Congressman Robert Hurt (R-Virginia) released the following statement after the House passage of H.R. 37, Promoting Job Creation and Reducing Small Business Burdens Act, which combines the text of 11 bills to remove unnecessary federal regulations hindering job growth. The Small Company Disclosure Simplification Act, which was introduced by Hurt and Representative Terri Sewell (D-Alabama) during the 113th Congress in March 2014 and passed the House in September 2014, was incorporated into H.R. 37:
“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, and I am pleased that one of the first bills that the House of Representatives passed this Congress continues that important work. 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.
“In the 113th Congress, Representative Sewell and I introduced the bipartisan Small Company Disclosure Simplification Act, which is included in H.R. 37, to remove burdensome regulations for small public companies and require the SEC to perform a cost benefit analysis on the regulation’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. By streamlining these requirements, small companies will now be able focus on innovating, expanding, and creating jobs.
“As we begin the 114th Congress, we in the House remain committed to promoting policies that will make it easier for our farmers, our Main Street businesses, and our working families to succeed. I was pleased to see the Promoting Job Creation and Reducing Small Business Burdens Act pass the House with bipartisan support 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. I urge our colleagues in the Senate and the President to take up this good bill so that we may remove unnecessary, bureaucratic red tape and allow small businesses to strengthen our economy.”