Global Entrepreneurship Week
Floor Speech
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Mr. HILL of Arkansas. Madam Speaker, today I rise to mark Global Entrepreneurship Week, where all across the globe cities will be hosting events that will inspire millions to explore their potential as an entrepreneur while fostering connections and increasing collaborations within their communities.
Small businesses and entrepreneurs are the engines of our economy in Arkansas and across our country. They support millions of jobs in this Nation. They create and support jobs within their local communities and employ approximately half the private-sector workers in the United States.
As a co-chairman and founder of the House Entrepreneurship Caucus, I am proud to celebrate the visionary men and women who boldly pursue their passion to build the growth businesses that fuel our economy.
The United States has served as a global beacon of innovation, delivering remarkable new products and services that improve the lives of all Americans. Today, over 99 percent of U.S. employers are small businesses that create 57 million jobs that generate 44 percent of our economic activity.
The spirit of the startup is built into our American DNA. Our country is home to the world's greatest inventions, companies, and technological advances because we believe that anyone with a good idea and determination can build a business that changes the world.
The House Entrepreneurship Caucus believes in empowering the pursuit of America's innovators by removing the barriers that make it harder to start a business in this country.
Over the past four decades, I have had a long career focused on different aspects of entrepreneurship and technology. Back in 1980, I helped start a payment system innovator in the banking industry, a company that became PULSE, the largest shared ATM/POS system in the Southwest. PULSE is now owned by Discover.
I didn't know it at the time, as a young person, but I was an entrepreneur. I took a leave from a public company that I worked for and helped start an innovative financial technology business that really changed the face of banking in Texas in those years.
Likewise, later in the late 1980s and early 1990s, I served as Deputy Assistant Secretary for Corporate Finance at the Treasury. There, working with my colleagues at the Commerce Department, we focused on how to make American companies more competitive.
How do we lower barriers to our global competitiveness? That was a key moment at that time, given the world in the late 1980s, with amazing increases in foreign competition from Asia and from Europe.
Also, how do we reduce the barriers for investment in technology companies, something that, now, America, again, 30 years later, is so well known for? And yet, still investing in technology, whether it is biotech or Silicon Valley or in the worldwide web investing, that is still a challenge to come up with the right number of dollars to support investing in technology, where you don't have traditional assets.
So throughout my career, I have tried to lead in looking for solutions to build our entrepreneurship and build our business ecosystem, and I have had the pleasure to work in a variety of different industries.
As a chamber chairman and as a community banker, I led the way in my hometown of Little Rock to improve our ecosystem by supporting the BioVentures incubator at the University of Arkansas medical campus, support the creation of a venture center. These are all things that I have seen help create a spirit of entrepreneurship in not only Little Rock, but across the country.
Perhaps Steve Case has said it best. By creating an environment where there is the rise of the rest, where technology, entrepreneurship, business startups are not limited to the West Coast or the East Coast of the United States, but are spread across all of our towns and communities in a better way, things like the innovation hub or the program called the Conductor are bringing to middle America the kinds of entrepreneurship talents and abilities that we need.
But the most things that a startup business needs, more than anything else besides capital, is to take that idea and have a good set of mentors or advisers. That is something that, again, the Conductor and the innovation hubs in our small business development centers across the country help create, that local community entrepreneurship culture.
Now, since joining Congress some 4\1/2\, almost, now, 5 years ago, I have continued to focus my work to expand the flow of capital, reduce barriers to business startups and business growth, and consistently, Madam Speaker, I have tailored my thoughts in the following key areas that Federal policy can influence entrepreneurship:
We need to tailor regulatory regimes for businesses. We need to be very sensitive about the regulatory burden to a startup or to a small business or to a mom-and-pop.
We need to lower taxes for capital investment and capital gains taxation to encourage long-term investments, and some of the changes that we made in the 2017 tax bill reflect that.
Lowering taxes on investment, encouraging investments in opportunity zones, encouraging long-term capital investment, returning capital to the United States, all this creates a better entrepreneurship environment.
We want to mitigate barriers for companies that want to go public, that want that ultimate recognition of raising capital on the public markets.
Over the last three decades, we have seen the number of public companies fall, Madam Speaker, dramatically, and we want to know what are the barriers that are causing fewer companies to go public in our country.
We want to reward innovation.
We want to make sure Federal policies streamline efficiencies and compliance for our business.
And, finally, we want to make sure that credit is available equally across this great country.
In furtherance of these ideals, I would like to highlight the work of the Kauffman Foundation and their new report just released, ``America's New Business Plan.''
The Kauffman Foundation is a leader in this field and recently formed the ``Start Us Up'' coalition, in collaboration with over 100 entrepreneurship advocacy groups, to address many of the issues that I have touched on and am discussing today.
