Today, House Republicans will unveil the JOBS (Jumpstart Our Business Startups) Act, a legislative package of bipartisan measures designed to jumpstart our nation’s primary job creators – small businesses, startups and entrepreneurs. As Leader Cantor, and Rep. Stephen Fincher wrote in POLITICO today, “President Barack Obama in his State of the Union address asked Congress to send him a bill that helps small businesses and entrepreneurs succeed. That is exactly what we intend to do. Last year, the House worked on a series of bills to remove regulatory barriers that are holding back entrepreneurs and small businesses. Today, we are unveiling a bipartisan legislative package that puts all of these items together: the JOBS Act — Jumpstart Our Business Startups. This represents an important opportunity to work together to help our small-business startups grow, create jobs and get the economy back on track.” We hope the President will stand by his State of the Union pledge and work with us to pass this agenda that helps entrepreneurs succeed and create jobs.
Today In History: In 1983, the celebrated sitcom M*A*S*H bows out after 11 seasons, airing a special two-and-a-half hour episode watched by 77% of the television viewing audience.
Birthdays: Eric Lindros, Ali Larter, Mario Andretti, Karolína Kurková and John Turturro
Here is what’s in today’s Ledger …
State Of Play: House Republicans Move To Boost Small Business Job Creators, Detail The JOBS Act
Cantor, Fincher, House GOP Unveil The JOBS ACT – A Bipartisan Package Of Bills To Boost American Innovators, Entrepreneurs and Small-Businesses. Today, we are unveiling a bipartisan legislative package that puts all of these items together: the JOBS Act — Jumpstart Our Business Startups. This represents an important opportunity to work together to help our small-business startups grow, create jobs and get the economy back on track. The JOBS Act contains several measures to remove the obstacles preventing small businesses and startups from accessing the capital they need to grow. A measure championed by House Majority Whip Kevin McCarthy (R-Calif.) repeals the solicitation ban on companies trying to raise capital, and North Carolina Rep. Patrick McHenry’s bill removes the ban on “crowdfunding,” enabling entrepreneurs to pool investments from smaller investors. A measure from Rep. David Schweikert of Arizona eases shareholder threshold regulations that slam small businesses with costly requirements before they have the capital to comply. And a bill by Rep. Ben Quayle, also of Arizona, modifies securities regulations governing the registration of small bank holding companies. These measures will increase capital formation and spur growth, paving the way for more startups and smaller businesses to go public. The final provision of the JOBS Act gives small businesses a reprieve from costly SEC regulations, allowing them to go public sooner, grow faster and create more jobs. Politico
• House Republicans Have Answered The President’s Call, Now It’s Time For The President To Work With Us To Pass This Bipartisan Legislation and Boost America’s Job Creators. In a time marked by partisan battles and finger-pointing between the White House and Congress, the JOBS Act is an opportunity for both parties in Washington to work together and produce results for our nation’s small businesses and entrepreneurs. We are hopeful that the president will stand by his State of the Union pledge and work with us to pass an agenda that helps entrepreneurs succeed. The president called on Congress to put the measures in a bill and “get it on my desk this year.” Here it is, Mr. President. Politico
Cantor & Fincher’s Jobs Bill Has Overwhelming Bipartisan Support. Top Democrats have been slamming House Republicans for months for not putting forward a comprehensive economic proposal, but House Majority Leader Eric Cantor is now proposing a jobs package that they could find difficult to oppose. … The approach follows Cantor's view that while the parties are deadlocked on issues such as taxes, there are still areas of agreement where progress can be made. … Democrats concede that House votes demonstrate broad support for the legislation ... Roll Call
State Of Play (2): President Obama Cheerleads Progress On The Pipeline He Blocked
