Today, the House will vote on the Senate-amended JOBS Act and send this bipartisan bill to the President’s desk for his signature. The quick action to approve this pro-growth measure shows that Republicans and Democrats can come together to help our nation’s small businesses and startups grow and create new jobs. As Leader Cantor said last week, “Small businesses and startup companies are the lifeblood of innovation and economic growth in our country. The bipartisan JOBS Act will cut through Washington red tape and help these small businesses and startups grow, expand and create jobs right away.” We look forward to another strong, bipartisan vote and the JOBS Act being signed into law.
Today In History: In 1939, the University of Oregon defeats Ohio State University to win the first-ever NCAA men’s basketball tournament. The Final Four, as the tournament became known, has grown exponentially in size and popularity since 1939.
Birthdays: Nathan Fillion, Fergie, David Janssen, Jessie J, and Quentin Tarantino
Here is what’s in today’s Ledger …
State Of Play: The House Prepares To Send The JOBS Act To The President For His Signature
Passage: The House Will Vote on The Bipartisan JOBS Act In The 2PM Series Of Votes This Afternoon
The JOBS Act Helps America Maintain Its Reputation As The Place For Innovation. For the USA to maintain its position as having the world's greatest entrepreneurial innovators, we should be doing everything to help the brave entrepreneurs rather than tie them up in SEC regulations. Let me state up front: It should be no secret, given my previous HuffPost article on crowdfunding and my frustrations at SEC limitations, that I'm ecstatic about this pending law. … I want to create more jobs, and this JOBS bill is going to help me do it. … The entrepreneur who is just starting out is a big winner, no doubt about it. Adding a new product line takes capital. Maybe you're a profitable company with a solid product line but still have less than $5 million in assets Maybe you have more cash, but not enough hard assets to qualify with your bank. This new legislation now rewards you for starting a company, keeping it healthy enough to be poised for growth, creating wealth for shareholders, and adding jobs. You now have another source of capital, less government regulations, and an easier path to going public. And isn't that supposed to be what fuels the American entrepreneurial spirit? Huffington Post
Digging Deeper: Steve Case Was Instrumental In Rallying Bipartisan Support For The JOBS Act. He helped broker some of the fine points of the JOBS Act, the legislative package of bills that would ease regulations on startups and potential IPOs that is rapidly moving through Congress. The House is expected early this week to approve changes made by the Senate. The next step: the president’s desk. Case, an independent with friends in both parties, worked with House Majority Leader Eric Cantor when he introduced the bills last month. “Steve Case played a big role in the success of the JOBS Act by generating support amongst the startup and business community through his online efforts,” Cantor said. “He also made sure members on both sides of the aisle understood the benefits this legislation will have for our nation’s startups and small businesses.” Politico
State Of Play (2): The Majority Of Americans Believe ObamaCare Will Force Businesses To Cut Jobs
Two-Thirds Of Americans Say SCOTUS Should Overturn Some Or All Of ObamaCare. Two-thirds of Americans want the Supreme Court to overturn some or all of the health care law … the poll results echo some of the criticisms raised by Republicans on and off the campaign trail. Robert Fawcett, 49, an independent from Yakima, Wash., said in a follow-up interview to the survey that while he favored some portions, the overall legislation was too far-reaching. “The whole way the law was brought about, the length of it, the scope of it, was a wrong step in the wrong direction,” he said. “I believe forcing people to buy insurance is unconstitutional; it’s taking away the choice people have.” The New York Times
Nearly Three Quarters (73%) Of Americans Believe Businesses Will Have To Cut Jobs Due To ObamaCare. There are concerns about the impact on the economy as well. Three in four think it is likely that businesses will have to cut jobs as a result of the health care law. The personal impact of the law is also a concern; few Americans are convinced that it will benefit them personally. Only 19 percent think the law will mostly help them; most either think it will hurt them (31 percent) or not have much of an effect (43 percent). CBS News
• FLASHBACK: 66% Of Middle Class Americans Believe ObamaCare WILL NOT Lower Health Care Costs For Individuals and Businesses. YG Network
The Majority Of Americans Say ObamaCare Will INCREASE Their Health Expenses, Lead To Rationed Care and Force Businesses To Cut Jobs. Most Americans say they worry that the law will raise their health expenses, and a steady majority say they are somewhat or very concerned that it will limit access to care. In addition, most agree with the Republicans’ contention that many businesses won’t be able to afford to provide coverage to employees and will be forced to cut jobs. Republicans have painted the legislation as a government takeover, and the poll found that a majority consider the law as injecting too much government into the health care system. The New York Times
The Road Ahead: House Republicans Continue To Focus On Job Creation and Economic Growth
• Committee Check: Ways and Means will mark up Leader Cantor’s 20% Small Business Tax Cut TOMORROW at 10:00 AM.
