The Leader's Ledger

Posted by Brian Patrick on

Good morning,

Over the past year, House Republicans have been working on solutions that will drive economic growth and spur job creation. The American people will see the results of these effort on Thursday when President Obama signs the House JOBS Act into law. The bill, supported by small businesses, entrepreneurs and startups, lifts regulations so that smaller companies can access capital, expand, go public sooner and create jobs. As The Hill wrote this morning, following the President’s address to Congress last September, Leader Cantor “identified areas of potential common ground in a memo circulated to colleagues. ‘I said immediately thereafter that there were some things that the president was talking about that we could support and that we were going to need to try to transcend differences, try and find areas where we can agree, so we can get this economy going again and get people back to work,’ Cantor said. ‘The JOBS is exactly the kind of legislation that represents where people can come together.' "

Today In History: In 1974, the Sting cleaned up at the Oscars and more than five decades after his death, ragtime composer Scott Joplin gets his due.

Birthdays: Rep. Lynn Westmoreland, Marvin Gaye, Alec Guinness and Tim Pataki Over The Weekend: Williams Daniels, Jessica Szohr, and Gordie Howe

Here is what’s in today’s Ledger …

State Of Play: President Obama To Sign Cantor-Led JOBS Act Into Law On Thursday

Cantor To White House On Thursday For JOBS ACT Signing. Majority Leader Eric Cantor (R-Va.) will head to the White House Thursday to see President Barack Obama sign the JOBS Act. Cantor championed the package of small-business bills and shepherded it through the House. It got bipartisan support. Politico

Leader Cantor: We Should Build On The Bipartisan Momentum Created By The JOBS Act and Continue To Forge Bipartisan Solutions To Boost The Economy and Job Creation. Cantor told The Hill he hopes the president and congressional leaders will work together more frequently over the next several months. “I hope it’s that all of us are looking toward driving toward results and looking towards solutions. We all know there are plenty of differences between the two sides in Washington,” he said Sunday. … Cantor has spent months mulling ways for the president and Republicans in Congress to work around staunch disagreements to spur the sluggish economy. … In recent months, the second-ranking House GOP leader has focused on the areas where policy differences are less pronounced.“Knowing that we’re going to have an election to resolve some of those bigger differences, there are certainly areas where we can work together on and jobs and growth being one of them,” he said. The Hill

Rep. Patrick McHenry: Crowdfunding, The JOBS Act Will Help Jumpstart Small Business and Help America Retain Its Title As The World’s Place For Innovation and Entrepreneurship. Rep. Patrick McHenry (R-N.C.), a staunch advocate of crowdfunding and contributor to the #FixYoungAmerica campaign to promote youth entrepreneurship, believes it can. Businesses can’t raise money through crowdfunding in a meaningful way right now because of federal restrictions and red tape. McHenry wants to change that. A bill he introduced to near-unanimous support in the House became part of the foundation for the JOBS Act, which has been passed by Congress and awaits President Obama’s signature. … McHenry first became aware of the concept after reading a letter written by Rep. Darrell Issa (R-Calif.). Issa, a former technology CEO, is one of the most technologically astute members of Congress. In the letter, he wrote 33 questions to the chair of the U.S. Securities and Exchange Commission, which regulates the U.S. stock market. “Serving as chairman of the House Oversight Subcommittee for issues related to financial services and banking regulations, I had the luxury of reading this letter before the ink had dried,” writes McHenry. “I soon realized I was flipping through the pages of a letter that would transform the way Congress prioritized capital formation.” … “Social networks were not just for keeping up with friends — they could become marketplaces for everyday investors and entrepreneurs.” … “After observing how quickly our nation’s leaders were able to learn and embrace a new and democratic form of capital formation,” writes Rep. McHenry, “I am more confident than ever that the U.S. will once again retain its title as the world’s most dynamic and entrepreneurial marketplace.” Mashable

A Quick History Of The JOBS Act: In September, after Obama delivered his jobs agenda to a joint session of Congress, Cantor identified areas of potential common ground in a memo circulated to colleagues. “I said immediately thereafter that there were some things that the president was talking about that we could support and that we were going to need to try to transcend differences, try and find areas where we can agree, so we can get this economy going again and get people back to work,” Cantor said. “The JOBS is exactly the kind of legislation that represents where people can come together.” In November, the House passed several proposals to reduce regulations on startup companies, including a proposal to help them pool funding from small investors, but they stalled in the Senate. Cantor broke the logjam by bundling the House bills and combining them with legislation sponsored by Sen. Charles Schumer (D-N.Y.) to exempt small- and mid-sized companies from accounting and corporate governance requirements for up to five years after initial public offerings. The Hill

