On the recordFebruary 3, 2016
We have tough economic conditions out in our country. We need more jobs. We need business to operate smoothly. How many jobs do we create by telling merger and acquisition brokers that they can get fees from the seller and get fees from the buyer and not tell either party that they are getting paid by both parties? That is not an essential element. That failure to disclose is not an essential element of rejuvenating the American economy. This bill is not identical to the Senate bill because this bill has six titles. The Senate bill has one title. Here is a chance for the House to show its superior wisdom to include language that neither the author of the bill nor the chairman of the committee argues against in substance to add language that says that, if you want to enjoy this exemption, you have to tell both parties that you are being paid by both parties if, indeed, you are being paid by both parties. So this additional disclosure requirement is good on the merits. It does nothing to delay the adoption of the additional legislation. I am confident that a rejuvenation of our economy does not require that we conceal from those who are buying and selling businesses the fact that their broker is getting paid by both sides. Let's provide for full disclosure. Let's revitalize the economy. I yield back the balance of my time.
