Posts Tagged ‘R-TX’

Who Says Bipartisanship is Dead? House Passes Massive “JOBS & Investor Confidence Act” S 488 by 406 to 4 Vote

July 18th, 2018 Comments off

Access to capital has been a serious issue for years in manufactured housing, and in other industries too.

Waters, Hensarling put forth massive bipartisan economic growth bill,” said HousingWire.


The White House press room tells MHProNews, that: “President Donald J. Trump commends the House of Representatives for passing S. 488, the JOBS and Investor Confidence Act of 2018.  This bill would enact commonsense regulatory reforms to help American entrepreneurs and small businesses raise the capital they need to innovate more and create more jobs.”

A range of trade groups praised the measure, here is an example.

The Biotechnology Innovation Organization (BIO) applauds the passage by the House of Representatives of the JOBS and Investor Confidence Act of 2018 (S. 488), or JOBS Act 3.0, in a widely bipartisan vote of 406-4,” said the trade group to the Daily Business News in a release.


WASHINGTON, D.C. In a near-unanimous vote of 406-4, the House passed today the bipartisan “JOBS and Investor Confidence Act of 2018.”

The bill – which is comprised of 32 individual pieces of legislation that have passed the Financial Services Committee or the House this Congress with broad bipartisan support – was the third and largest installment of “Jumpstart Our Business Startups (JOBS) Act” legislation aimed at helping small businesses, entrepreneurs and investors by reforming our capital markets.

Jeb Hensarling & Maxine Waters Unveil Bipartisan Capital Markets Reform Legislation


Official statement from the U.S. House of Representatives.

TXR-JebHensarlingHouseFinancialServicesCommitteeDailyBusinessNewsMHProNEwsThe JOBS and Investor Confidence Act of 2018 will help sustain 3% economic growth and ensure we are able to compete globally with countries like China. By helping entrepreneurs access the capital they need to launch their companies and to go and stay public, this bill ensures that America’s garages have fewer old cars and more new startups,” said Financial Services Committee Chairman Jeb Hensarling (R-TX). “The small businesses of today become the Amazons, Googles and Microsofts of tomorrow. Thanks to the hard work of Members on both sides of the aisle – especially Ranking Member Maxine Waters who worked so strongly and fervently on a bipartisan, cooperative basis – this bill will make a difference for economic growth for all Americans.”

The critical legislation includes provisions to: ease regulations on “angel investors” and expand the definition of “accredited investors” to make it easier for startup companies and small businesses to attract investments needed to grow and create jobs; make it easier for companies to go public by extending on-ramp exemptions for emerging growth companies (EGCs) to give them more time to financially sustain costs and requirements associated with full compliance; ease securities regulations on Initial Public Offerings (IPOs) to increase opportunities for everyday investors; and cut red tape on asset managers so that Main Street investors don’t have to shoulder the costs of burdensome, unnecessary regulations.

House Speaker Paul Ryan (R-WI) praised the legislation, saying the bill would “cut down on regulations that are holding back small businesses and start-ups. It’s the third piece in a line of critical bipartisan bills aimed at creating jobs, unlocking innovation, and driving growth. This will help us sustain the positive growth that we are already seeing. And this all gets us back to creating an environment where entrepreneurs can succeed and workers can get ahead.”

Startups drive our nation’s economic growth by expanding the technology frontier and employing millions of workers in high-quality jobs. And Americans are inspired by stories of entrepreneurs who build an empire out of their garages. Yet too many small businesses fail to launch because of government restrictions on investment and growth,” said House Majority Leader and co-author of the original JOBS Act, Kevin McCarthy (R-CA). “Chairman Hensarling has proven time and again that he cares about crafting bipartisan solutions for entrepreneurs. His approach to build on the success of the first and second JOBS Acts has been creative and inclusive. The JOBS Act 3.0 is the latest evidence of this House’s commitment to expanding opportunity for American workers and investors.

House Majority Whip Steve Scalise (R-LA) said passage of the bipartisan legislation would “make it even easier for people to have a piece of the American Dream.”

The legislation will now head to the Senate, where Majority Leader Mitch McConnell (R-KY) has committed to bring the bill up for a vote. “We Provide, You Decide.” © ## (News, analysis, and commentary.)

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Economy – “There Are Some Worrisome Signs That We Must Confront” – Financial Services Chairman Hensarling

June 22nd, 2018 Comments off


In a statement to the Daily Business News, House Financial Services Committee Chairman, Jeb Hensarling (R-TX) expressed both hope and concerns over the economy.

Hensarling said that “…although our economy is clearly red hot today, there are some worrisome signs that we must confront. Number one, as recently as 2016, entrepreneurship – the provision of startups – reached a forty-year low. We know that IPOs have been on a slide downward. Although we’ve seen a gradual uptick, they are half of what they were 20 years ago.”


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Although we passed a bipartisan banking bill, it is largely a community bank, credit union, and banking bill – when 80% of our business debt comes from investors in our capital markets, not from lending officers in our banks,” Hensarling said.

Small business represents 99% of all business enterprises and half of our U.S. jobs. Surely they are the job engine of America. And when companies do go public, unfortunately, many are withering on the vine,” he stated.

