[Congressional Record Volume 164, Number 188 (Thursday, November 29, 2018)]
[House]
[Pages H9695-H9696]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       ENTREPRENEURIAL CAPITALISM

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Texas (Mr. Hensarling) for 5 minutes.
  Mr. HENSARLING. I came here this morning, Mr. Speaker, and I picked 
up a copy of this morning's edition of The Wall Street Journal. Many 
Americans would consider it to be the most influential newspaper in 
America, but certainly, at least on economic matters, I think most 
would agree.
  I just happened to read the lead editorial today, Mr. Speaker, and it 
says the House, this body, has ``done yeoman's work shepherding a 
compendium of bipartisan bills to expand access to capital.''
  This is in the most influential newspaper in America.
  There is a lot in between, but let me go to the last sentence, where 
it says: ``Senate Republicans shouldn't scuttle what could be one of 
this Congress's better achievements.''
  That is in today's Wall Street Journal, Mr. Speaker.
  The Journal is talking about JOBS 3.0. It is a bill that came out of 
this body, 406-4. Its purpose, Mr. Speaker, is to promote small 
business, to promote entrepreneurial capitalism, and to promote venture 
capital.
  Again, Mr. Speaker, it came out of this body, 406-4--we couldn't get 
a 406-4 vote on a Mother's Day resolution--and yet it languishes on 
that side of the Capitol.
  So I have been in this body for 16 years, Mr. Speaker, and I have 
learned a few things. One of the things I have learned is never 
underestimate the Senate's capacity to do nothing. Unfortunately, so 
far, the United States Senate has done nothing on a bill that passed, 
406-4.
  Now, Mr. Speaker, thanks to the leadership of President Donald Trump, 
thanks to the leadership of Speaker

[[Page H9696]]

Paul Ryan, and thanks to the leadership of Chairman Kevin Brady, we 
have what, for most Americans--not all, but for most Americans--is 
simply the greatest economy they have had in their entire lifetimes:
  Unemployment is at a 50-year low, cutting across all socioeconomic 
groups;
  Small business optimism and consumer optimism is off the charts;
  We are seeing more people come back into the labor force.
  This is all great news, but we cannot be blinded by the fact that, as 
good as the economy is today, we still have to concentrate on the 
economy of tomorrow. We need to know:

  Can we ensure that the seed capital is there?
  Can we make sure that our public policy nourishes the drivers of 
tomorrow's economy?
  The next Amazons, the next Googles, and the next Ubers, where are 
they going to come from?
  So, unfortunately, Mr. Speaker, what we have seen is that, as 
recently as 2016, startups in America have been cut in half.
  And, oh, incidentally, the regulatory burden--more securities 
regulatory burden--has increased by over 50 percent in the last 10 
years, and by over 80 percent. It now costs, Mr. Speaker, twice as much 
to go public today as it did 10 years ago.
  What do we see? We see half the number of companies going public.
  They don't seem to have that problem in China, Mr. Speaker, because 
China has over one-third of the world's IPOs, or initial public 
offerings; yet, in the United States, our IPOs have been cut in half.
  That is why it is so important that every Congress go back and we 
ensure that our securities laws are written in such a way that we make 
sure that entrepreneurial capitalism can't just survive in America but 
absolutely thrive.
  So I come to this floor again to ask that our colleagues on the other 
side of the Capitol--and I have many friends in that body, but I am 
often confused why they cannot act on something that has received 
incredible support in the House.
  Mr. Speaker, November is National Entrepreneurship Month. There are 
only 2 days left in the month. I hope that my voice can be heard on the 
other side of the Capitol, and I would ask the United States Senate to 
immediately take up the JOBS 3.0 Act and make sure that the economy of 
tomorrow for our children and grandchildren is as healthy and thriving 
as the economy of today.

                          ____________________