|00:00:00||THANK YOU, MADAM CHAIR.|
|00:00:02||I GUESS THE THRESHOLD QUESTION I HAVE TO ASK IS HOW DOES THIS AMENDMENT HELP JUMP-START BUSINESS START-UPS?|
|00:00:13||WHAT THIS AMENDMENT DOES IS FRANKLY REQUIRE ONE MORE DISCLOSURE REPORT, MUCH OF THIS, FRANKLY, I DO NOT BELIEVE TO BE GERMANE TO THE UNDERLYING BILL BUT IT IS HERE BEFORE US NONETHELESS.|
|00:00:29||IT IS ONE MORE REGULATORY BURDEN.|
|00:00:32||IT IS ONE MORE COST IMPOSED UPON OUR JOB CREATORS.|
|00:00:36||IT IS ONE MORE PIECE OF RED TAPE WHEN ALREADY THE SMALL BUSINESS ADMINISTRATION UNDER THE OBAMA ADMINISTRATION HAS REPORTED THE TOTAL REGULATORY COST AMENDMENT TO 1 $$1.|
|00:00:53||75 TRILLION ANNUALLY WHICH IS ENOUGH MONEY FOR BUSINESSES TO PROVIDE 35 MILLION PRIVATE SECTOR JOBS WITH AN AVERAGE SALARY OF $50,000.|
|00:01:04||THE SAME REPORT FROM THE OBAMA ADMINISTRATION'S SMALL BUSINESS ADMINISTRATION HAS REPORTED THAT 65% OF ALL NEW JOBS IN THE PAST 15 YEARS HAVE COME FROM SMALL BUSINESS AND YET THESE SMALL BUSINESSES FACE AN ANNUAL REGULATORY COST OF $10,585 PER EMPLOYEE.|
|00:01:26||SO AGAIN I BEGIN TO WONDER -- I KNOW EVERY SINGLE REPORT, EVERY SINGLE STUDY, EVERY SINGLE REGULATION PERHAPS HAS SOME BENEFICIAL PURPOSE, BUT THE CUMULATIVE IMPACT OF THEM ALL, MADAM CHAIR, IS HURTING OUR BUSINESSES.|
|00:01:42||ACCORDING TO A RECENT CHAMBER OF COMMERCE SMALL BUSINESS SURVEY, 78% OF SMALL BUSINESSES SURVEYED REPORT THAT TAXATION, REGULATION, LEGISLATION FROM WASHINGTON IS WHAT'S MAKING IT HARDER FOR THEIR FIRMS TO HIRE MORE INDIVIDUALS.|
|00:02:00||AND WHAT WE UNDERSTAND FROM THE OFFICE OF INFORMATION AND REGULATORY AFFAIRS, A DIVISION OF THE O.|
|00:02:05||M.B., DURING THE FIRST THREE YEARS OF THE PRESIDENT'S ADMINISTRATION WE HAVE SEEN A 95% INCREASE IN THE AVERAGE NUMBER OF COMPLETED REGULATIONS DEEMED ECONOMICALLY SIGNIFICANT TO OUR ECONOMY.|
|00:02:21||THE ADMINISTRATION HAS CURRENTLY PROPOSED 3,118 REGULATIONS.|
|00:02:28||AGAIN, AT WHAT POINT DO YOU BEGIN TO SAY, ENOUGH IS ENOUGH?|
|00:02:33||I UNDERSTAND THE PURPOSE OF THE GENTLEMAN'S AMENDMENT, BUT I THINK WE KNOW THAT WE HAVE LOST FAR TOO MANY JOBS OVERSEAS.|
|00:02:41||IT'S NOT A MATTER OF DOCUMENTING THE SYMPTOM, IT'S GOING TO THE DISEASE.|
|00:02:47||WHAT IS THE ROOT CAUSE?|
|00:02:48||WE KNOW WHAT THE ROOT CAUSE IS.|
|00:02:50||THE ROOT CAUSE IS TOO MUCH RED TAPE.|
|00:02:55||IT'S BILLS LIKE THE PRESIDENT'S HEALTH CARE PLAN, WHICH IS AN ANATHEMA TO SMALL BUSINESSES ACROSS THE LAND.|
|00:03:02||2,000 PAGES OF LEGISLATION THAT HAS PROMULGATED EVEN MORE REGULATIONS.|
|00:03:08||TALK TO ANY SMALL BUSINESSPERSON IN AMERICA AND THEY WILL CITE THE PRESIDENT'S HEALTH CARE PROGRAM AS SOMETHING THAT'S INHIBITTING JOB GROWTH.|
|00:03:19||INHIBITING JOB GROWTH.|
|00:03:22||THIS ALMOST DOUBLED REGULATIONS IMPOSED.|
|00:03:25||THAT'S WHAT'S CHASING JOBS OVERSEAS.|
|00:03:27||TAXATION. THE PRESIDENT IS PROPOSING $1ST9 TRILLION MORE IN TAXES, MUCH OF IT TO FALL UPON SMALL BUSINESSES, AND WE WONDER WHY WE ARE LOSING JOBS OVERSEAS?|
|00:03:37||THAT'S WHAT NEEDS TO BE DOCUMENTED, NOT THE FACT THAT IT'S HAPPENING BUT THE ROOT CAUSES.|
|00:03:42||THAT WOULD BE MORE WORTHY OF A STUDY, BUT AT THIS POINT THE PURPOSE OF THIS BILL IS TO HELP BRING MORE COMPANIES ON TO THIS I.|
