Political Quotes

“I thank Mr. Fitzpatrick and the chairman of the Financial Services Committee for their leadership on this issue. Mr. Speaker, for the record, all 11 bills in this package have been either voted on in full committee or on this floor with bipartisan support; so the idea that these have never been heard before and that no one knows what is in them is not accurate. I rise in support of this good bill, the Promoting Job Creation and Reducing Small Business Burdens Act. With millions of Americans still out of work, our top focus must be enacting policies that help spur job growth throughout our country. Unfortunately, I continue to hear from my constituents in Virginia's Fifth District about the impact of costly regulations on job creation, especially those regulations that disproportionately affect smaller public companies that wish to access capital in our public markets. One such regulation is related to the use of eXtensible Business Reporting Language, or XBRL, which was mandated by the Securities and Exchange Commission in 2009. While the SEC's rule is well-intended, this regulation has become another example of a requirement where the costs outweigh the potential benefits. These small companies spend tens of thousands of dollars or more complying with the regulation, yet there is substantial evidence that fewer than 10 percent of investors actually use XBRL, further diminishing its potential benefits.…”