Washington, D.C., June 11th -

Friends:

The economic crisis that began in 2008 has highlighted the importance of improving regulation of our financial markets.  The House and Senate have both passed versions of financial regulatory reform legislation.  Yesterday, bipartisan Members of the House and Senate met to begin working out a compromise bill that reconciles the two pieces of legislation. 

The current regulatory reform proposals do not include the right solutions for our economy.  Both bills will kill jobs, further restrict credit and access to capital, and cede unprecedented authority over our financial marketplace to unelected government bureaucrats. Additionally, these reform proposals would have a devastating impact on small businesses, making it more difficult to hire employees or expand operations. 

We need to develop common sense solutions to the issues in our marketplace and develop a new direction for America.  As a conferee, I look forward to participating in what I hope will be an open and transparent process. Be sure to check the House Small Business Committee Republican website often in the coming weeks for updates as the process to develop compromise financial regulatory reform bill continues.

Sam Graves

News from the Small Business Committee:
(Please send any Member media activity to Alexandra.Haynes@mail.house.gov)

• Ranking Member Sam Graves (R-MO) was selected as a GOP conferee on the Financial Regulation Bill, and released a statement.

• Ranking Member Sam Graves also released a statement on the nation’s latest unemployment numbers.

• Ranking Member Sam Graves, Rep. Doc Hastings (R-WA) and Rep. Frank Lucas (R-OK) had an op-ed published in the St. Louis Post Dispatch entitled, “Rural America Is In The Crosshairs.”

• Rep. Mary Fallin (R-OK) signed an amicus brief to strike down the unconstitutional health care bill.

• Rep. Vern Buchanan (R-FL) spoke on the House floor about the nation's debt reaching $13 trillion and the need for a balanced budget amendment.

• Rep. Blaine Luetkemeyer (R-MO) voted to reform Fannie Mae and Freddie Mac.

• Rep. Glenn Thompson (R-PA) launched a new website.

• Rep. Mike Coffman (R-CO) will hold an “America Speaking Out” Event on June 12th in Highlands Ranch, CO.


Updates from Washington:
(Please send any Member initiatives related to small business and job creation to Paul.Sass@mail.house.gov)

• The package of tax cuts and social spending (known as the tax extenders bill) that passed the House in late May is still awaiting consideration in the Senate. Concerns have been raised over the total cost of the bill and its negative effect on the national deficit.  As a result of Senate inaction, many tax breaks, unemployment benefits, and the “doc fix” expired over the Memorial Day recess. 

• On Wednesday, conferees to the financial regulatory reform bill (H.R. 4173) were selected.  For a full list of Republican conferees, click here.  House Financial Services Chairman Barney Frank (D-MA)has indicated his intention to complete the conference prior to the July 4th recess.

• The Senate rejected a resolution that would take steps to prevent the Environmental Protection Agency (EPA) from regulating greenhouse gas emissions.  S.J.Res. 26, sponsored by Senator Lisa Murkowski (R-AK), would have disapproved a December EPA finding that greenhouse gases qualify as dangerous pollutants under the Clean Air Act.  Several similar resolutions have been introduced in the House, including H.J.Res. 77 and H.J. Res. 76, but they have not yet come to the floor for a vote.

• Republicans continue to solicit feedback from the American people through the “America Speaking Out” initiative.  Visit the America Speaking Out website to share your views on top issues.  Additionally, Republican Whip Eric Cantor has developed a program called “YouCut,” designed to let the American people decide how Congress should cut spending in Washington. Click here to participate in YouCut.


News and Resources for Small Business Owners:

• The NFIB released a study entitled, “Small Business Economic Trends-June 2010”

• The U.S. Chamber of Commerce sent a letter to Senate members on supporting S.J. Res. 26, the “Bipartisan Congressional Review Act Resolution of Disapproval,” that would have disapproved of an EPA finding that greenhouse gasses qualify as dangerous pollutants.