How Leader Cantor and Steve Case Helped Foster A Bipartisan Solution. Cantor brought the package to the floor quickly and it passed 390 to 23, generating enough bipartisan momentum to speed it through the upper chamber. He hatched his legislative strategy after talking with Steve Case, the founder of AOL, whom Obama tapped last year to head the Startup America Partnership. “Steve noticed that the things we were doing in the House were very much reflecting what he was thinking of doing in the president’s jobs council work. I just thought in working with the various members and these bills it would be a good idea to try and drive forward,” Cantor said.“Since the president’s jobs council — meaning the president himself — endorsed some of these concepts, why couldn’t we try working together on these?” he added. “Bipartisanship is where you find things to agree upon and go forward.” The Hill

The Road Ahead: Pelosi Democrats (Who Are Still In Office) Start To Sweat As They Await The Supreme Court’s Ruling On ObamaCare

Those Who Thought ObamaCare Was Untouchable Now Fret The Supreme Court Will Overturn It. For many months, much of the American intelligentsia sneered at court challenges to the Patient Protection and Affordable Care Act of 2010. Why, the very idea that there might be some limit on what the federal government can do was utterly preposterous, they said. The whole idea was silly on its face. … What happened? A few of the justices asked some basic questions, such as: "Can you create commerce in order to regulate it?" That was Anthony Kennedy, the court's swing vote. He also pointed out that health-care reform fundamentally changes the relationship between the individual and the state, by compelling the individual to purchase a consumer product without condition — something Washington never has done before. This, he said, carried a heavy burden of justification. Imagine that. … keeping the other two branches of government within the boundaries defined by the Constitution is not judicial activism, and liberals certainly did not call it that in cases such as Boumediene v. Bush , which upheld the right of habeas corpus. Rather, it is the high court's most important job. And in the case of the Department of Health and Human Services v. Florida, the high court has encountered its most important test in many years. Supporters of the ACA clearly think anything that is desirable — or that they deem desirable — should be constitutional. But that is not only silly; it is a recipe for a government of unlimited reach. The high court, we hope, knows better. Richmond Times-Dispatch

Reminder: Nancy Pelosi’s Hometown Paper Points Out That Pelosi Has Already Bet Big On ObamaCare Once and It Cost Her Dearly. Pelosi’s Finger Prints Are All Over ObamaCareTwo years ago, Nancy Pelosi bet the House on health care and lost. No one was more instrumental in passage of the Affordable Care Act, and no one paid a bigger political price. If the Supreme Court in June rules the law unconstitutional in whole or in part, the San Francisco Democrat and now House minority leader will have lost not only her speakership but also much or all of her largest legacy. The San Francisco Chronicle

Regulatory Row

President Obama’s Energy Policy Is “Uncomfortably Similar” To ObamaCare – The Administration Is Attempting To Make Industrywide Changes To Achieve Questionable Political Ends At The Expense Of The American Public. The administration's decision makes it all but impossible to build new coal-fired power plants … The administration's energy policy is uncomfortably similar to its health care policy. As with the Obamacare mandates and regulations under review by the Supreme Court, the EPA seeks to impose industrywide changes to achieve questionable political ends to the detriment of the public. Although Energy Secretary Steven Chu recently backed off his 2008 comments that "somehow we have to figure out how to boost the price of gasoline to the levels in Europe," to force Americans to switch to alternative energy, it's clear the administration continues to pursue its costly top-down transformation of America. Perhaps Congress can reverse this harmful trend. If not, perhaps voters can in November. OC Register

Keeping Tabs

Showdown In Motown – The Detroit city council meets today to consider a state offer to save Motown from bankruptcy. The result will reveal whether even looming catastrophe can break the stranglehood that unions have on urban politics. The city is facing a $200 million deficit and will run out of money by next month if its leaders don't cut costs fast. Michigan Governor Rick Snyder has proposed a "consent agreement" that would help the city refinance $137 million in debt, outsource services, and impose new, leaner labor contracts. The former will stave off an imminent default, but the latter two are critical to Detroit's long-term salvation. … Mr. Snyder is trying to help Detroit save itself. But if city leaders refuse to assert control over the unions, a declaration of bankruptcy may be the only way to save Motown. The Wall Street Journal

GOP Health Care Reforms