U.S. Rep. Bryan Steil, R-Wis., had his first stand-alone bill pass the House of Representatives earlier this week.
H.R. 3050, the Expanding Investment in Small Businesses Act of 2019, passed by a vote of 417-2.
“This bill eliminates barriers so entrepreneurs can obtain capital, hire workers and create good-paying jobs in our community. We must give small businesses more opportunities to expand and hire workers,” said Steil, who represents Wisconsin’s 1st Congressional District, which includes Kenosha County.
“In a period of divided government, the transformational change we need to address such as immigration reform, protecting Social Security and tackling our $20 trillion debt will be hard to obtain.
“While I’m working on the big issues, I’m also focused on small wins. This bill is an example of Democrats and Republicans working together to make a positive change. I’m excited that my work on this issue paid off.”
“Small businesses are the backbone of America. As a former small business owner, I know firsthand how difficult it is to navigate the challenges and risks associated with starting a company,” said U.S. Rep. Vicente Gonzalez, D-Texas, the lead Democratic sponsor of the bill.
“This legislation seeks to reduce barriers to entry for small business owners, increase access to capital enabling companies to provide more job opportunities and growth for local economies.
“We need more bipartisan efforts like this to empower entrepreneurs so they can invest in local communities.”
The Expanding Investment in Small Businesses Act would require the Securities and Exchange Commission to examine whether existing mutual fund rules make it harder for small businesses and entrepreneurs to raise money and gain access to capital, and hinder their ability to grow and invest in communities.