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Leading States For Business Offer Advice to Washington on How To Grow Small Businesses and Create Jobs

Washington, Jul 11 -


Leading States For Business Offer Advice to Washington on How To Grow Small Businesses and Create Jobs

“Our business community has lost faith in the federal government”

 

WASHINGTON, D.C.— 

Yesterday, the House Small Business Committee held a hearing on the small business growth policies of state governments that have highly successful economic strategies. The hearing included the testimony of state officials from South Dakota, Texas, Virginia and Kansas, all of which consistently rank in the upper tier of various “best states for business” rankings, including the CNBC 2013 Best States for Business ranking announced on Tuesday. CNBC ranked South Dakota first, Texas second and Virginia in a tie for fifth.

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Transcript:

Rep. Huelskamp: What do you hear from small businesses in particular is their biggest complaint about the federal government, and the federal policies and regulations, if you can give us a little insight there.

Jim Cheng, Secretary of Commerce and Trade Commonwealth of Virginia: All the regulation, perhaps even uncertainty in health care, taxation and government spending, all are a part of big it. So if they knew what was coming down the line they could adjust, but since they don't know they're all very worried.

Huelskamp: Gentleman from Texas and South Dakota would you care to comment?

Aaron Demerson, Executive Director, Office of Economic Development and Tourism, State of Texas: I’d echo that the regulatory uncertainty is huge. That’s why in Texas here we’ve made that a focal point to make sure that things are not changing, but that uncertain efforts at the federal level have an impact on small businesses in Texas.

Pat Costello, Commissioner, Office of Economic Development, State of South Dakota: Yeah I would agree, I think that in the business world people just want to understand what the rules of the game are, but when the rules keep changing it’s challenging for them. So to know that the regulatory process is going to be consistent, the tax policy was going to be consistent, there was a fiscal balance budget from a federal level would be very helpful. All those things weigh into it.

Demerson: From the federal standpoint it goes back to what has been mentioned time and time now, just the uncertainty, you know regulations, those types of issues are out there and we hear those concerns. And so I think if that's addressed or as that's being addressed you have things that are taking place at the state level, things that are taking place at the federal level and it will give small businesses more opportunity to succeed.

Costello: On a federal level, i think what we hear from small businesses is just a desire to have some sort of fiscal policy. I think our business community has lost faith in the federal government, its ability to control spending, its ability to manage affairs and regulatory environment and i think a more stable federal environment would be very helpful for small business.