Political Quotes

“I thank Chairman Luetkemeyer for yielding time to highlight the importance of this bipartisan legislation to assist the innovators and the job creators who drive our economy and are those who continue to position the United States as a global leader in research and a global leader in development. Mr. Speaker, during a previous Congress, the Financial Services Committee heard testimony from one of my constituents, the CEO of a Philadelphia-based pharmaceutical and biotechnology firm which, at the time, employed around 55 individuals. For this firm and for many emerging growth companies focused on groundbreaking technologies, it could take more than a decade to see a profit; but because of top-line numbers, these companies are required to comply with costly regulations meant to ensure that the largest corporations are playing by the rules. While Congress has made some efforts to reduce some of these regulatory burdens in the past, like the JOBS Act of 2012, it created an effective yet one-size-fits-all approach to exempt certain companies for up to 5 years from section 404(b) of Sarbanes-Oxley, which, of course, as we heard, requires the hiring of an external auditor in some cases. Unfortunately, a small group of companies remain unprofitable even after this period of time.…”