On the recordSeptember 8, 2016
I have some good news for my colleague from Washington. The Financial Services Committee has already passed a robust cybersecurity bill, and passed it on a strong bipartisan basis: 46-9. We look forward to working with all of our colleagues in the House to forwarding this bill, working with our colleagues on House Energy and Commerce Committee and others. It is a serious topic. But I would also point out, Mr. Speaker, with respect to this extra disclosure, if cybersecurity is material, it already must be disclosed under current law. And I would add that, yet again, this is just one more burden, the subject matter of the motion to recommit, when we are trying to ease burdens on capital formation. I would remind all of my colleagues again that a recent report from the National Small Business Association released just this week showed that 41 percent of small businesses said that the lack of capital is hindering their ability to grow their business. If they can't grow their business, they can't give raises, they can't expand, they can't promote. Twenty percent said they had to reduce--actually lay off employees--as a result of tighter credit. That is the whole purpose, Mr. Speaker, of why we are passing this bill today. It is to grant greater access to capital. We have heard from so many small businesses and angel investors across the Nation about the need for capital formation for our entrepreneurs, for our small businesses, for our innovators.…