America's New Business Plan outlines four key principles that are necessary to support entrepreneurship and business development:
Number one, opportunity: a level playing field and less red tape. When it comes to starting a business, entrepreneurs need a level playing field to compete with larger, more established enterprises.
Number two, funding: equal access to the right kind of capital--not just bank loans, but also venture capital. The idea of an innovation grant, called an SBIR, the opportunity to raise angel capital or venture capital.
Number three, knowledge: the know-how to start a business, including understanding the requirements and barriers that come with turning an idea into reality.
Having been engaged in so many emerging companies and startup companies over my career, that is always that strict assessment that an entrepreneur, a visionary, a startup company owner really needs, perspective: perspective on what are the requirements needed to start your business and any barriers that would make it difficult, and having a realistic plan to deal with that.
And the fourth key area that Kauffman outlines is support: the ability for all to take risks, while having the proper support after becoming an entrepreneur and leaving behind that stability of a traditional job and that paycheck every 2 weeks and the benefits that come with it.
That is why I emphasize those four areas are so key.
The University of Arkansas at Fayetteville recently established their Startup Village to address a few of these issues by providing students and the community entrepreneurs with the resources and support needed early in the process to help them launch their own business and pursue happiness.
I know how important it is to have a wide range of funding options that I have talked about. In central Arkansas, I am proud to note that private equity has created over 1,600 jobs and invested more than $2 billion just in the last 5 years, demonstrating that Steve Case is right, that all communities can share in this prosperity if they have that right ecosystem.
Specifically, to push some of these ideals, I have supported different causes and different legislation in this House that I want to highlight during Global Entrepreneurship Week.
First, we formed the Entrepreneurship Caucus to address these issues and have our support in the House of job creators across this country. We did that in conjunction with the United States Senate, which also has started an Entrepreneurship Caucus. It is led by Senator Klobuchar and Senator Scott. I was pleased to, here in the House, have my colleagues join me from House Financial Services, House Ways and Means, and House Small Business.
To start it, we had my colleagues--Congressmen Foster, Chabot, Murphy of Florida, Schweikert, and Veasey--all coming together with an idea that we will be a voice to create, I would say, an ability to watch for legislation in this House that may have either a positive effect on capital formation and business formation or a deleterious effect.
Number two, we have introduced the Enhancing Entrepreneurship for the 21st Century Act.
As a part of this caucus work, I have introduced legislation with the co-chairs that directs the Secretary of Commerce to conduct a comprehensive study into the underlying economic factors driving the decline in rates in entrepreneurship. Senators Klobuchar and Scott have introduced a Senate companion of this bill, as well.
I also introduced with my friend, Representative Schweikert from Arizona, a bill that I saw was a big help to people starting a business, and I call it the Fair Investment Opportunities for Professional Experts Act. What this does is it changes the definition of an accredited investor.
Right now, Madam Speaker, you have to invest in a private business to participate in a venture capital idea, to go into what the SEC calls a reg D private placement offering. You have to be an accredited investor. You have to have a certain net worth. You have to have a certain income.
For many people, that discriminates against their ability to lead a company, invest in a company in which they have terrific expertise. So this bill simply says that professional expertise can also count to that definition of an accredited investor, and it is not limited to just high net worth individuals.
Additionally, I have cosponsored legislation called Helping Startups Continue to Grow Act. This extends that regulatory balance, those compliance costs. It reduces those for emerging growth companies from 5 years up to 10 years.
This is where companies that are just growing, accessing capital through the public markets, have a lower regulatory burden now for 10 years rather than 5.
So those are some of the key things that we are doing in these first few days of the House Entrepreneurship Caucus. I encourage all of my colleagues to get involved, whether they are entrepreneurs or not, if they have that entrepreneurial spirit, or if they believe that we should limit the government's red tape in bogging down innovative Americans from starting their business.
According to the Kauffman Foundation, 79 percent of new business owners feel they did not have that kind of support from government when they started their business.
The House Entrepreneurship Caucus was created to attack that issue and identify comprehensive efforts on how to answer to these problems that have limited business formation and make it easier to start a business.
Working with entrepreneurs, business leaders, and economists to identify the root causes of what the Kauffman Foundation calls the current startup slump is a critical step to unleashing a new generation, a new wave of business growth in this country.
Having effective policies in place to encourage innovation can make all the difference in the world for the entrepreneur in their first few years of a new endeavor.
I am working hard to create that environment where all Americans are empowered to boldly pursue their passions and build a business that can change the world. Supporting innovators and new business founders is a mission that is not a partisan one. And with our voices, both Democrat and Republican in this new caucus, it won't be. Commending Arkansas Department of Human Services for Addressing Mental Health Issues
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Mr. HILL of Arkansas. Madam Speaker, I rise today to commend the Arkansas Department of Human Services for taking action to address the urgent need for better mental healthcare by establishing a support line to connect Arkansans to low-cost mental health and substance abuse services.
