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

July 16, 2019 by Sean Trambley
GOP Freshman Rep. Steil’s First Bill Passes House to Help Small Businesses Grow

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.

A+
a-
  • Bryan Steil
  • Congress
  • legislation
  • small business
  • Vicente Gonzalez
  • In The News

    Health

    Voting

    In The News

    December 2, 2023
    by Dan McCue
    Santos Expelled From House in Lopsided Vote

    WASHINGTON — The House of Representatives voted to expel Rep. George Santos, R-N.Y., on Friday, leaving the chamber’s Republican leadership... Read More

    WASHINGTON — The House of Representatives voted to expel Rep. George Santos, R-N.Y., on Friday, leaving the chamber’s Republican leadership — all of whom voted in favor of the embattled congressman staying — with one fewer member in their already razor-thin majority. Friday’s 311-114-2 vote came... Read More

    December 1, 2023
    by Tom Ramstack
    Inspector General Investigates Reports of Bias in New FBI Headquarters Choice

    WASHINGTON — A federal inspector general’s investigation is checking out reports that conflicts of interest might have influenced the choice... Read More

    WASHINGTON — A federal inspector general’s investigation is checking out reports that conflicts of interest might have influenced the choice last month of Greenbelt, Maryland, for the new FBI headquarters. Until the General Services Administration announced the 61-acre Greenbelt site on Nov. 8, a second site... Read More

    November 30, 2023
    by Tom Ramstack
    Supreme Court Leans Toward Reducing Enforcement Authority of Federal Agencies

    WASHINGTON — The Supreme Court seemed ready Wednesday to cut back on the authority of federal agencies to enforce their... Read More

    WASHINGTON — The Supreme Court seemed ready Wednesday to cut back on the authority of federal agencies to enforce their regulations through fines or seizures of property. Questions from the conservative majority of justices during a hearing focused on whether the agencies were committing unconstitutional procedural... Read More

    November 30, 2023
    by Dan McCue
    Chaos Reigns as Democrats Vote to Subpoena Crow, Leo in SCOTUS Probe

    WASHINGTON — A Senate Judiciary Committee hearing on Thursday became the latest venue for Capitol Hill dysfunction as Democrats on... Read More

    WASHINGTON — A Senate Judiciary Committee hearing on Thursday became the latest venue for Capitol Hill dysfunction as Democrats on the panel approved issuing subpoenas to billionaire Harlan Crow and influential conservative Leonard Leo as part of an ongoing investigation into alleged ethical lapses by Supreme... Read More

    November 30, 2023
    by Dan McCue
    ‘Localizing’ Biden Platform Seen as Key to Democratic Victories in 2024

    WASHINGTON — Democrats hoping to draw lessons from this year’s off-years to apply in 2024 would do well to try... Read More

    WASHINGTON — Democrats hoping to draw lessons from this year’s off-years to apply in 2024 would do well to try to localize the president’s national platform while also continuing to embrace the abortion issue, which still appears to be working for the party. That was the... Read More

    November 30, 2023
    by Dan McCue
    New York Appellate Court Reinstates Trump Gag Orders

    NEW YORK — A New York appeals court panel on Thursday reinstated a pair of gag orders issued in Donald... Read More

    NEW YORK — A New York appeals court panel on Thursday reinstated a pair of gag orders issued in Donald Trump’s civil fraud trial that barred the former president from speaking publicly about the judge’s court staff. The two-page decision by the New York State Supreme... Read More

    News From The Well
    scroll top