Political Quotes

“I will start by thanking Chairman Jeb Hensarling and Ranking Member Maxine Waters for their great work on this bipartisan bill in which we stand up on both sides of the aisle today and urge our colleagues to vote for it. This has been a gratifying effort to watch around a terribly important purpose, which is trying to do all we can, without damaging the safety and soundness of our financial system, to make sure that young companies, the lifeblood of our economy, the source of opportunity for so many people, are given the opportunity to get started to pick up momentum and ultimately to provide the products and jobs that so benefit our communities. I am standing today, in particular, to highlight an element of this bill that I am very grateful was included, which is title 31. Title 31 would call for a study around one of the biggest expenses that young companies that are about to go public face. That is the cost of going public, the cost that is charged in the form of a growth spread and other costs associated with the act of going public. We want our companies trading on the public markets. It is a good source of capital. It is a good opportunity, in many instances, for investors and retail investors, in particular, to participate. Growth spreads in this country--that is, the fee for going public-- have been remarkably constant over decades at 7 percent. That is a lot of money. For a $200 million IPO, which is not an atypical size, that is $14 million.…”