Steve Stivers: “I would like to thank the gentleman from Texas for yielding time. The Small Business Capital Access and Job Preservation…”

“I would like to thank the gentleman from Texas for yielding time. The Small Business Capital Access and Job Preservation Act is an important bill that I believe will allow more capital to go and flow to small business so they can create jobs. You know, at a time when we have 7.3 percent unemployment, and underemployment over 10 percent, we have a need for more capital to flow into our businesses so they can create jobs. Meanwhile, the Dodd-Frank Act created burdensome new SEC registration on private equity firms but, as the gentleman from Connecticut said earlier, not on venture capital firms that do exactly the same thing. So, in fact, I would argue that venture capital firms have more risk than private equity. There already are important protections, consumer protections, around private equity. You have to be a sophisticated, accredited investor, and there is already important fraud detection and fraud enforcement actions that are available to the SEC in the cases of these investors being taken advantage of. So at a time when private equity is helping provide over 6 million jobs in America, we should be doing everything we can to actually encourage more activity by private equity, to encourage more jobs in America, not burdening them with big regulations. I want to just make four quick points.…”