Political Quotes

“Madam Speaker, I yield myself such time as I may consume. I rise, as well, in support of H.R. 4227, the Developing and Empowering our Aspiring Leaders Act, or DEAL Act. I commend my colleague from Indiana (Mr. Hollingsworth) and my colleagues from across the aisle for collaborating on H.R. 4227. By investing in companies that help drive economic growth and job creation, venture capital funds play an important role in the success and overall health of the American economy. In fact, earlier this year, it was reported that employment from U.S.-backed VC companies grew 960 percent from 1990 to 2020. That is eight times the employment growth at non-venture-capital-backed companies. Jobs created by VC-backed enterprises are widely distributed across the U.S. In 2020, despite COVID-19 pandemic conditions, more than 10,800 companies across the United States received venture capital funding. Additionally, in 2020, venture capital investment in the United States totaled $164 billion. However, the registered investment adviser rules, promulgated by the Securities and Exchange Commission under the Dodd-Frank Act, inadvertently discouraged some venture capital firms from continuing to invest in companies through what are called secondary investments. Though advisers from venture capital funds were exempt statutorily from registration as a registered investment adviser, the Dodd-Frank Act required the SEC to define what qualified as a venture capital fund.…”