On the recordSeptember 9, 2016
It is an honor to be here today to talk about what is very essential in America, and that is getting people to work and creating opportunities. Small businesses are essential to America's economic competitiveness. Not only do they employ half the Nation's private sector, but they also create two-thirds of the net jobs in our country. Unfortunately, in recent years, small businesses have been slow to recover from a recession and credit crisis that has hit them especially hard. Unlike large enterprises that can obtain funds from commercial debt and equity markets, small businesses must often rely on their own personal assets, retained earnings, community banks, and credit unions for needed capital. Last month, in the great city of Santa Clarita, I hosted my annual small business conference and expo. The conference was designed to hear from constituents exactly what was happening and their problems in small businesses. After listening to small-business owners and employees talk about the challenges they face, it was very evident that overregulation and lack of access to capital were the biggest issues. That is why I applaud and support Mr. Hurt's work on H.R. 5424, the Investment Advisers Modernization Act of 2016. The Investment Advisers Act has proven to be a duplicative burden that not only drives up costs but also blocks an efficient allocation of capital.…
