Friends:

This week, the House Small Business Committee held a hearing with Kenneth Feinberg, Administrator of the $20 billion BP Deepwater Horizon Disaster Victim Compensation Fund. 

For small business owners who have seen customers disappear in the wake of the spill, time truly is of the essence when it comes to getting the capital they need to keep their business afloat.  Although Mr. Feinberg indicated that he is still working to determine how Gulf area small business owners’ claims can be managed most efficiently and fairly, my Committee colleagues and I will be monitoring the process very closely. 

In the meantime, I have created a new section of my website dedicated to providing helpful resources to entrepreneurs in the Gulf area.  On the website, you can find information about filing a claim for damages, learn how you can submit ideas for cleanup, and stay up-to-date on the recovery efforts. Click here to visit the new website.  I encourage you to check the website often for the latest news and resources.

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) released a statement on the June unemployment report.

• Ranking Member Graves spoke on the House floor against the conference report for H.R. 4173, the financial regulatory reform legislation.

• Ranking Member Graves joined Rep. Vern Buchanan (R-FL), Rep. Aaron Schock (R-IL) and Rep. Jerry Moran (R-KS) in sending a letter to Department of Veterans Affairs (VA) Secretary Eric Shinseki expressing concerns about practices that inhibit small businesses from being able to provide affordable laundry services to the VA. 

• Rep. Roscoe Bartlett (R-MD) encourages citizens to speak out on job creation and the economy by participating in the "America Speaking Out” program.

• Rep. Steve King’s (R-IA) effort to repeal "Obamacare" was endorsed by House GOP leadership.

• Rep. Lynn A. Westmoreland (R-GA) voted to audit the Federal Reserve and increase government transparency.

• Rep. Mary Fallin (R-OK) signed a discharge petition to allow a vote in the House of Representatives to repeal Obamacare.

• Rep. Vern Buchanan met with Secretary Ray Mabus, the Oil Spill Recovery Chief, to discuss the impact of the Deepwater Horizon oil spill on the Gulf economy and environment.

• Rep. Buchanan was quoted in a USA Today article about oil spill claims related to tourism.

• Rep. Blaine Luetkemeyer (R-MO) voted against the massive financial regulation bill.

• Rep. Mike Coffman (R-CO) spoke on the House floor about how the financial regulatory reform bill neglects to reform Fannie Mae and Freddie Mac.

House Small Business Committee Action:

• On Wednesday, June 30th, the House Small Business Committee held a hearing entitled, “Recovery in the Gulf: What the $20 Billion BP Claims Fund Means for Small Businesses.”  Kenneth Feinberg, the recently appointed administrator of the $20 Billion BP Deepwater Horizon Disaster Victim Compensation Fund, was the sole witness. 

You can read more about the hearing and learn details of what was discussed by clicking here.  For video footage, click here. 

Congress will be in recess until July 9th; therefore, Ranking Member Sam Graves’ Small Business Straight Talk will next be released on July 16th.


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

• On Wednesday, the House adopted the conference report for the financial regulatory reform bill by a vote of 237 to 192.  Most House Republicans did not support the conference report because the bill fails in its primary goal to prevent future financial crises and gives government bureaucrats unprecedented authority to regulate the marketplace.  For more analysis on the conference report, click here. Senate action on the conference report is on hold until after the July 4th District Work Period. 

• On Thursday, the House passed the Restoration of Emergency Unemployment Compensation Act (H.R. 5618) by a vote of 270 to 153.  The legislation would extend unemployment benefits through Nov. 30 and make them retroactive to June 2nd, which is when they expired. Republicans attempted to add a provision to the underlying legislation that would pay for the $34 billion in extended unemployment benefits with unused stimulus spending.  However, the provision was rejected and the spending in the legislation is not offset.   H.R. 5618 awaits further consideration in the Senate.

• Also on Thursday, the House passed the Fiscal Year 2010 War Funding Supplemental that is expected to cost $75 billion.  However, only $33 billion of the spending in the legislation will be dedicated to war operations.  The legislation was full of non-defense spending, including funding for state bailouts, the Pell Grant program, disaster assistance for Haiti, border enforcement, and more.  Additionally, included in the rule for the war supplemental was a budget enforcement resolution, which allows Majority leaders to avoid introducing and debating a comprehensive budget.  This is the first time since 1974 that the House has failed to markup and pass a budget. 

• Rep. Tiahrt (R - KS) Seeks Cosponsors on Resolution Expressing Opposition to a Value Added Tax - The Value Added Tax (VAT) system would impose job-killing taxes on every stage of business production and would ultimately place an increased tax burden on every American consumer.  The VAT will cripple families on fixed income, force employers to cut jobs, and only further stall America’s economic recovery.  Congress needs take a stand against this massive tax increase.  To cosponsor H.Res. 1245, the Anti-VAT Resolution, or for more information, please contact Matthew Stroia at matthew.stroia@mail.house.gov.


News and Resources for Small Business Owners:

The Office of Advocacy has released a study entitled, “Bank Credit, Trade Credit or No Credit: Evidence from the Surveys of Small Business Finances.”

The House Small Business Committee has created a website with resources for business owners affected by the Gulf oil spill.

The Internal Revenue Service (IRS) has invited public comments on how the 1099 reporting requirement in the new health care law should be implemented.  This mandate will require every business to file a 1099 form for each purchase of goods or services of $600 or more per year from another entity, and is expected to dramatically increase compliance costs and paperwork for employers.  For more information, or to learn how to submit comments, click here.