Fitzpatrick Jobs Bill Clears House, Heads to Senate

WASHINGTON, D.C. – Bipartisan legislation introduced by Congressman Mike Fitzpatrick (PA-8) and aimed at encouraging economic growth for small businesses passed the House Tuesday. The Promoting Job Creation and Reducing Small Business Burdens Act [HR 5405] includes 11 bills which make it easier for small businesses to grow and hire, creating more opportunity for all.

“American workers and workplaces need legislation that empowers them to succeed and create a healthy economy. Too often what comes out of Washington are more regulations, higher taxes and heavier burdens that hold Americans back,” said Fitzpatrick. “This package of bills represents a common sense, bipartisan plan to cut red tape and give businesses the flexibility they need create better jobs and more opportunity. I hope the Senate acts quickly on this legislation in the same bipartisan fashion it passed the House.”

Speaking on the House floor prior to the vote, Fitzpatrick said it was critical leaders of both parties look at this example of bipartisan accomplishment as a playbook for advancing common goals and breaking Washington gridlock.

“This legislation contains the language of nearly a dozen jobs bills that have either passed the financial services committee or have passed this House with broad bipartisan support,” said Fitzpatrick. “There are companies in and around Bucks Co Pennsylvania - the area that I am honored to represent - that have the resources to invest, right now, in small businesses. This bill will allow them to invest more of their resources in advancing American workers instead of spending money complying with needless regulations in Washington.”

The passage of the bipartisan Promoting Job Creation and Reducing Small Business Burdens Act was praised by a number of groups, including the Small Business & Entrepreneurial Council and the Small Business Investor Alliance.

"The Fitzpatrick jobs legislation reduces duplicative red tape for investors in domestic small businesses," said Steven Hobman of NewSpring Mezzanine Capital located in the Philadelphia region. "Fitzpatrick's bill really targets areas in the law that are filled with unnecessary red tape, and Congress needs to pass these provisions to move capital more freely in our financial system."

“The Small Business & Entrepreneurship Council strongly supports H.R. 5405, the ‘Promoting Job Creation and Reducing Small Business Burdens Act.’ Thank you [Congressman Fitzpatrick] for your steadfast leadership on the critical issue of U.S. capital formation and capital access for entrepreneurs and small businesses,” said Karen Kerrigan, President & CEO of the SBE Council. “Access to startup and growth capital remains a serious impediment to U.S. business growth and entrepreneurship. H.R. 5405 includes sensible measures that will help streamline reporting for small firms and startups, and removes unnecessary barriers both before and after the capital raising process.”

“Pennsylvania Bio applauds Congressman Mike Fitzpatrick for his leadership and support of the life sciences in Pennsylvania for successful passage of HR 5405, the Promoting Job Creation and Reducing Small Business Burdens Act.  This critical, job creating legislation will help to ease regulatory burdens on emerging life sciences companies by stimulating IPO activity as these growing innovators face a daily struggle to maintain liquidity once they become publicly traded," said Christopher P. Molineaux, President & CEO of Pennsylvania Bio. "These are the kind of commonsense, targeted reforms that are needed to ensure the growth of small and early stage life sciences companies is not in jeopardy.   We thank Congressman Fitzpatrick for his ongoing commitment to the life sciences industry."

Fitzpatrick, a member of the Financial Service Committee, has been a tireless advocate for efforts to responsibly reduce burdensome regulation on businesses and create an environment that fosters innovation. Earlier this summer, Fitzpatrick unveiled his Better Jobs, More Opportunity plan - a collection of bipartisan legislation aimed at supporting a healthy economy.

Bills encompassed in Fitzpatrick’s Promoting Job Creation and Reducing Small Business Burdens Act include:

• HR 634 - Business Risk Mitigation and Price Stabilization Act (Passed the House 6/12/13)
• HR 677 - Inter-Affiliate Swap Clarification Act
• HR 801 - Holding Company Registration Threshold Equalization Act (Passed the House 1/14/14)
• HR 2274 - Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act (Passed the House 1/14/14)
• HR 3448 - Small Cap Liquidity Reform Act (Passed the House 2/11/14)
• HR 3623 - Improving Access to Capital for Emerging Growth Companies Act
• HR 4164 - Small Company Disclosure Simplification Act
• HR 4167- Restoring Proven Financing for American Employers Act (Passed the House 4/29/14)
• HR 4200 - SBIC Advisers Relief Act
• HR 4569 - Disclosure Modernization and Simplification Act 
• HR 4571 - Directs the Securities and Exchange Commission (SEC) to revise its rules so as to increase the threshold amount for requiring issuers to provide certain disclosures relating to compensatory benefit plans

Creating an environment for businesses and workplaces to grow is one step toward supporting an economy that creates better jobs and more opportunity, but there’s more to be done – including bipartisan objectives like declaring energy independence, putting our veterans to work and investing in the American worker. Learn more about Fitzpatrick’s plan to tackle these goals at: www.fitzpatrick.house.gov/BetterJobsMoreOpportunity

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Congressman Mike Fitzpatrick is serving his third term in the U.S. House of Representatives. He represents Pennsylvania’s 8th district which includes all of Bucks County as well as a portion of Montgomery County. He serves as the Vice Chairman of the House Financial Services Subcommittee on Oversight and Investigations.