Blaine Luetkemeyer: “I thank Chairman Hensarling for his leadership on this issue. I also want to thank the gentleman from Minnesota (Mr.…”

“I thank Chairman Hensarling for his leadership on this issue. I also want to thank the gentleman from Minnesota (Mr. Emmer) for taking a lead on this important legislation. As an elected official, I have the opportunity to interact with individuals across my district who strive to create new or expand existing small businesses. These are folks who work hard to provide for their families and serve as the backbones of their communities. Unfortunately, for many entrepreneurs, overregulation has stifled their ability to innovate and grow. The National Federation of Independent Business published a recent study showing that 30 percent of small business respondents cited taxes, regulations, and red tape as their most significant business problem. While certain sectors are reaping the benefits of a strong economy, the reality is that startups and small businesses are sitting on the sidelines with limited access to credit. It is something I hear about from businessmen and -women every single day, be they bankers, retailers, farmers, doctors, and every profession in between. We also know that many startups and businesses have historically turned to local financial institutions for initial financing. In the years after passage of Dodd-Frank, small bank lending is down dramatically, leaving many commercial customers scrambling to find other forms of reasonably priced financing. Across the board, we are enabling a burdensome system that penalizes entrepreneurship.…”