Roy Cooper: “I thank my friend, the gentleman from Massachusetts. We are seatmates on the Government Reform Committee, and it is a…”

“I thank my friend, the gentleman from Massachusetts. We are seatmates on the Government Reform Committee, and it is a pleasure to serve with you. It is also a pleasure to support this bill. Mr. Speaker, I want to address my remarks particularly to the new Democrats and Blue Dog Democrats because not everyone in this body is an expert on private equity or venture capital. This sounds like a complicated topic. It sounds technical, but it is really all about jobs. There is nothing we are asked about more back home than about creating jobs. There is nothing we talk more about here than creating jobs. Passing this bill is a good way to do that. It is easy to get wound up in the details, but the bottom line is this: private equity creates jobs. These are funds that have wealthy investors investing in them, and they lend their money, they invest in growth companies that create jobs. My friend from New Jersey mentioned they have already helped create 7.5 million jobs in America, some 17,000 individual companies. These are the companies we try to recruit to our districts. These are the companies that we try to grow back home so that more of our good people back home can have good jobs. The paperwork requirement that, unfortunately, and I think probably inadvertently, was put on them by the Dodd-Frank bill needs to be removed. SEC registration is not appropriate for these funds.…”