GOP Freshman Rep. Steil’s First Bill Passes House to Help Small Businesses Grow

July 16, 2019 by Sean Trambley

New legislation passed the House last week to help small businesses gain access to capital, expand, and hire workers. 

H.R. 3050, the Expanding Investment in Small Businesses Act of 2019, was introduced by Freshman GOP Representative Bryan Steil, R-Wis., and passed the U.S. House of Representatives overwhelmingly by a 417-2 margin. He was joined by Representative Vicente Gonzalez, D-Texas, as the lead Democratic cosponsor.

A release from Steil’s office, explained that in order for small businesses to grow, hire, and invest, entrepreneurs need access to capital. One option to achieve these goals is by having small businesses go public—however, current rules and regulations have made it difficult for small companies to go and stay public. 

Not only does this hinder entrepreneurs, it hurts the average investor and broader economy. Just under half of all American households are invested in mutual funds, and many other Americans are invested in these funds through their 401k or pension. 

The ability to invest in a diverse set of innovative companies has a direct impact on the average American family. The Expanding Investment in Small Businesses Act would require the Securities and Exchange Commission to examine whether existing mutual fund rules make it harder for small businesses and entrepreneurs to raise money and gain access to capital, and hinder their ability to grow and invest in communities. 

“This bill eliminates barriers so entrepreneurs can obtain capital, hire workers, and create good paying jobs in our community. We must give small businesses more opportunities to expand and hire workers,” Representative Steil said. “In a period of divided government, the transformational change we need to address, including immigration reform, protecting Social Security, and tackling our 20 trillion-dollar debt will be hard to obtain. While I’m working on the big issues, I’m also focused on small wins. This bill is an example of Democrats and Republicans working together to make a positive change. I’m excited that my work on this issue paid off.”

“Small businesses are the backbone of America. As a former small business owner, I know firsthand how difficult it is to navigate the challenges and risks associated with starting a company,” Representative Gonzalez said. “This legislation seeks to reduce barriers to entry for small business owners, increase access to capital-enabling companies to provide more job opportunities and growth for local economies. We need more bipartisan efforts like this to empower entrepreneurs so they can invest in local communities.” 

Full text of the bill can be found here.

In The News

Health

Voting

In The News

Republicans Vow to Keep Raising Jan. 6 Questions, Despite Committee Fracas
Political News
Republicans Vow to Keep Raising Jan. 6 Questions, Despite Committee Fracas
July 23, 2021
by Dan McCue

WASHINGTON - As a select committee prepares to open its investigation Tuesday into the events leading up to and during the Jan. 6 insurrection on Capitol Hill, a trio of House Republican wonder what might have been. Everyone expected some controversy when House Minority Leader Kevin... Read More

Ohio Utility Settles for $230 Million After Bribing State Officials
Justice
Ohio Utility Settles for $230 Million After Bribing State Officials
July 23, 2021
by Tom Ramstack

Electric utility company FirstEnergy Corp. agreed to settle a Justice Department complaint Thursday by paying $230 million to avoid a federal wire fraud conspiracy charge. Company officials admitted they conspired with former Ohio House Speaker Larry Householder to pay millions of dollars to his political nonprofit... Read More

Opioid Maker and Distributors Settle State Lawsuits for $26 Billion
Litigation
Opioid Maker and Distributors Settle State Lawsuits for $26 Billion
July 23, 2021
by Tom Ramstack

A coalition of state attorneys general reached a $26 billion settlement with opioid maker Johnson & Johnson and three of its distributors this week. They blame the companies for a half-million deaths in the United States from overdoses and addictions to powerful painkillers. "Our country's opioid... Read More

VA Rolls Out New Options to Help Veterans Avoid Foreclosure
Veterans
VA Rolls Out New Options to Help Veterans Avoid Foreclosure
July 23, 2021
by Dan McCue

WASHINGTON -- The Department of Veterans Affairs is offering a new COVID-19 Refund Modification option to assist Veterans who require a significant reduction in their monthly mortgage payments because of the COVID-19 pandemic. In some cases, veterans can receive a 20% payment reduction — in others,... Read More

DOD to Perform First Review of Private Contracts In Over 30 Years
Defense
DOD to Perform First Review of Private Contracts In Over 30 Years
July 23, 2021
by Brock Blasdell

WASHINGTON - The Department of Defense is conducting its first fiscal research study in over thirty years to determine the efficiency and overall health of the military industry and its private contractors. The decision comes as part of a push by the DOD to utilize budgeted... Read More

Iowa Democrat Finkenauer Seeking GOP Sen. Grassley's Seat
2022 Elections
Iowa Democrat Finkenauer Seeking GOP Sen. Grassley's Seat

DES MOINES, Iowa (AP) — Democrat Abby Finkenauer, a former congresswoman, is running for Republican Chuck Grassley's U.S. Senate seat, hoping her blue-collar credentials will propel her forward in a state that has grown more conservative over the years. The 32-year-old former state lawmaker, who announced... Read More

News From The Well
scroll top