Tom Emmer: “With real unemployment at almost 10 percent, labor force participation at an all-time low, and a mere 1 percent economic…”

“With real unemployment at almost 10 percent, labor force participation at an all-time low, and a mere 1 percent economic growth last quarter, it is clear that the American economy is just not working. Contributing to the problems are the regulatory burdens caused by the Dodd-Frank Wall Street Reform Act, which has reduced the number of credit unions and community banks in my State of Minnesota by nearly 25 percent over the past 6 years. Because of this, it is increasingly difficult for entrepreneurs to find the capital they need to start a new business or expand an existing one. In fact, today there are 3 million fewer small business loans made annually than prior to the 2008 crisis. This is particularly alarming because small business creates roughly 70 percent of the new jobs. And today's small businesses, as we all know, are tomorrow's Fortune 500 companies. Just think of all the great businesses in this country that started with a dream in a garage: Amazon, Apple, Microsoft, Disney, Harley Davidson, and Minnesota's own Medtronic. I fear that with our current lack of access to capital, many of them would not have gotten off the ground today. Who knows what future American success story we may not be able to witness due to these issues. In fact, according to the Kauffman Index, a measure that tracks business startups in each State, America has dropped from prerecession highs when it comes to starting new businesses.…”