Andy Barr: “I thank the chairman for his leadership on this important package, and I thank the gentleman from Pennsylvania (Mr.…”

“I thank the chairman for his leadership on this important package, and I thank the gentleman from Pennsylvania (Mr. Fitzpatrick) for his leadership, and I rise in strong support of his legislation, H.R. 37, the Promoting Job Creation and Reducing Small Business Burdens Act. Indeed, this bill is about jobs and it is about economic growth. And it is about jobs on Main Street. Make no mistake about it: essentially the same legislative package passed the House last fall by a bipartisan vote of 320-102. If I may, I want to talk a little bit about title VIII of this legislation, which passed the House last April by voice vote, and it contains language from a bill I introduced in the last Congress, H.R. 4167, the Restoring Proven Financing for American Employers Act. I worked closely with my colleague across the aisle, Congresswoman Maloney of New York, to craft sound, commonsense, bipartisan language to clarify the Volcker rule while maintaining its original legislative intent regarding the treatment of collateralized loan obligations. Now let's just talk a little bit about the Volcker rule and what it does. As currently structured, this rule will substantially disrupt the market for CLOs, a vital source of capital for mid-sized and emerging growth American companies that cannot cost-effectively access the corporate bond market. There are two negative impacts of this rule.…”