Loading...

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

Supreme Court Set to Take Up All-or-Nothing Abortion Fight

WASHINGTON (AP) — Both sides are telling the Supreme Court there's no middle ground in Wednesday's showdown over abortion. The justices can... Read More

WASHINGTON (AP) — Both sides are telling the Supreme Court there's no middle ground in Wednesday's showdown over abortion. The justices can either reaffirm the constitutional right to an abortion or wipe it away altogether. Roe v. Wade, the landmark 1973 ruling that declared a nationwide right to abortion, is... Read More

Fauci Fires Back at Cruz Over COVID Claims About Chinese Lab

WASHINGTON (AP) — Dr. Anthony Fauci, the government’s top infectious diseases expert, blasted Sen. Ted Cruz for suggesting that Fauci... Read More

WASHINGTON (AP) — Dr. Anthony Fauci, the government’s top infectious diseases expert, blasted Sen. Ted Cruz for suggesting that Fauci be investigated for statements he made about COVID-19 and said the criticism by the Texas Republican was an attack on science. “I should be prosecuted? What happened on... Read More

November 26, 2021
by Dan McCue
US Restricts Travel From 8 Countries in Response to Omicron Variant

WASHINGTON - The Biden Administration on Friday imposed air travel restrictions on eight African nations in response to a new... Read More

WASHINGTON - The Biden Administration on Friday imposed air travel restrictions on eight African nations in response to a new COVID strain first detected in South Africa. The new travel restrictions, which go into effect Monday, apply to citizens of South Africa, Botswana, Zimbabwe, Namibia, Lesotho,... Read More

World Takes Action as New Variant Emerges in Southern Africa

BRUSSELS (AP) — A slew of nations moved to stop air travel from southern Africa on Friday, and stocks plunged... Read More

BRUSSELS (AP) — A slew of nations moved to stop air travel from southern Africa on Friday, and stocks plunged in Asia and Europe in reaction to news of a new, potentially more transmissible COVID-19 variant. "The last thing we need is to bring in a... Read More

Stores Kick Off Black Friday But Pandemic Woes Linger

NEW YORK (AP) — Retailers are expected to usher in the unofficial start to the holiday shopping season Friday with... Read More

NEW YORK (AP) — Retailers are expected to usher in the unofficial start to the holiday shopping season Friday with bigger crowds than last year in a closer step toward normalcy. But the fallout from the pandemic continues to weigh on businesses and shoppers' minds. Buoyed... Read More

Biden Wishes Americans Happy, Closer-to-Normal Thanksgiving

NANTUCKET, Mass. (AP) — President Joe Biden on Thursday wished Americans a happy and closer-to-normal Thanksgiving, the second celebrated in... Read More

NANTUCKET, Mass. (AP) — President Joe Biden on Thursday wished Americans a happy and closer-to-normal Thanksgiving, the second celebrated in the shadow of the coronavirus pandemic, in remarks welcoming the resumption of holiday traditions by millions of U.S. families — including his own.  "As we give... Read More

News From The Well
Exit mobile version