The jobs numbers this morning show little improvement in our economy, and we need to do more for the millions of Americans who are out of work. The House passed jobs bills have had more bipartisan votes than President Obama's stimulus bills.
That's why it’s time to end the #ReidRoadblock to jobs. Now is the time for Senate Democrats to put rhetoric aside, for the President to stop campaigning, and to vote on the 22 bipartisan jobs bills we have passed in the House. These 22 bills address real issues facing small business people and will help spur job creation right away. House Republicans know that 'we can't wait,' and will continue to pass common sense legislation to help create jobs for the millions who are out of work - but we can't do it alone.
Today In History: In 1842, struggling lawyer Abraham Lincoln marries Mary Anne Todd, a Kentucky native, at her sister's home in Springfield, Illinois.
Birthdays: Laura Bush, Ralph Macchio, Doris Roberts, and Will Rogers
Here is what’s in today’s Ledger ...
The State Of Play: The House Passes Its 21st & 22nd Bipartisan Jobs Bills
The House GOP’s Crowdfunding Bill Opens Doors For Entrepreneurs. It's common to have hundreds or even thousands of "friends" on Facebook, "connections" on LinkedIn and "followers" on Twitter. Although such networks provide great opportunities for entrepreneurs, securities laws make it virtually illegal to ask members of a social network to invest small amounts in a microenterprise. The good news: A package of common-sense bills that passed the House overwhelmingly Thursday night would give securities laws an update for the Facebook age. These bills are obvious boons to the economy, which is why they've attracted much more bipartisan backing than Washington tends to offer these days. Under the Securities Exchange Act of 1934, any firm with 500 or more shareholders becomes subject to costly reporting rules. These include the Sarbanes-Oxley Act of 2002, which costs companies an average of $2.3 million in compliance costs every year, according to the Securities and Exchange Commission (SEC). ... Rep. Patrick McHenry (R., N.C.) sponsored a crowd-funding relief bill that slightly expands upon the administration's recommendation, and on Wednesday the president issued a statement affirming that he "supports House passage" of this bill. The Wall Street Journal
• House Passes McHenry Crowdfunding Bill Aimed At Boosting Innovation, Job Creation. The US House has given overwhelming to Rep. Patrick McHenry’s crowdfunding bill. Crowdfunding is raising money through relatively small contributions from a large number of people, combining the best of microfinance and crowdsourcing, McHenry says. ... The legislation received broad bipartisan support, passing by a vote of 407 to 17 and winning a supportive Statement of Administration Policy from President Obama. "It’s clear that we need new ways to help small businesses and entrepreneurs take their ideas from the dinner table to the production line. The first step is to modernize outdated regulations that stand as barriers to American innovation. This legislation will ensure that our small businesses are not left behind, that they have the means to create jobs for hard-working individuals here at home." The Hickory Daily Record
Whip McCarthy’s Bill Allows Small Businesses To Seek Capital From A Broader Range Of Investors. Also in the House's package is the repeal of a longstanding rule that bans advertising investment vehicles for "accredited investors," or those individuals wealthy enough to qualify for securities exempt from SEC registration. This ban on so-called general solicitation makes it harder for small enterprises and large venture capital firms alike to raise capital, as it means that firms have to go through the difficult process of searching for and communicating with accredited investors one-on-one. The general-solicitation ban, and similar state securities rules, also raise free speech concerns. Ironically, they exacerbate the lack of transparency of investment vehicles, such as hedge funds, so often decried by politicians. ... In the meantime, a bill from House Majority Whip Kevin McCarthy (R., Calif.) would scrap general-solicitation bans for accredited investors at the federal and state levels. It passed the House on Thursday night with more than 400 votes. ... Now that House members have passed these bills, President Obama should instruct his supporters to tweet senators to follow suit. After that, they and other entrepreneurs can tweet for investors in their own innovative business ventures. The Wall Street Journal
State Of Play (2): House Republican Leaders Call On President Obama, Senator Reid To Engage and Act On The 22 House-Passed Bipartisan Jobs Bills
