[Congressional Record Volume 157, Number 23 (Monday, February 14, 2011)]
[Extensions of Remarks]
[Pages E219-E220]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    DIRECTING COMMITTEES TO REVIEW REGULATIONS FROM FEDERAL AGENCIES

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                               speech of

                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                      Thursday, February 10, 2011

  Mr. HOLT. Mr. Speaker, our first priorities in the House of 
Representatives must be helping to foster job creation and supporting 
middle class families. More than one month into the 112th Congress, we 
have not considered one bill that would achieve these goals.
  The symbolic resolution before us last Friday directs House 
committees to conduct oversight of government regulations, one of their 
principal job functions. We do not need a resolution to tell us to do 
our job. We need to get to work on behalf of the American people.
  On the first day of this session of Congress I introduced a series of 
bills that would provide tax relief to businesses struggling in this 
economy and invest in the innovation that leads to long-term economic 
growth and jobs that will not be shipped overseas. Rather than wasting 
valuable time to make a political statement, we ought to be considering 
these or other bills that would promote jobs, innovation, investment, 
and growth.
  One of my bills, the Creating Jobs from Innovative Small Businesses 
Act, would encourage small business investment by establishing a 
temporary 20 percent tax credit for investments in research-intensive 
small businesses. Angel investors play a crucial role in supporting 
early-stage companies. Angel investors and their investments have a 
strong local impact and some have immense potential. A $100,000 angel 
investment, for example, allowed Larry Page and Sergey Brin to move out 
of their dorm rooms and make Google a commercial success.
  A second bill, the Create Jobs by Expanding the R&D Tax Credit Act, 
would help businesses by strengthening the research and development tax 
credit, which rewards businesses who invest in innovation and allows 
them to expand and hire new workers. Another bill would make permanent 
the R&D tax credit, which studies show returns two dollars in private 
research investment for every dollar spent. Businesses need the 
certainty that the R&D tax credit will exist year after year, and they 
should be able to use the credit to generate capital now.
  Let us move beyond symbolic, political resolutions such as this one 
and get to the important work of rebuilding our economy.

[[Page E220]]



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