With the House set to pass the JOBS Act on Thursday, we hope President Obama will express his support for our bipartisan bill during his press briefing this morning so we can help small businesses and startups get off the ground, grow and create jobs. The JOBS Act has broad bipartisan support across Washington and from small businesses and entrepreneurs. In the coming weeks the House will also move forward with a 20% tax cut for small businesses. As small business owner, Pedro Alfonso, wrote in the Washington Post, “Small businesses are the ones that would provide the real spark to get the economy moving again and the ones that could be providing the real job growth.” It is time for Democrats in Washington to join us to spur small business job creation.
Today In History: In 1902, the Madrid Foot Ball Club is founded by a group of fans in Madrid, Spain. Later known as Real Madrid, the club would become the most successful European football franchise of the 20th century.
Birthdays: Shaq, Lara Cox, Connie Britton, D.L. Hughley, Willie Stargell and Michelangelo
Here is what’s in today’s Ledger …
State Of Play: House Republicans Move To Boost Small Business, Create An Environment Conducive For Growth
Small Business Leaders Cite Government Regulations, Inability To Access To Capital, Current Tax Rate As Top Reasons Preventing Them From Expanding, Creating Jobs. Small-business owners have spoken and they want tax relief and access to capital. That is the finding of a new poll in which 86 percent of small-business owners felt tax relief would help their business. Additionally, 74 percent of business owners felt that improved access to capital would greatly help their business. Those feelings speak to the fact that many small-business owners believe the high cost of doing business, along with high taxes and government regulations, continues to negatively affect their growth. Business News Daily
ACTION: The House Will Vote This Week On The JOBS Act To Boost Small Business, Improve Access To Capital and Reduce Government Regulations That Are Negatively Impacting Growth.
Key Points Of The JOBS Act:
• Enable Startups to Gather Investors Through Crowdfunding
• Allowing Small Businesses to Advertise for New Investors
• Encourage Investment in Small Businesses by Removing Red Tape
• Increase Investment Capital Access for High-Growth, Job-Creating Small Businesses
• Ensure Small Companies Have More Time & Flexibility to Grow
• Strengthen Community Banks So They Can Invest in More Local Entrepreneurs
Rep. Fincher’s Bill Reduces Regulatory Costs, Makes It Easier For Small and Midsize Companies To Go Public, Expand and Create Jobs. The House will take up legislation this week designed to make it easier for small- and medium-sized firms to go public. The measure – the Reopening American Capital Markets to Emerging Growth Companies Act – would reduce regulatory costs for an initial public offering by creating an IPO “on-ramp,” phasing in certain requirements over five years. It is a key piece of a jobs package, designed to spur the growth of start-ups and help small businesses raise capital, that the House is expected to vote on Thursday. “Small companies are our nation’s best job creators, but have been the hardest hit by burdensome regulations,” says Rep. Stephen Fincher, R-Tenn., who introduced the IPO bill. “On average, 92 percent of a company’s job growth occurs after an IPO. It is imperative we reduce regulations to help these small companies create private jobs for Americans.” … During the last 10 years, the number of companies going public has dropped. CEOs cite administrative and compliance burdens as the main obstacles. The bill would create a new category of issuers called “emerging growth companies” that would have five years – or less, if they reach $1 billion in annual revenue or $700 million in publicly traded shares sooner than that – to comply with certain costly regulatory requirements. The Clarksville Leaf Chronicle
State Of Play (2): Leader Cantor Address AIPAC, Announces U.S.- Israel Enhanced Security Cooperation Act With Whip Hoyer
Leader Cantor: America Needs To Be A Compass In The Middle East. In the Middle East, now is the time to be realists – to wake up, before all dreams turn into an unbearable nightmare. We must stop Iran from developing a nuclear bomb. To minimize the Iranian threat is to fall into the same trap that led to the Holocaust – a lack of imagination about how far evil can go. … we have to transition from confusion to clarity in the Middle East. A major source of confusion is: Where is the leadership? Who is leading from the front with a finger pointing in the right direction rather than a finger pointing in the wind? America needs to be a compass, not a weathervane, in the Middle East. … America's role is not to put its hand on the scale and balance it against Israel. America's role is to put its fist on the scale to weigh down the terrorism, fanaticism and anti-Semitism of Iran and its proxies. So, let us not send mixed messages when it comes to Israel.
Cantor: President Obama Continues To Send Mixed Messages On Israel. “Let us not send mixed messages when it comes to Israel. That only serves to confuse the world, including Israel's enemies,” Cantor said, according to prepared remarks of Cantor’s speech. … Cantor warned of the dire threat Iran poses to Israel if the Iranians are able to acquire nuclear weapons. “In the Middle East, now is the time to be realists — to wake up, before all dreams turn into an unbearable nightmare,” Cantor said. “To minimize the Iranian threat is to fall into the same trap that led to the Holocaust — a lack of imagination about how far evil can go.” While Cantor and Hoyer were delivering different messages about the Obama administration, the two have teamed up to introduce legislation this week that’s titled the “U.S.-Israel Enhanced Security Cooperation Act.” The Hill
Leader Cantor & Whip Hoyer Introduce Legislation to Strengthen U.S.-Israel Security Cooperation. House Majority Leader Eric Cantor (R-VA) and House Democratic Whip Steny Hoyer (D-MD) introduced H.R. 4133 the U.S.-Israel Enhanced Security Cooperation Act, which is also cosponsored by House Foreign Affairs Committee Chairman Ileana Ros-Lehtinen (R-FL) and Ranking Member Howard Berman (D-CA). This bipartisan legislation affirms the deep military and security ties forged over the past few years between the United States and the State of Israel, and reflects the consensus of Congress that they ought to continue. It also reiterates U.S. policy affirming Israel’s right to defend itself against threats and America’s unshakable commitment to Israel’s security, recognizing that a secure Israel will always be in America’s national interest, especially as our nations work together to combat the threat of terrorism around the world and the danger posed by Iran’s nuclear weapons program, which carries the risk of destabilizing the region. “The ties that bind the United States and Israel are cemented by our mutual dedication to freedom, opportunity and democracy. We must support our ally and send a message that the United States and Israel will always stand together. Today, my friend Democratic Whip Steny Hoyer and I are introducing legislation to reaffirm our enduring commitment to the US-Israel strategic relationship and to ensure that threats to Israeli and American security will be answered with strength,” Leader Cantor said. Press Release
Dodd-Frank Is Having A Significant Effect On Community Bank Lending and Restricting Small Business Access To Capital – Costing Jobs. There has been much discussion in the press about all of the new job-killing environmental regulations coming out of the administration, such as the restrictions on coal plants and oil and gas drilling. The press has been less focused on the job killing that stems from all of the new financial regulations, which may end up eliminating tens of millions of jobs. An exaggeration you may say, but think about the following: The Dodd-Frank bank regulation bill was more than 2,000 pages long, with tens of thousands of impending regulations in the pipeline. Assume for moment you are the head of a small community bank. You have two-dozen employees. The government then sends you many thousands of pages of new regulations. Who in your bank is going to be able to read and understand all of this and then set up the procedures for complying with all the new regulations? The government says hire lawyers and accountants to give the necessary information and set up the compliance systems. But lawyers and accountants are very expensive, and your bank may not be able to afford them and still make a profit. So the bank is left with the choice of going out of business or selling out to a larger bank. This, in turn, leads to more concentration and less competition in the banking industry and adds to the problem of “too big to fail.” As the costs of regulation grow, banks are forced to charge higher and higher fees in order to stay in business, and they make fewer loans, which means fewer trucks and truck drivers, and less of everything else, including jobs. The Washington Times
The Road Ahead: President Obama’s Failed Energy Policies Mean Higher Costs For Middle Class Americans, Golden Parachutes For Green Energy Execs
The Result Of President Obama’s Energy Policies: More Regulation, Higher Costs, and Fewer Jobs. Mr. Bryce has studied the impact of so-called “renewable portfolio standards” (RPS) – the kind of directive that Mr. Obama wants to set for the entire nation -- on the 29 states that have adopted these required minimum mandates for “green” energy. He finds that forcing utilities to buy wind and solar energy drives up electricity costs and slows growth. Specifically, in the states adopting RPS, electricity costs were on average 32 percent higher than in states without such mandates. In coal-dependent states, the damage is even worse; in the past decade, those regions have suffered a 54 percent hike in electricity costs. … The burgeoning rules could result in closing as much as 7 percent of the nation’s power production. One study suggests these changes alone could boost retail electricity costs as much as 12 percent by 2016. So much for not raising taxes on the middle class. … we now have some inkling what the cost of that quest will be – to our economy and undoubtedly to jobs. The bad news is, President Obama may not care. Fiscal Times
• Taxpayer-Funded Golden Parachutes: President Obama’s Energy “Winners” Dole Out Six Figure Bonuses To Executives Then Go Bankrupt. President Obama's Department of Energy helped finance several green energy companies that later fell into bankruptcy -- but not before the firms doled out six-figure bonuses and payouts to top executives, a Center for Public Integrity and ABC News investigation found. …. The bonuses and bankruptcies come against a growing wave of trouble for companies financed with Energy Department dollars. Of the first 12 loan guarantees the department announced, for instance, two firms filed for bankruptcy, a third has faced layoffs and a fourth deal never closed. … To watchdogs, the pattern of firms awarding bonuses only to file for bankruptcy raises questions about how well the Energy Department chose its winners, and how thoroughly it kept an eye on them once selected. "Giving a bonus to the executives under these circumstances is rewarding failure with our money with no chance of getting it back," said Leslie Paige, spokeswoman for the nonpartisan Citizens Against Government Waste. "Taxpayers need some representation here. They didn't really get it." ABC News