District Update |May 3, 2016
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U.S. Congressman French Hill
Dear Friends,

This week is Small Business Week in America, and I will be in Arkansas stopping by some of our local establishments. Central Arkansas is home to many outstanding small businesses, and I have enjoyed spending time traveling throughout the entire Second Congressional District visiting with the hardworking people who own, operate, and work at them.


Rep. Hill spending time at a local small business and helping out as a bee farmer.

I spent the majority of my professional life in community banking, and I know how important small businesses are to the local--and the national--economy. Now, as a member of the House Financial Services Committee, and as a member of the House Republican Conference, I am working with colleagues on both sides of the aisle to produce legislation that will help make loans available to businesses and families and ease the burdensome regulations on them that are obstructing economic growth.

One of the key ways we are doing this is by fighting the harmful impacts of the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), which can be best described as Obamacare for our banking system. While the law was passed under the guise of helping Main Street pull through the '08 financial crisis, it has hurt the very people it claimed to be helping. Dodd-Frank has weakened the financial lifeblood of Main Street:  community banks; we have lost about one community bank per day since the law was enacted almost six years ago.

In Congress, we also are working on legislation that encourages growth and investment in small business. Last week, the House passed H.R. 4498, the Helping Angels Lead Our Startups Act (HALOS Act). This bill would help startup companies make contact with potential investors without being subject to unnecessary compliance functions they might not have the resources to meet.

When I talk to many of you throughout Arkansas, a common concern I hear is what policy changes will inspire job growth not just in our state, but throughout the entire country. While good policy at the federal level requires a multi-pronged approach, the most obvious way we can make a difference is through legislation like H.R. 527, the Small Business Regulatory Flexibility Improvements Act . H.R. 527 would require the government to assess the impacts of its rules and regulations on small business prior to implementation. Creating an economic environment where small businesses can thrive is vital to the future of our economy, and I look forward to continuing to work in Congress on behalf of small business.

Sincerely,


Representative French Hill

News for the Week

Arkansas Congressmen team up with local PD for 'Operation Medicine Cabinet XII'
KATV
U.S. Senator John Boozman (R) and U.S. Rep. French Hill (R) are set to join the Benton Police Department for "Operation Medicine Cabinet XII," a DEA prescription pill take back initiative. Operation Medicine Cabinet XII is working to get excess prescription drugs off the street in order to stop the abuse and misuse of prescription drugs. It also aims to raise awareness of the dangers of legal and illegal use of prescription drugs.

Read More

House overwhelmingly approves bill to expand distribution of ETF research
Investment News
The House of Representatives overwhelmingly approved a bill this week that would allow wider distribution of research reports about exchange-traded funds. One of the bill's authors, Rep. French Hill, R-Ark., a former broker himself, said in a statement that the measure is designed to “promote capital formation, remove unnecessary burdens and improve investor access to information.”
Mr. Hill said the ETF market has grown from about $100 billion in assets in the late 1990s, when he launched an investment advisory firm, to about $2 trillion today.
Read More
 


Golden Fleece

Recently, Rep. Hill wrote an op-ed for Arkansas Business about the Department of Labor's (DOL) misguided overtime rule and the negative consequences it will have on the Nation's economy, workers, small businesses, cities, and local governments.

For example, the rule will add an additional $5.6 million to the Arkansas Department of Tourism's operational costs. The rule is an obvious waste of taxpayer dollars and, for that, is this month's Golden Fleece recipient. You can read Rep. Hill's letter to DOL secretary Perez alerting him of his Department's award here.

Fulbright Tree Planting

Last week, Rep. Hill commemorated the 70th Anniversary of the Fulbright Program by planting a tree on Capitol Grounds. You can watch a recap video from the ceremony by clicking the image below.


Last Day to Vote in Congressional Art Competition

Each year high school students from every Congressional District submit artwork to their Members of Congress as part of the Congressional Art Competition. Each Congressional District selects one artwork to be displayed in the U.S. Capitol for the coming year. Our office received over eighty submissions this year, each of which can be viewed on Rep. Hill's Facebook page. Facebook followers are encouraged to "like" their favorite submission. The submission with the most likes will be hung in the Little Rock district office.

Rep. Hill's Investment Research Bill Passes the House

Last Thursday, the House passed Rep. Hill's and Rep. John Carney’s (DE-At Large) Fair Access to Investment Research Act of 2016, by a large, bipartisan vote of 411-6. The bill would address anomalies in securities laws and regulations that discourage broker-dealers from publishing research on exchange traded funds (ETF) by directing the Securities and Exchange Commission (SEC) to provide a safe harbor for research reports that cover ETFs. In recent decades, the popularity of ETFs has risen drastically, and along with their growth, ETFs have also become more complicated and require more analysis.

Read more about the bill here
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