Speaker Boehner: The Level Of Engagement By The Obama White House On The House-passed Bipartisan Jobs Bills Is Unacceptable. Today's report underscores the need for immediate action on the more than 15 bipartisan, common-sense House-passed jobs bills that are piled up at Senate Democrats' door. Senate Democrats are out of excuses and the president must call on them to act. The House has voted to remove government obstacles to desperately needed jobs -- and we've done it in a bipartisan way. At a time when these bipartisan jobs bills are stalled in the Senate, it is unacceptable for the White House to be anything less than 100 percent engaged in the legislative process. Politico
• Majority Leader Cantor Calls On President Obama To Ask Leader Reid To Hold A Vote On The 22 Bipartisan Jobs Bills. At a time when the future of our country's economy is uncertain, we need to be doing everything we can to create an environment where small businesses can grow so people can get back to work. Today's jobs numbers show little improvement, and with high unemployment forecast in the year ahead, we must set aside our differences and focus on areas of common ground to create jobs. I call on President Obama to ask Leader Reid to allow the Senate to vote on the 22 bipartisan jobs bills that we have passed here in the House. Just this week, the House passed four bills that the President supports, in addition to the one we passed last week. House Republicans agree, 'we can't wait,' which is why we continue to pass common sense legislation to help small business men and women and spur job creation for the millions who are out of work. Politico
Whip McCarthy: Harry Reid Continues To Brings Bills To The Senate Floor That Have Bipartisan Opposition, But Refuses To Give The Bipartisan House Bills An Up-Or-Down Vote. “The House has passed more than twenty jobs bills, with bipartisan support, to empower small businesses to grow and create jobs. Just last week, the House repealed the onerous 3 percent withholding tax, which would have reduced cash flow and increased burdens for businesses like Bakersfield’s DC Inspections. Senate Majority Leader Harry Reid continues to bring bills to the floor of the Senate that are opposed by both Republicans and Democrats, but refuses to give the bipartisan House bills the up-or-down vote they deserve. Mr. President, Leader Reid – end this charade so we can get back to work. The American people can’t wait.” Press Release
• Video: From @GOPLabs - The #Forgotten15 - A Look At The First 15 House-passed Bipartisan Jobs Bills That Still Await Action From @SenateDems
AP Points Out That Unemployment Will Be At Its Highest Level During An Election Year Since World War II. The Associated Press dispatch said that "hiring slowed in October as employers faced more uncertainty over future economic growth." AP also said that the new jobs report suggests President Obama "will likely face the voters with the highest unemployment rate of any postwar president." USA Today
The Road Ahead: House Republicans Plan A Forward For Highway Funding
Speaker Boehner Announces New Approach To Infrastructure Funding. Speaker John Boehner on Thursday announced he was moving forward with a new approach to infrastructure spending that links energy production to highway spending. Back in September, the Ohio Republican had said he would look to reform how Congress funds highway spending programs. On Thursday, he outlined the broad parameters of that new process. “We’ve been working on such a plan, and our intention is to introduce a bill within the next couple of weeks that I hope can pass the House by the end of the year,” Boehner said. The proposal would “remove barriers from American energy production and would use revenue from that new production to help pay for initiatives to repair and improve infrastructure around the country,” he said. ... The legislation, which is being drafted by a number of committees, would also not include earmarks or other specific line-item spending requirements and would end what Boehner termed “frivolous projects” like funding for baseball parks and garages. Roll Call
Rep. Kristi Noem’s Farm Dust Bill Passes Through Subcommittee. Rep. Kristi Noem’s bill to prevent the Environmental Protection Agency from creating additional rules on farm dust passed its first hurdle Thursday. The Energy and Commerce Subcommittee on Energy and Power passed Noem’s bill, H.R. 1633, the Farm Dust Regulation Prevention Act, 12-9. It will now move to the full Energy and Commerce Committee. “Today’s vote is a huge win for farmers and ranchers who are concerned about regulatory certainty,” Noem said. “Anyone who has driven a combine through a field knows that dust is a part of rural living. It is hard to think of something more symbolic of Washington’s regulatory overreach than the potential punishment of farmers and livestock producers for kicking up dust.” The Daily Republic