[Congressional Record Volume 165, Number 187 (Thursday, November 21, 2019)]
[House]
[Pages H9159-H9162]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1330
                      GLOBAL ENTREPRENEURSHIP WEEK

  The SPEAKER pro tempore. Under the Speaker's announced policy of 
January 3, 2019, the gentleman from Arkansas (Mr. Hill) is recognized 
for 60 minutes as the designee of the minority leader.
  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.

[[Page H9160]]

  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

[[Page H9161]]

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.

                              {time}  1345

  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

  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

  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

  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

  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.

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        Congratulating Harding University Librarian Jean Waldrop

  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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