House passes Robert Hurt bill to help small companies access capital

Congressman Robert Hurt (R-Virginia) released a statement after the House passage of H.R. 5405, Promoting Job Creation and Reducing Small Business Burdens Act, which combines the text of 11 bills to remove unnecessary federal regulations hindering job growth.

H.R. 4164, the Small Company Disclosure Simplification Act, which was introduced by Hurt and Representative Terri Sewell (D-Alabama) in March 2014, was incorporated into H.R. 5405:

“Overregulation of small businesses undoubtedly stands in the way of job creation across Virginia and across our great nation.  At a time when millions of Americans are out of work, we must be laser-focused on enacting policies that will spur job creation.  The Promoting Job Creation and Reducing Small Business Burdens Act is a vital step in removing unnecessary federal regulations and allowing small companies to innovate and expand, creating the jobs we so desperately need.

“Representative Sewell and I introduced the bipartisan Small Company Disclosure Simplification Act, which is included in H.R. 5405, to remove burdensome regulations for small public companies and require the SEC to perform a cost benefit analysis on the rule’s impact on these companies.  This bill offers a practical step forward to ensure that our regulatory structure does not disproportionately burden smaller companies and dis-incentivize start-ups from accessing the public markets. Instead of being forced to comply with these duplicative, unnecessary regulations, small companies will now be able focus on innovating, expanding, and creating jobs.

“I was pleased to see the Small Company Disclosure Simplification Act pass the House today, and I thank my colleagues for joining me in this effort to grow our economy and create much-needed jobs throughout Virginia and America.”