My number one focus as Maine’s Second District Congressman is job creation. Congress must continue to act to foster a more business-friendly environment for job creators to grow and hire more workers. Small businesses are the backbone of Maine’s economy, and they deserve policies from our federal government that work FOR them, not against them.
Small businesses in Maine and throughout the entire Country struggle to raise capital to expand, grow and hire more workers. In fact, 80% of the new jobs created in the United States are created by small businesses. These businesses must have access to the capital that they need to grow.
That is why I am very proud that the U.S. House of Representatives passed my bill, the Small Business Capital Formation Enhancement Act, with broad bipartisan support.
This bill will make it easier for small and local businesses in Maine to hire more workers and create more jobs by improving the resources available to them and allowing them to have access to capital. Whether it’s the paper makers in Madawaska, the boat builders in Ellsworth, or a new biotech company in Lewiston, access to capital is essential for business growth.
This bill improves the ability and effectiveness of the Government-Business Forum on Capital Formation, a body of economic experts that provides important resources and advice on helping our small businesses. It allows for Maine businesses to have better access to capital so that they can hire more workers and continue to manufacture their quality product or provide their important service.
Each year, the Securities and Exchange Commission (SEC) holds the Government-Business Forum on Capital Formation, as required by the Small Business Investment Incentive Act of 1980. The Forum brings together the most knowledgeable people on U.S. securities laws—SEC attorneys, private sector lawyers, academics and business people—to make recommendations and suggestions to help small businesses be able to access our Capital Markets, the most liquid in the world.
My bill will ask the SEC to assess each recommendation from the Forum and determine what action, if any, the Commission intends to undertake.
Participants in the forum dedicate time, effort and expertise which could improve our economy. My bill will improve the effectiveness of the Forum and assist the SEC to focus on the capital needs of small businesses.
Now that this bill has passed the House, I urge my colleagues in the Senate to take up this important job-creating legislation; our Maine small businesses need the support.
As Maine’s Second District Congressman, I will continue to push for legislation that will help our local businesses grow and that will create an economic environment that promotes job creation and provides a better quality of life for all Mainers.
