Congressman Canseco's Statement on House Passage of the Access to Capital for Job Creators Act (H.R. 2940) and the Entrepreneur Access to Capital Act (H.R. 2930)

FOR IMMEDIATE RELEASE
November 3rd, 2011

Contact:  Valentina Weis
(202) 225-4511 or Valentina.Weis@mail.house.gov

Congressman Canseco’s Statement on House Passage of the Access to Capital for Job Creators Act (H.R. 2940) and the Entrepreneur Access to Capital Act (H.R. 2930)

Washington, DC – Congressman Francisco “Quico” Canseco (TX-23), U.S. House of Representative for the 23rd District of Texas and a member of the House Financial Services Committee, released the following statement after the House of Representatives passed the Access to Capital for Job Creators Act (H.R. 2940) and the Entrepreneur Access to Capital Act (H.R. 2930):

“Despite Senate Majority Leader Harry Reid’s assertions that, “It’s very clear that private sector jobs have been doing fine,” the American people and small business owners disagree. After traveling through the 23rd District of Texas and talking to small business owners, they have repeatedly told me that Washington is tying their hands when it comes to job creation,” said Congressman Canseco.

“One of the challenges that small business owners have told me is inhibiting their ability to grow their businesses and create jobs is a lack of access to capital. Normally, a small business could find capital by taking out a loan from a financial institution. However, right now, financial institutions are uncertain about the future, whether it be what the economy will look like or what new regulations they will be forced to comply with. This uncertainty has caused financial institutions to pull back on lending at a time when small businesses need access to capital the most.

“Another option for small businesses to raise capital is to go out into the marketplace and seek out investors. However, burdensome federal regulations make that option very difficult or, for many small businesses, simply not an option at all. The Access to Capital for Job Creators Act and the Entrepreneur Access to Capital Act both remove regulatory obstacles that make it difficult or impossible for small businesses to raise capital from investors.

“Capital is the fuel that powers our economy. Without it, small businesses can’t grow and create jobs, which is the only way that we can bring down the unemployment rate from around 9%, where it has been hovering for quite a while now,” Congressman Canseco concluded.

To schedule an interview please contact Valentina Weis at (202) 225-4511 or Valentina.Weis@mail.house.gov

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