The U.S. Chamber of Commerce, which represents 3 million companies as well as state and local Chambers across the country, has announced its support for the Startup Act – the bipartisan jobs plan aimed at jumpstarting the economy through the creation and growth of new businesses. Lead sponsors U.S. Sens. Mark Warner (D-VA) and Jerry Moran (R-KS), along with original cosponsors Tim Kaine (D-VA), Chris Coons (D-DE), Roy Blunt (R-MT), and Amy Klobuchar (D-MN), recently reintroduced Startup Act in the 114th Congress.
“Our Startup Act offers smart, commonsense steps to support and encourage America’s innovators and entrepreneurs,” Sen. Warner said. “Working together, we have crafted a series of bipartisan proposals which will help us compete and win through targeted reforms to our tax, visa and regulatory policies. The support of the U.S. Chamber and other leading business organizations across Virginia and the country is appreciated, and demonstrates the broad support for these key reforms.”
“The Startup Act provides opportunities not only for the foreign graduates who receive their education from American universities, but also the communities where their entrepreneurial efforts create jobs and produce revenue for the local, and ultimately national, economy,” said Sen. Kaine. “In Virginia, their talents will ensure that we remain competitive and help grow our diverse economy.”
In a letter to the sponsors this week, U.S. Chamber executives said they welcomed the introduction of the Startup Act. “Unleashing and fostering the entrepreneurial spirit has been the hallmark of sustained economic growth in the United States since the nation’s inception. For over a decade we have seen this economic engine sputter through a drag on the traditional strength of business formation. This trend has slowly started to reverse with the passage of the bi-partisan Jumpstart Our Business Startups Act (“JOBS Act”). The bi-partisan Startup Act is another important step in reversing that trend. Continued efforts to restart the business formation engine are critical for the economy to grow and create jobs,” U.S. Chamber President Bruce Josten wrote.
The Startup Act modifies the tax code to encourage investment in new businesses, updates immigration policies for foreign-born STEM graduates and entrepreneurs, accelerates the commercialization of university research that could lead to new ventures, and reforms the regulatory burden on startup businesses and entrepreneurs.
The U.S. Chamber letter can be read here.