|00:03:52||P.O. ON RAMP.|
|00:03:53||THIS IS AT CROSS-PURPOSES AND I WOULD URGE MY COLLEAGUES TO DEFEAT THIS AND I RESERVE THE BALANCE|
Mr. HENSARLING. I guess the threshold question I have to ask is: How does this amendment help jump-start business start-ups? What this amendment does is require one more disclosure report. Much of [Page: H1282] this, frankly, I do not believe to be germane to the underlying bill, but it is here before us. Nonetheless, it is one more regulatory burden. It is one more cost imposed upon our job creators. It is one more piece of red tape when already the Small Business Administration under the Obama administration has reported the total regulatory cost amounts to $1.75 trillion annually, which is enough money for businesses to provide 35 million private sector jobs with an average salary of $50,000. The same report from the Obama administration's Small Business Administration has reported that 64 percent of all new jobs in the past 15 years have come from small business. Yet these small businesses face an annual regulatory cost of $10,585 per employee.
So, again, I begin to wonder. I know every single report, every single study, every single regulation has, perhaps, some beneficial purpose, but the cumulative impact of them all, Madam Chair, is hurting our businesses.
According to a recent Chamber of Commerce small business survey, 78 percent of small businesses surveyed report that taxation, regulation, legislation from Washington is what is making it harder for their firms to hire more individuals. What we understand from the Office of Information and Regulatory Affairs, a division of OMB, is that during the first 3 years of the President's administration, we have seen a 95 percent increase in the average number of completed regulations deemed economically significant to our economy--almost double. The administration has currently proposed 3,118 regulations. Again, at what point do you begin to say enough is enough? I understand the purpose of the gentleman's amendment, but I think we know that we have lost far too many jobs overseas. It's not a matter of documenting the symptom; it's getting to the disease. What is the root cause? Well, we know what the root cause is. The root cause is too much red tape. It's bills like the President's health care plan, which is an anathema to small businesses across the land--2,000 pages of legislation that have promulgated even more regulations. Talk to any small business person in America, and the person will cite the President's health care program as something that is inhibiting job growth.
This regulatory burden almost doubles economically significant regulations imposed. That's what's chasing jobs overseas--taxation. The President is proposing $1.9 trillion more in taxes, much of it to fall upon small businesses; and we wonder why we're losing jobs overseas? That's what needs to be documented--not the fact that it's happening, but the root causes. That would be more worthy of a study.
At this point, the purpose of this bill is to help bring more companies on to this IPO on-ramp. This is at cross-purposes, and I would urge my colleagues to defeat this.
I reserve the balance of my time.