Barry Loudermilk: “I thank the gentleman from Michigan for yielding the time. Mr. Speaker, over the last 8 years, our Nation has…”

“I thank the gentleman from Michigan for yielding the time. Mr. Speaker, over the last 8 years, our Nation has experienced sluggish economic growth. Americans have suffered through stagnant paychecks and a lack of new opportunities. Last year, the economy grew at a meager 1.6 percent, which is half of the historic average. However, there has been one job filled that has grown at a faster rate than any other; and that job is those who specialize in regulatory compliance. This is a testament to the crushing onslaught of new regulations under the previous administration, where compliance with regulation and red tape was emphasized more than growing businesses and creating jobs. We in Congress must do our part to foster economic growth and relieve our job creators of the excessive burden of complying with unnecessary regulation. The bill before us today will do exactly that. Currently, businesses that offer more than $5 million in stock to their own employees are required by law to comply with costly financial disclosures. This number was set nearly 20 years ago. It is time to update the law and raise this threshold to encourage small-business startups and give them the resources they need to expand and create jobs. The Encouraging Employee Ownership Act would raise this threshold to $10 million and give private businesses more flexibility to reward their employees with ownership of a company.…”