District Update |April 7, 2017
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U.S. Congressman French Hill
Dear Friends,

One of the major fall outs of the financial crisis of 2008 and the subsequent Dodd-Frank Act was an increased difficulty in accessing capital for small businesses, start-ups, and entrepreneurs. Congress is continuing to work toward good policy that moves away from the misdirection of Dodd-Frank, and one of the ways in which we can do that is by strengthening already existing laws that help encourage growth and creation of American business.

One of those laws is the Jumpstart Our Business Startups (JOBS) Act. Wednesday marked the fifth anniversary of the JOBS Act becoming law, and already it has had a positive impact in easing capital formation woes for small businesses and start-ups. This has been a bright spot of Obama-era economic policy and has helped countless American businesses grow their operation through new and innovative ways to raise capital. 

In support of that effort, today, we passed H.R. 1219, the Supporting America’s Innovators Act, by a bipartisan vote of 417-3. H.R. 1219 would build upon the success of the JOBS Act by allowing more companies access to angel and venture funding by increasing the limit on the number of investors that can participate in a fund, encouraging innovation and promoting economic growth.

I am proud to represent and have the opportunity to be involved with the Venture Center and its FinTech Accelerator and the Innovation Hub in North Little Rock and its medical technology innovation. These high-tech innovations combined with angel funds give good-paying job opportunities to people in the Heartland and not just the East and West Coasts.

But in order for these innovative start-ups to grow, they’ve got to have access to greater sources of angel capital, and raising capital in rural America is a challenge. Having helped design and offer private placement for emerging companies during my whole career and participating in angel funds prior to coming to Congress, I know firsthand the importance of having a multitude of options for our small businesses to raise capital. This bill would help to accomplish this.

Earlier this year, Representative David Schweikert and I introduced H.R. 531, the S-Corp Access to Crowdfunding Act, a bill that also would build off the success of the JOBS Act by allowing the 4.2 million S-corporations (most of which are small businesses) access to cost-effective methods of raising capital without forcing them to be doubled taxed. This commonsense bill would fix a minor flaw in the current law and would go along way to help American business grow.

Sincerely,


Representative French Hill

Photos for the Week


Rep. Hill with 97-year old World War II veteran Jesse Whitley of Mabelvale at last week's medal ceremony where Rep. Hill presented Mr. Whitley with two medals on behalf of the Government of Norway for his role in liberating Norway from German occupation in 1945. 


Rep. Hill at the Victory over Violence Prayer Service in Little Rock last weekend.


Rep. Hill at the Rotary Club of Maumelle's Police and Fire Banquet this past weekend.

News for the Week

Norway honors vet for role in WWII liberation
Arkansas Democrat-Gazette
4/1/2017


Washington news in brief
Arkansas Democrat-Gazette
4/2/2017


97-year-old WWII vet Jesse Whitley earns medals for his role in liberating Norway from Nazi Germany
KARK
4/1/2017

CEI Blog: A Success Story in Eliminating Child Homelessness
By Rep. French Hill
4/5/2017

Aristotle exec chosen for broadband panel
Arkansas Democrat-Gazette
 4/7/2017

Senator Cotton & Arkansas Delegation Applauding Strike On Syria
KUAR
4/7/2017

Obama nearly killed the Monroe Doctrine and Trump should revive it
Dallas Morning News
4/7/2017


Shift Back to Society Act

Recently, Rep. Hill sat down with Haley Snyder of Daily Clout to discuss his important legislation to help reduce recidivism rates in America. You can watch that entire interview below.


Celebrating Quapaw Area Council

Yesterday, Rep. Hill went on the House Floor to recognize the Quapaw Area Council for receiving the highest award possible by the Boy Scouts of America's "Journey to Excellence" program.

Watch Rep. Hill's Floor Speech.
 
Read Rep. Hill's entire floor speech below:

I rise today to recognize the Quapaw Area Council, which for the first time ever, was recognized by the Boy Scouts of America’s “Journey to Excellence” program as a Gold Level Council, the highest award possible.

Boy Scouts of America’s “Journey to Excellence” program is designed to encourage excellence and reward success at all levels of scouting, measuring several indicators including fiscal management, fundraising, youth advancement, youth camping and membership recruitment.

As a fellow scout, I am proud of the high standards our scouts in Arkansas are setting. This achievement is a credit to the dedication of members of the Council, countless volunteers, devoted parents and committed scouts.

On behalf of all Arkansans, congratulations, and we look forward to following your continued success for generations of scouts to come.

 
Press Releases 


Hill Statement on Fiduciary Rule Delay
April 5, 2017

WASHINGTON – Today, after the Department of Labor (DOL) announced that the Fiduciary Rule would be delayed until June 9, in order to provide DOL additional time to determine if the rule would negatively affect investors, Congressman French Hill (AR-02) stated:

“As someone who has spent decades in the financial services industry, I know the importance of providing all consumers—regardless of income—the opportunity to seek sound financial advice. The DOL’s Fiduciary Rule would greatly diminish access to professional retirement planning and guidance for those who need it the most. This is why a broad, bipartisan majority in Congress has called for the rule to be scrapped as written. The ‘Washington-knows-best’ strategy in the ‘war on savings’ employed by the last administration has come to an end, and it is being replaced with a new regulatory environment that works to create more opportunity for investment choices and lowers costs for consumers.”

Hill Statement on Infrastructure Meeting with Secretary Chao
April 5, 2017

WASHINGTON – Today, after meeting with Department of Transportation Secretary Elaine Chao, Congressman French Hill (AR-02) released the following statement on possible infrastructure spending proposals:

“This morning, I met with Secretary Chao to discuss our Nation’s many important infrastructure needs, such as highways, roads, bridges, waterways, and water irrigation. While I believe these projects to be of the utmost importance for encouraging economic growth, I expressed my frustration that much of the regulatory regime currently overseeing infrastructure spending creates significant delays and cost overruns at the expense of the taxpayer.

“During our visit, I made it known to her that I have serious reservations about some of the ideas that have surfaced on how to pay for these projects. I cautioned the secretary against what I believe to be very bad policy, and that is the idea of creating an infrastructure bank or any ‘wholly owned Government corporation’ to backstop or direct selection of infrastructure projects. This type of policy doesn’t work and ultimately would unfairly pick winners and losers in determining projects.

“In my view, a much more sensible approach would be to create a window whereby any American corporation seeking to repatriate money back to the United States may receive favorable tax consideration if they buy an eligible issue of locally underwritten and issued public securities that would then fund our many diverse infrastructure needs across the Nation.”

Hill Statement on Strikes Against Syria
April 6, 2017

WASHINGTON – Today, Congressman French Hill (AR-02) released the following statement on the military strikes against Syria:

“This strategic attack against Syrian military targets was an appropriate and proportionate response to Assad’s use of deadly chemical weapons. Tonight, our president has told Assad that America will no longer ignore his unspeakable acts of aggression against innocent people. Now, the United Nations must follow our lead and respond to Assad’s actions by pursuing a cease fire in Syria, creating safe zones, and holding him accountable for his war crimes.”


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