| Weekly Update from Sam |
Dear Friends,
While “fiscal cliff” negotiations continue, House Republicans are working to prevent tax increases for as many people as possible. We expect to be in session after Christmas to continue to structure responsible spending cuts that can prevent the fiscal cliff scenario.
As 2012 comes to a close, all of us at the Small Business Committee wish you and yours happy holidays. Enjoy this time with family and friends. Here's to a healthy, prosperous 2013.
Sincerely,
Sam Graves
Chairman
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Federal Contracting Boost for Small Business
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In early 2012, the Small Business Committee introduced a series of contracting reform bills aimed at increasing opportunities for small business, creating protections to fight fraud and abuse, and empowering advocates who fight for small business during the federal acquisition process. The legislation is the result of the findings of 10 contracting hearings during 2011.
On Thursday, the House passed the National Defense Authorization Act Conference Report, including the Committee’s contracting reform legislation – now a step closer to becoming law. The federal government marketplace is full of great opportunities for small businesses to succeed, if only given the chance. The small business provisions in the NDAA will help make sure existing small business goals are actually met, empower small business advocates and crack down on fraud. The federal government spends over half a trillion dollars each year on private sector contracting, and small businesses deserve a chance to compete for the work. They bring efficiency and cost-savings to the taxpayer and create jobs. |
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Strengthening Small Business Investment
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| On Tuesday, the House passed the Small Business Investment Company Modernization Act of 2012 (H.R. 6504), which would provide more capital for small firms through the Small Business Administration’s Small Business Investment Company (SBIC) Program. Access to capital continues to be a challenge for many small businesses. This common-sense legislation would help infuse much needed investment capital into the private sector, at a time when our economy needs small business growth most. In the midst of a federal spending problem, this bill is the type of policy Washington should be producing, as there is no additional cost to the taxpayer. The bill would raise the limitation on leverage from $225 million to $350 million. Raising the dollar cap will give more opportunity for investors to provide promising firms with capital. |
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Committee Video Makes Case Against Tax Hikes
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As reported Wednesday in the Daily Caller, “House Small Business Committee Republicans Slam Obama Tax Plans,” this two-minute video compilation of small business owners’ testimony is a great reminder that tax increases have a real cost in jobs and investment. In the words of one small business owner: “Every dollar that we pay in taxes is a dollar that we don’t invest…”
Watch the video here.
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| Regulatory Roundup |
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The SEC is reviewing regulations that impose significant economic impacts on many small businesses. Among them are the Role of Independent Directors of Investment Companies proposed rule, Integration of Abandoned Offerings proposed rule and Electronic Submission of Securities Transaction Information by Exchange Members, Brokers, and dealers proposed rule. Section 610 of the Regulatory Flexibility Act requires agencies to conduct reviews, so they are looking for input. What is the impact of these existing rules on small businesses? Should the rules should be continued without change, amended or repealed to lessen effects on small businesses?
January 3, 2013, is the deadline for comments on a number of SEC rules. Take a look, and comment directly to the SEC here.
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| December 21, 2012 |
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| What We're Reading |
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Small Biz Resources
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| Tweet of the Week |
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SmallBizGOP: @SmallBizGOP
@RepHuizenga “We have to figure out how to streamline, flatten and broaden our tax base” #SmallBiz #tcot http://ow.ly/gc2av
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