• Reminder: Leader Cantor's 20% Small Business Tax Cut Will Help Nearly 22 Million Small Businesses Keep More Of Their Hard-Earned Dollars To Invest, Grow And Create New Jobs. – Find out how HERE
Regulatory Row: The Obama Administration Releases Utility MACT That Will Raise Costs and Threaten Tens Of Thousands Of Jobs
Not All Of The Above: The Obama Administration’s Latest Regulatory Push Will Destroy Jobs and Could Put An End To The Use Coal-Fired Power Plants In America. The Environmental Protection Agency will issue the first limits on greenhouse gas emissions from new power plants as early as Tuesday, according to several people briefed on the proposal. The move could end the construction of conventional coal-fired facilities in the United States. “This standard effectively bans new coal plants,” said Joseph Stanko, who heads government relations at the law firm Hunton and Williams and represents several utility companies. “So I don’t see how that is an ‘all of the above’ energy policy.” … President Obama does not mention coal as a key component of the nation’s energy supply in speeches about his commitment to exploiting oil and gas reserves and renewable sources. The Washington Post
House Republicans Declared Utility MACT To Be One Of The Administration’s Top 10 Job-Killing Regulations. The Obama administration is expected to unveil long-awaited global-warming regulations as soon as Tuesday in a move that will make a big splash politically but won’t have real environmental or economic impact until long after the 2012 elections. … (House Majority Leader Eric Cantor, R-Va., long ago put them on a list of “Top 10 job-killing regulations” that the Republican-led chamber would push hard to roll back.) … That’s because the EPA has deftly crafted the rollout to score political points now but delay the environmental and economic impacts until later. According to sources familiar with the rules, the first proposal will only require new coal- and gas-fired power plants to limit emissions of carbon pollution. Rules to control carbon from existing plants won’t come until later, possibly after the November elections. National Journal
Every $1 Billion In Compliance Costs Jeopardizes 16,000 Jobs. My message today is that the reliability and affordability that Americans deserve from their power system is at risk. EPA’s proposal for a new maximum achievable control technology standard for the utility industry, or “Utility MACT,” will impact plants responsible for nearly 50 percent of total electricity generation 3 in the United States. It imposes a three-year timeline for compliance, at a time when the industry is laboring to comply with a myriad of other EPA mandates. The inevitable result will be to reduce reserve margins—generating capacity that is available during times of high demand or plant outages—and to cause costs to soar. Lower reserve margins place customers at a risk for experiencing significant interruptions in electric service, and costs increases will ultimately be reflected in service rates, which will rise rapidly as utilities press ahead with retrofitting and projects to replace lost generating capacity due to plant retirements. Due to the short compliance timeframe, customers will experience rapid rate increases; large industrial consumers will have little time to adapt their processes; and some energy-intensive business operations may have to permanently close, resulting in job losses. IHS/Global Insight estimates that every $1 billion spent on upgrade and compliance costs will put 16,000 jobs at risk and reduce U.S. GDP by as much as $1.2 billion. Testimony Before The House Energy and Commerce Committee
The Utility MACT Rule Will Cost Consumers At Least $10 Billion Annually. If the Utility MACT Rule goes into effect as currently finalized, billions of dollars of investment will be required in upgrades to existing electricity production facilities, new generation facilities and transmission upgrades. In 2015 alone, EPA estimates that the rule will cost consumers $9.6 billion annually (in 2007 dollars). Others in the electric power industry have estimated that that costs will be much higher. While we don’t know for certain who is right regarding the different cost estimates, we do know that additional costs for electricity will directly impact our bottom line, reducing competitiveness and potentially putting jobs in jeopardy. Testimony Before The Subcommittee on Energy and Power
FLASHBACK: In September, The House, In A Bipartisan Vote Of 249-169, Acted To Delay The Implementation Of Utility MACT Until A Full Economic Analysis Could Be Done On The Impact and Cost Of The Regulation.
• Reminder: Senate Democrats REFUSED TO VOTE on The TRAIN Act To Prevent The Administration From Implementing The Job Destroying, Cost Increasing Utility MACT.
Senate GOP Calls Senate Democrats Bluff On Trying To Raise Gas Prices, Increase Taxes On Energy Producers. It ultimately is not expected to pass. In February, seven Democrats – including the chairman of the Senate Energy Committee, Jeff Bingaman of New Mexico – voted with Republicans to oppose ending the same subsidies to pay for a separate issue. Republicans jumped at the chance to thrust energy issues front and center – and to portray Democrats’ response to soaring gasoline prices as raising taxes on oil producers. That, they said, would only raise gas prices further. Before the vote, Senator Mitch McConnell of Kentucky, the minority leader, said: “I can’t think of a better way to illustrate how completely out of touch they are on this issue. And that’s why Republicans plan to support moving forward on a debate over this legislation, because it’s a debate the country deserves.” The New York Times
Senator Begich: Harry Reid and Senate Democrats Are Wasting Time – This Isn’t The Energy Debate The Country Needs To Have. Begich said the Senate was wasting time. "We should have a real energy debate, not this show and tell for campaigning purposes," Begich told reporters afterward. "This is the third act of the same play. It has the same outcome every time. ... 'Cause in two days, we'll have this exact same vote. Everyone on the Republican side who voted for this cloture will vote against cloture and we will have wasted 2½ days doing nothing on real energy policy in this country, and people are still going to be paying higher gasoline prices." Politico
Senator McConnell: How Does This Lower Gas Prices and Provide Relief To The American People? Simple, It Doesn’t. “If they had their way, gas prices would be even higher,” Senate Minority Leader Mitch McConnell (R-Ky.) said on the floor, adding that he thinks Democrats are “out of touch” with the American people on the issue. “How does this help the American people now?” McConnell asked rhetorically. “Of course it doesn’t.” Roll Call