By Brandon Moseley
Alabama Political Reporter
Congressman Spencer Bachus (R) from Vestavia said that Senate Majority Leader Harry Reid (D) from Nevada and the Democrat controlled Senate are responsible for stalling the jobs bills that President Obama says he supports.
Rep. Bachus said, “Today President Obama called on Congress to send him bipartisan legislation that increases access to capital for entrepreneurs and small businesses. Mr. President, we’re trying to but the Democrat-controlled Senate is blocking those bills. Please pick up the phone, call Harry Reid and tell him to stop the ‘Senate stall’ on these bipartisan bills. The only thing that’s standing between these jobs bills and your desk is the Democrat Senate,” said Bachus, who is Chairman of the House Financial Services Committee. “You don’t need a bus tour, Mr. President. You don’t need a multi-state campaign swing. If you’re serious about these ideas, all you have to do is pick up the phone and tell Harry Reid to quit stalling.”
Rep. Bachus issued a press release saying “Earlier today, the President announced his support for several proposals designed to accelerate the growth of startup companies and small businesses. The President’s agenda specifically includes several bills that have overwhelmingly passed the Financial Services Committee and the House.”
Bachus said that his committee and the House have already passed many of Obama’s proposals. “Proposals included in the President’s “Startup America” agenda he announced today that originated in the Financial Services Committee and have already passed the House:
H.R. 1070, the Small Company Capital Formation Act. Approved by the House 421-1.
H.R. 1070, introduced by Rep. David Schweikert, makes it easier for small businesses to go public by increasing the offering threshold for companies exempted from SEC registration from $5 million to $50 million. The SEC has the authority to raise this threshold but has not done so for almost two decades. H.R. 1070 was approved by the Financial Services Committee on June 22 and by the House 421-1 on November 2.Amending Regulation A to make it a viable channel for small companies to access capital will permit greater investment in these companies, resulting in economic growth and jobs.
H.R. 2930, the Entrepreneur Access To Capital Act. Approved by the House 407-17.
H.R. 2930, introduced by Rep. Patrick McHenry, removes SEC restrictions that prevent “crowdfunding” so entrepreneurs can raise equity capital from a large pool of small investors who may or may not be considered “accredited” by the SEC. The bill was approved by the Financial Services Committee on October 26 and by the House 407-17 on November 3.H.R. 2930 allows companies to pool up to $1 million from investors without registering with the SEC or up to $2 million if the company provides investors with audited financial statements. Individual contributions are limited to $10,000 or 10 percent of the investor’s annual income, whichever is less.”
In the 2010 election, Republicans gained control of the U.S. House of Republicans and John Boehner (R) replaced Nancy Pelosi (D) as Speaker of the House. As part of the change in leadership, Rep. Bachus (R) replaced Barney Frank (D) as Chairman of the Financial Services Committee. However, despite gains by Republicans, the Democrats led by Harry Reid from Nevada remain in charge in the U.S. Senate. Since then the House has passed a budget and a deficit reduction plan; but the Senate has not acted on any of that legislation. The House’s jobs bills are similarly parked in the Senate’s docket.
Rep. Spencer Bachus represents Alabama’s Sixth District, which consists of all or parts of Jefferson, Blount, Shelby, Bibb, Coosa, and Chilton Counties. Rep. Bachus is serving his tenth term in the U.S. House of Representatives. He is opposed in the Republican Primary by tea party activist Al Mickle, Tuscaloosa businessman Stan Pate, Alabama State Senator Scott Beason, and Blount County Probate Judge David Standridge. Justin Barkley had qualified to run on the ballot, but has reportedly asked the Republican Party to take him off of the ballot. The winner of the Republican Primary will face Democratic opposition in the fall general election on November 6th. Retired U.S. Air Force Colonel Penny Huggins Bailey of Leeds and Birmingham Attorney William “Bill” Barnes are both running to represent the Democratic Party. Leeds resident Terri Regin is gathering signatures to attempt to be on the general election ballot as an independent.
Read Rep. Spencer Bachus’s Press Release: