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Washington D.C.(September 9, 2016) | On the House floor today, Rep. Barry Loudermilk (R-GA) spoke in support of legislation that reduces regulatory burden on American businesses. |
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Click HERE to watch Rep. Loudermilk’s full remarks
“At a time when the American people are forced to comply with burdensome regulations that stifle business growth and strip Americans of their livelihood, Congress must take steps to cut through the red tape. The cost Dodd-Frank has had on America’s financial services is enormous. Since this disastrous law put government bureaucrats in control, American businesses have spent millions of hours filling out additional paperwork and billions of dollars in compliance costs.
“Today, regulatory compliance is the fastest growing job field in the financial sector. This is evidence of President Ronald Reagan’s warning that ‘government is not the solution to our problem; government is the problem.’ This change would allow private companies to focus more on growing their businesses and creating jobs, and less on complying with excessive regulation.”
Background
The Accelerating Access to Capital Act, H.R. 2357, would expand the number of companies that are eligible to use a simplified registration form with the Securities and Exchange Commission (SEC) for public offerings. This will allow companies to obtain SEC approval in a matter of days, rather than months.