Ann Wagner: “I want to thank Chairman Hensarling of our Financial Services Committee and also the gentleman from Virginia (Mr. Hurt)…”

“I want to thank Chairman Hensarling of our Financial Services Committee and also the gentleman from Virginia (Mr. Hurt), my friend, for their very hard work in bringing this important legislation to the floor today. Mr. Speaker, today I rise in support of H.R. 1105, the Small Business Capital Access and Job Preservation Act. This legislation addresses yet another misguided provision of the Dodd-Frank Act that will help ensure that private equity maintains its critical role in our economy. Private equity firms provide capital to Main Street businesses in Missouri and all across our country and, importantly, private equity often invests in companies when others are unwilling to do so. These investments support nearly 18,000 businesses in the United States that employ some 7.5 million workers. Unfortunately, the Dodd-Frank Act seeks to make it more difficult for private equity to maintain this important economic role. To my knowledge, no evidence has been produced which shows that private equity was the cause of the 2008 financial crisis, or that it presents a systemic risk to our financial system. It makes little sense, then, to impose unnecessary and costly red tape burdens on private equity investors which will only make it more difficult for them to invest in American businesses and create jobs. H.R. 1105 is, therefore, a necessary response to an overreach of the Dodd-Frank Act and will help support Main Street businesses and jobs all throughout our country.…”