Graves Holds Hearing on the State of American Small Businesses

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Washington, Feb 1, 2012 | DJ Jordan, Wendy Knox (202.225.5821) | comments

Graves Holds Hearing on the State of American Small Businesses

“There is no doubt that the lack of certainty in burdensome regulatory requirements and complex tax structures coming from Washington continues to be an impediment for growth and job creation for small business owners.”

WASHINGTON, DC— House Small Business Committee Chairman Sam Graves (R-MO) today held a hearing to examine obstacles to small business job creation and economic growth in America in an effort to narrow down and tackle the most egregious impediments.

On October 24, 2011, Gallup released a poll outlining the most significant concerns facing America’s small businesses. This poll mirrors numerous trade association, think tank, and national media polls that point to excessive government regulation, lack of available capital, and low consumer confidence as the biggest hurdles small businesses must overcome.

The Committee heard from Gallup Chief Economist, Dr. Dennis Jacobe, who said, “[A]merica’s small businesses and the U.S. economy are at a crucial juncture. While small-business owners tend to be agile — and have demonstrated their ability to adjust to the business cycle as needed to survive — the current weak economy has persisted since 2008. About one in four small businesses are worried about whether they’ll survive 2012.”

“Last year, we evaluated various barriers for small business growth in our state of the small business hearing, however, we know that many roadblocks still remain,” said Chairman Graves. “There is no doubt that the lack of certainty in burdensome regulatory requirements and complex tax structures coming from Washington continues to be an impediment for growth and job creation for small business owners. This must change sooner rather than later if we want to see economic growth and Americans back on the job.

“Today’s hearing highlighted the most pressing concerns and needs of small businesses. I hope my colleagues on both sides of the aisle will take note so we can work together on removing these obstacles as quickly as possible.”

Today’s State of American Small Businesses hearing is a follow-up to last year’s broader hearing, Putting Americans Back to Work: The State of the Small Business Economy.

For related hearing documents, click here.

Notable Witness Quotes:

Michael J. Fredrich, President of Manitowoc Custom Molding in Manitowoc, WI, said, “On top of serious spending and fiscal issues, new legislation passed by Congress, the ever changing and confusing actions of the Federal Reserve, and what appears to be the [disinterest] of Washington regarding the level of Federal debt creates a level of uncertainty in the private sector which will only result in stagnation and decline.”

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