Expanding Access to Capital for Rural Job Creators Act

Floor Speech

I rise in support of H.R. 298, the Expanding Access to Capital for Rural Job Creators Act, sponsored by Representative Mooney of West Virginia. Last Congress, this bill was led by Democrats and introduced by my good friend, former Representative Axne of Iowa. The bill passed the House last year, and I continue to support it.

While small businesses in the big cities may enjoy easier access to capital to grow their businesses, hire and support their employees, and serve their communities, the businesses in rural America often struggle.

Rural America's job growth is half the rate than that of big cities. Rural America's poverty rate is also higher than that of the big cities, even though it has dropped under President Biden's leadership and as a result of the Inflation Reduction Act passed by Democrats last Congress.

To better understand these issues in rural America, H.R. 298 would require the SEC's Small Business Advocate to report to Congress on particular challenges that rural businesses face in accessing our capital markets.

I am very much in support of this bill. I have always advocated that we should work together, the rural legislators and the small town legislators, to be able to do more in rural communities. Of course, that takes resources.

So while my colleagues on the opposite side of the aisle may be in the cutting mode, based on what I am learning about the debt limit discussions that are going on, I would urge them to take a look at these rural communities so that we can begin to close that gap that exists.

Mr. Speaker, I say to my colleagues: It is not only when we are talking about businesses and small businesses, whether we are talking about that or healthcare or any of the other issues, the rural communities need more advocacy. They need more legislation. They need more of the Representatives on the opposite side of the aisle dealing with us so that we can correct these gaps that have lasted for far too long.

Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

BREAK IN TRANSCRIPT

Ms. WATERS. Mr. Speaker, H.R. 298 directs the SEC Small Business Advocate to focus on the challenges rural small businesses face. I, again, urge my colleagues to support this bill.

Again, I would like to reiterate how anxious I am to work with the opposite side of the aisle so that we could close this gap and deal with the concerns of rural America. It is not only in small business; again, it is healthcare and it is in housing.

You all know that housing is one of my top priorities. I am looking forward to an urban-rural Renaissance of some kind. I want to say to Mr. Hill, I am looking forward to what can be done in Arkansas.

My mother was born in Cotton Plant, Arkansas, in his district, and I know that there are a lot of needs there, but it is going to cost money. It is going to cost time. I want the gentleman to know I believe in capital formation, and I think we can work together on capital formation.

Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.

BREAK IN TRANSCRIPT

Source