Speaker Boehner: President Obama ‘Can’t Have it Both Ways’ on Keystone Pipeline. House Speaker John Boehner, R-Ohio, criticized President Obama Monday for his comments praising TransCanada Corporation’s continued efforts to build a 1,661-mile, $7.6 billion Keystone XL oil pipeline from the tar sands of Alberta, Canada through the U.S. to the oil refineries in the Gulf of Mexico. The company on Monday announced it would try to proceed with one portion of the pipeline immediately, while re-submitting its application for the part the Obama administration has refused to approve. “The President is so far on the wrong side of the American people that he’s now praising the company’s decision to start going around him,” Boehner said in a statement to ABC News. Boehner said the president “can’t have it both ways. If the President thinks this project is good for America, he knows how to make it happen right away. Until he does, he’s just standing in the way of getting it done.” ABC News
• President Obama Attempts To Have It Both Ways On Keystone, Supports The Portion Of The Pipeline That Doesn’t Bring Canadian Oil To American Refineries. Mr. Obama is simultaneously opposing and supporting the Keystone XL. The only problem is that he hasn't had a change of heart on the important part. The new side-project will help alleviate some of the bottlenecks around Cushing, but it doesn't do anything to get oil from Canada to the U.S., which is the main point of the pipeline. The Wall Street Journal
The Wrong Approach: President Obama Refers To Increased Domestic Oil Production A “Gimmick.” Obama scoffed at Republicans' "three-point plan for $2 gas:" "Step one is to drill, step two is to drill, and then step three is to keep drilling." That's how savvy this president is: Californians have paid more than $4 per gallon for gasoline this month, yet the president mocked the commonsense notion that more product will lower prices. To Obama, more domestic oil production is a "gimmicky" fix. … The president's $787 billion 2009 stimulus project included $500 million to train workers for those much-ballyhooed jobs of the future. Last fall, the Department of Labor's inspector general released an audit that found that of the participants trained by June 30, only 2 percent - 1,336 participants - held jobs for six months or longer. Last month, Obama denied the Keystone XL pipeline, which would have created an estimated 6,500 construction jobs. Last week, Obama was talking up algae. The San Francisco Chronicle
States & Industries Team Up To Fight President Obama’s Job-Destroying EPA Regulations. U.S. limits on greenhouse gas emissions face a challenge in federal court this week from more than 100 industry groups and several U.S. states, the latest high-profile effort to halt or overturn the Environmental Protection Agency's rules. … The petitioners, who combined a dozen separate similar lawsuits under the name the Coalition for Responsible Regulation, will target four EPA rules: The "endangerment finding" - the scientific finding made by the EPA in December 2009 that found that greenhouse gases endanger public health, enabling the agency to regulate them under the Clean Air Act. The "tailpipe rule" - the May 2010 rule, which set greenhouse gas emission and fuel economy standards for new light-duty vehicles. The "timing rule" - the April 2010 rule that will require generators and industrial plants to apply for permits to cover greenhouse gas emissions once the rules for vehicles kick in. The "tailoring rule" issued in June 2010, which set a timeline to start requiring those industrial and utility sources to apply for permits according to the scale of their emissions. Reuters
• Too Many Unnecessary Regulations Are Standing In The Way Of Job Creation and Economic Growth. The best thing the federal government can do to help the American economy recover is to create a regulatory environment that will enable U.S. businesses to create the jobs the country is craving. … Other pressures on retailers are coming from the overregulation and unnecessary interference in the employer/employee relationship. … Right now, too many unnecessary regulatory challenges are standing in the way of job growth. Roll Call
Senate May Take Up House-Passed Version Of The STOCK Act. Senate Democratic and GOP leaders are considering taking up a House-passed version of legislation barring insider trading by lawmakers and congressional aides, a move designed to break a deadlock over the high-profile reform bill. … Reid spokesman Adam Jentleson said taking up the House-passed Stop Trading on Congressional Knowledge Act is one choice for Reid … A top Senate aide, speaking on condition of anonymity, said if the Senate just moved the House bill, it would eliminate the need for several cloture votes, even if Reid would be expected to win those votes. Politico