Blaine Luetkemeyer: “I first would like to thank the gentleman from Virginia (Mr. Hurt) for his hard work on H.R. 5424. Since joining this…”

“I first would like to thank the gentleman from Virginia (Mr. Hurt) for his hard work on H.R. 5424. Since joining this body, Mr. Hurt has been a tireless advocate for small business creation, capital formation, and working with families across Virginia and throughout the United States. He is to be commended for his efforts. Today, Mr. Speaker, we will consider his legislation, H.R. 5424, the Investment Advisers Modernization Act. This bill makes long-awaited and sensible changes to the 76-year-old Investment Advisers Act. H.R. 5424 also streamlines requirements for private equity funds and sophisticated investors in private equity funds. As I said on the floor yesterday, there should be no room for regulation that serves only to appease bureaucratic demands. Capital should be used to create jobs and further growth, not fulfill meaningless and unproductive regulatory requirements. Private equity plays a vital role in our economy. I have seen it firsthand in my district and across Missouri, and hope my colleagues recognize that private equity is responsible for saving and creating jobs in each of their congressional districts. Capital is the lifeblood of businesses. At a time when investment returns are down and options are limited, when investment advice is more expensive and may soon be out of reach for many Americans, and when our economy continues to stagnate, we need to take measured steps to streamline regulations and free equity.…”