WASHINGTON, DC – U.S. Congressman Pete Sessions (R-TX), Chairman of the House Rules Committee, today released the following statement regarding House passage of H.R. 1105, the Small Business Capital Access and Job Preservation Act:
“I applaud the House’s action today to promote the free-enterprise system, encourage private-sector investment, and provide relief to America’s job creators. Under the Dodd-Frank Act, businesses have been hit with an unprecedented amount of costly rules and regulations. To assist our nation’s job creators, the Small Business Capital Access and Job Preservation Act exempts private equity fund advisers from unnecessary and costly SEC requirements.
“Private equity funds have a long history of providing capital to millions of Americans so that they can operate their small businesses and create new jobs. Forcing these advisers to complete expensive and unnecessary filings does little more than divert capital, time, and effort that would normally be spent on investing in growing companies. With millions of Americans currently looking for work, I’m pleased to join my colleagues in voting for meaningful legislation that will help create jobs.”