The context was a hearing with Securities and Exchange Commission (SEC) Chairman Jay Clayton.

And so we have a number of challenges. If these businesses cannot find adequate capital, it begs the question, where will the Amazons, the Googles, and the Apples of tomorrow come from? How can we sustain long-term 3% GDP growth without ensuring that we have plenty of these startups in the pipeline?”


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It also begs the question, how will we successfully compete with China – particularly “Made in China 2025” – unless we infuse more reforms into our capital markets? Because we know China is committed to dominating several different fields including high tech, biotech, and artificial intelligence. And we know they have a very healthy IPO market and currently produce roughly a third of the world’s IPOs – IPOs that I think we would much prefer to have in America,” the Texas congressman said.

The topic is a different kind of look at an issue that MHProNews has been spotlighting for over a year.  Namely, the harm that occurs to companies that can’t adequately access capital.

Some of the arguments made by Hensarling could be applied to the harm caused by monopolistic practices.

And another question that we have to ask ourselves and ask the SEC, how can Main Street investors have more opportunities to invest in their futures? How can they invest in great companies when we look at our IPO market and see that so many of our public companies are now older, they’re bigger, they’re fewer? And when they go to the public markets, this is often at a billion dollar valuation when so much of the explosive growth took place as a private company that they were not allowed to invest in. Why was it only the wealthy that managed to invest in these companies on the way up, and not our teachers, our barbers, our farmers, and our first responders?”

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Hensarling files Financial CHOICE Act to replace Dodd-Frank

September 13th, 2016 Comments off

Financial Services Committee logo.

Financial Services Committee Chairman Jeb Hensarling (R-TX) recently introduced the Financial CHOICE Act, which would serve as a Republican alternative to the Dodd-Frank Act.

This move was made because it’s believed the Democratic-backed Dodd-Frank Act has had a negative impact on the country’s economic recovery; a recovery the Financial Services Committee chair says is the weakest and slowest since at least World War II.

The goal of the Financial CHOICE Act is to put the brakes on taxpayer-funded bailouts of large financial institutions and believe banks have fallen victim to regulations that are believed to not only slow the economy, but also harm consumers. The act will also pose harsher penalties on people who commit financial fraud and hold Washington Regulators more accountable.

Since Democrats passed Dodd-Frank, Americans on Main Street have been struggling with stagnant wages, struggling to get small business loans and struggling to save for the future,” Hensarling said in a statement, which was provided to MHProNews.


Jeb Hensarling Financial Services, credit,

House Republicans have a better way forward. It’s called the Financial CHOICE Act and it stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs,” held Hensarling.

The Daily Business News (DBN) recently reported on how Dodd-Frank-inspired regulations have actually done more harm than good for consumers, as true costs equate to $112 and $310 per household. Most manufactured housing (MH) professionals have expressed that Dodd-Frank has harmed their business, and has harmed industry home owners and prospective MH consumers too.

Despite reports of the Consumer Financial Protection Bureau (CFPB) reports more than $11 billion in relief for 27 million Americans, Dodd-Frank regulations have lead to a 14.5% decrease in revolving credit, per the DBN post linked here.

The Financial CHOICE Act Vision

Hensarling’s vision for the Financial CHOICE Act sees it as an opportunity to put an end to taxpayer-funded bailouts once and for all, prevent the well-connected and powerful from taking advantage of the current system and pull the “red tape” that’s intended for the big banks on Wall Street, off smaller, local banks on Main Street.


Photo credit, Wall Street Journal, PopVox.

“(The Act) requires banks to be well capitalized to prevent another financial crisis and puts in place the toughest penalties in history to protect consumers from fraud and deception,” Hensarling said in his prepared statement. “It will help grow the economy for all Americans; not just those at the top.”

The Financial CHOICE Act is also looked at as an opportunity to create jobs to level the playing field so every American Citizen has an opportunity to gain financial independence, regardless of where their starting line is in life.

That’s our plan and it’s a better way to revitalize America,” Hensarling continued.

The Financial CHOICE Act’s first details were released in June. The committee plans to meet Sept 13 to begin the debate the of proposal, consider possible amendments and vote on legislation. Appealing to the majority of the nation that feels the system is rigged, Chairman Hensarling also stated that the act “…stops the cronyism that allows the powerful and well-connected to game our system.”

If passed and signed into law, the Financial CHOICE Act would make the MHI backed and MH industry sought Preserving Access to Manufactured Housing Act (HR 650-S682) unnecessary.

Preserving Access passed the House last spring, but is stalled in the Senate. President Obama signaled he would veto the bill if it hit his desk.

Secretary Hillary Clinton, the Democratic nominee for president, has pledged to continue Dodd-Frank. Clinton has the support of powerful industry figures like Warren Buffett and prior MHI Chairman Nathan Smith. Meanwhile, GOP nominee Donald Trump has promised to repeal Dodd-Frank, asserting that it was harming business and the economy. ##

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Joe Dyton, for the Daily Business News, MHProNews.

Submitted by Joe Dyton, Daily Business News, MHProNews.