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By Congressman Robert Hurt
A year ago, in the midst of over nine percent unemployment and a quickly escalating 13 trillion dollar national debt, the White House launched its “Recovery Summer” tour in an effort to gain support for its failed trillion dollar stimulus plan.
Since the stimulus was signed into law, what we have seen is anything but a true economic recovery. We have lost approximately 1.5 million jobs, the unemployment rate both nationally and in the 5th District remains unacceptably high, and our debt has skyrocketed to over 14 trillion dollars. Two and a half years of big spending, big government policies have led us to the current economic environment where job creation, ingenuity, and investment are stifled, and it is clear that we cannot continue down this path.
As Central and Southside Virginians continue to struggle to find jobs and as small business owners continue to struggle to keep their doors open, the House of Representatives has and will continue to adopt policies to help spur economic growth and job creation.
The House’s jobs plan is built around the understanding that it is the private sector, not the government, that creates jobs. Jobs are created by the hard-working individuals across the 5th District and the country who take the risk to start a business or grow an existing one. Washington’s only role is to support those policies that help foster an economic environment that make it easier for our entrepreneurs and small businesses to innovate, expand, and put people back to work.
That is why the House’s main focus has been to put in place policies that remove the government barriers to job growth by cutting spending, reducing unnecessary regulations, and keeping taxes low.
To that end, in March, I introduced bipartisan legislation to remove onerous regulations that were implemented by the Dodd-Frank law. The Small Business Capital Access and Job Preservation Act would end regulations that divert private capital from being invested in small businesses in the 5th District and across the country to help these companies access the resources necessary to preserve and create jobs.
The bill is actively moving through the legislative process. It passed out of the Subcommittee on Capital Markets and Government Sponsored Enterprises in May with bipartisan support, and has now been referred to the full Financial Services Committee where it will be marked-up on Wednesday, June 22. To track the progress of this legislation, please visit my website at hurt.house.gov or visit Thomas.loc.gov.
At a time when far too many Central and Southside Virginians and Americans remain out of work, it is critical that we in Washington return to a fiscally responsible, limited government approach to help move the 5th District and our country towards a real and sustainable economic recovery.
If you need any additional information on these or any other issues, please visit my website at hurt.house.gov or call my Washington office: (202) 225-4711, Charlottesville office: (434) 973-9631, Danville office: (434) 791-2596, or Farmville office: (434) 395-0120.