Political Quotes

“I yield myself such time as I may consume. H.R. 3311, the Small Business Reorganization Act of 2019, is legislation that I introduced with the gentleman from Virginia (Mr. Cline), to make a series of reforms to current bankruptcy law, which would streamline the financial reorganization of small businesses. Small, locally-owned businesses are the economic lifeblood of our communities. But according to the Small Business Administration, only about 20 percent of small businesses survive after their first year. It is essential that our bankruptcy system does not punish entrepreneurship and investment by foreclosing opportunities for small businesses to financially reorganize. This gap in the Bankruptcy Code is primarily due to the fact that this process was designed with large, complex corporations in mind, and does not include adequate protections or safeguards for small businesses. H.R. 3311 addresses this shortcoming by requiring the appointment of a trustee to monitor these cases and giving cases greater flexibility to approve small business reorganization plans in a fair and equitable manner. I urge my colleagues to support H.R. 3311, and I reserve the balance of my time.”