Far too many Americans, about one in five, are suffering from some form of mental illness, a problem that has disrupted too many families, caused too much violence and pain, and cost far too many lives.
Untreated, mental health disorders and substance abuse have resulted in countless tragedies in our country, including over 45,000 lives lost to suicide and 70,000 lives lost to drug overdoses, both in 2017 alone.
We all must work together and continue to move forward in addressing the issue of mental health and mental health access and do what we can to save the lives of all American citizens and reverse this deadly trend of suicides and overdoses.
The Arkansas support line is now live. If you or a loved one need mental health or substance abuse services, please share this number and call the DHS mental healthcare support line at 1-844-763-0198. Recognizing the Arkansas Chapter of the American Foundation for Suicide Prevention
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Mr. HILL of Arkansas. Madam Speaker, I rise today to recognize the good work of the Arkansas chapter of the American Foundation for Suicide Prevention and to call attention to this topic that is so important throughout our Nation.
Since I came to Congress, I have met with Arkansas American Foundation for Suicide Prevention members, their families, and recently, Tyler West and Christopher Epperson. This week I cosponsored H.R. 4194, the National Suicide Hotline Designation Act, in honor of them, and for so many like them and their families that have been affected by suicide and hope that we can reduce suicides nationwide.
This bill would designate 988 as the universal telephone number for the National Suicide Prevention Lifeline, making it just as simple as dialing 911 for emergency help.
I want to thank my friend and colleague, Representative Chris Stewart, for introducing this vital legislation. We all must work together and do what we can to save the lives of our fellow citizens and reverse this deadly trend.
I look forward to the day we vote on this House floor to make 988 that lifesaving number. Congratulating Vinh Long on a New Manufacturing Facility
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Mr. HILL of Arkansas. Madam Speaker, I rise to recognize and congratulate Vinh Long on opening their new manufacturing facility in Morrilton, Arkansas.
Vinh Long Import-Export Manufacturing Company is headquartered in Vinh Long, Vietnam, and was started from a small weaving group for local women in 1976.
It has now expanded into a multimillion-dollar international operation. The company has grown to become one of Vietnam's largest natural fiber manufacturers.
The new facility in Arkansas will have approximately 75 employees and use local suppliers in the production of furniture and other household goods for retailers in North America such as IKEA.
The company has invested more than $10 million in the Morrilton facility, which is the first Vietnamese-based manufacturer to locate operations in the United States. It is a pleasure to visit this new facility, greet the team, and learn about their plans for manufacturing in central Arkansas. I look forward to their continued success. Recognizing Bank On Arkansas Plus
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Mr. HILL of Arkansas. Madam Speaker, I rise today to recognize Arkansas' efforts toward helping residents gain financial independence through the Bank On Arkansas Plus initiative. A statewide coalition of financial institutions has partnered to form Bank On Arkansas Plus to fight the unbanked individual, which are individuals, citizens that don't have access to affordable, local banking services.
Madam Speaker, around 27 percent of Arkansans are considered underbanked, and 1 in 10 Arkansas households have no bank account.
I want to thank my friend Darrin Williams, the chief executive officer of Southern Bancorp and a founding partner in Bank On Arkansas Plus.
Darrin and other Bank On partners provide checking accounts with no overdraft fees, no minimum monthly balances, and access to a debit or ATM card for all participants.
Financial security is a freedom that many people in the low-income areas of our country may not be able to afford or may not be able to have access to. And as a former community banker in Little Rock, I commend Darrin, his team, and all of the participating financial institutions for partnering to create Bank On.
This is such a worthwhile strategy to help all Arkansans have access and opportunity to build savings and build wealth for themselves, and to have financial independence. Congratulating Harding University Librarian Jean Waldrop
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Mr. HILL of Arkansas. Madam Speaker, I rise today to congratulate Ms. Jean Waldrop, librarian of Harding University, on receiving the Suzanne Spurrier Academic Librarian Award.
This award is given--in memory of Suzanne Spurrier, the former library director at Harding University--each year to the librarian who exemplifies the spirit of outstanding service and is dedicated to the professionalism that we expect from all librarians.
Miss Waldrop has been working at Harding's Brackett Library since 2006 and oversaw several areas of the library before becoming its director. She has served as the secretary for ARKLink, a board member for Amigos, and is currently serving on the White County Regional Library System board and the Searcy Public Library board.
I would like to extend my congratulations to Jean Waldrop on receiving this recognition and wish her much continued success.
Madam Speaker, I yield back the balance of my time.
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