the JOBS Act through the House, it will once again be up to the Senate to decide whether to join us in helping small businesses create jobs or continue to stand by and do nothing,” said Financial Services Committee Chairman Bachus.
H.R. 2308, The SEC Regulatory Accountability Act, makes the SEC more responsible for its actions. According to Rep. Bachus’s press release, the bill introduced by Rep. Scott Garrett: “H.R. 2308 directs the SEC to conduct cost-benefit analyses of its regulations and proposed rules. H.R. 2308 also ensures that the benefits of the SEC regulations outweigh the costs. In a testament to how much H.R. 2308 is needed, a federal appeals court unanimously overturned one of the SEC’s Dodd-Frank rules last year because the court found the agency failed to properly conduct a cost-benefit analysis.”
H.R. 3606, the Reopening American Capital Markets to Emerging Growth Companies Act, is intended to make it easier for startup companies to hold initial public offerings (IPOs). The legislation “helps reduce the cost of going public for companies by phasing in certain Securities and Exchange Commission (SEC) regulations over a five-year period. This temporary reprieve from costly regulations will allow smaller companies to go public sooner, which directly leads to more job creation within the company. The legislation creates a new category of issuers, called an “Emerging Growth Company” (EGC), which would retain its status for five years or until it exceeds $1 billion in annual gross revenue or becomes a large accelerated filer. H.R. 3606 ensures investors are protected by requiring the EGCs to provide audited financial statements as well as establishing and maintaining internal controls over financial reporting.”
The third bill “H.R. 4014, introduced by Rep. Bill Huizenga. The legislation fixes an omission in the Dodd-Frank Act that opens the door for third parties to obtain privileged information provided by financial institutions to the Consumer Financial Protection Bureau (CFPB). The bill requires the CFPB to preserve the confidentiality of privileged information it receives from financial institutions, as other banking regulators do.”
The final bill is another attempt to fix problems with Dodd Frank: “H.R. 1838, the Swaps Bailout Prevention Act, introduced by Rep. Nan Hayworth. The bipartisan legislation fixes a provision in the Dodd-Frank Wall Street reform and Consumer Protection Act (Section 716) that increases systemic risk to the financial system by forcing derivatives trading units from regulated financial institutions into new entities that may be outside the purview of financial regulators. H.R. 1838 ensures derivatives trading units can be overseen by financial regulators and increases the capital available to finance job creation and economic activity.”
Congressman Bachus said, “For more than a year now the Committee has led efforts to get Americans back to work by removing government barriers to a recovery. Our jobs agenda continued today with four additional bills that empower job creators to invest, hire and expand.” Congressman Spencer Bachus is Chairman of the House Committee on Financial Services.
Republicans, included Rep. Bachus, Senator Shelby, and Rep. Rogers have been critical of Dodd-Frank and have vowed to overturn the Obama administration’s controversial legislation that expands the scope and authority of federal regulators if the party gains control of the White House and Senate in November.
President Barack H. Obama has criticized the House Republicans for gridlock in stalling jobs legislation. Rep. Bachus has responded to that criticism saying that the House has passed job bills; but they have stalled in the Democratic Party controlled U.S. Senate.
Rep. Bachus faces a Republican primary challenge from Blount County Probate Judge David Standridge, Tea Party Activist Al Mickle, and Alabama State Senator Scott Beason from Gardendale. The winner of the March 13th Republican Primary will face an Alabama Democratic Party opponent in the November 6th General Election. Birmingham attorney William “Bill” Barnes is facing Leeds retired U.S. Air Force Coloney Penny Huggins Bailey in the March 13th Democratic Party Primary.
Alabama’s 6th Congressional District consists of all or parts of Blount, Bibb, Coosa, Shelby, Chilton, and Jefferson Counties.
To read Congressman Bachus’s press release and more about the bills go to:
http://bachus.house.gov/index.php?option=com_content&task=view&id=1251
