Government must pave the way for entrepreneurship
The Dodd-Frank Wall Street Reform and Consumer Protection Act was as an emotional response to one of our nation’s most trying economic times. Nearly six years later it has proven to be an expensive blanket of one-size fits all rules on the private sector written by Washington bureaucrats, some of whom have never spent one day of their adult life outside of government.
Even though this law was sold to the American public as a watchdog over big banks, it has forced Main Street job creators to close shop because many of America’s 28 million small businesses cannot afford to hire teams of accountants and lawyers to navigate its 2,300 pages of jargon.
Laws like Dodd-Frank are why people are no longer willing to start a business – the risk and cost simply outweigh the possible reward. In a country where we cherish small businesses and depend on them for the employment of 48 percent of our private sector workforce, this is a problem.
Government must pave the way for entrepreneurship so Americans can succeed if they work hard regardless of their age, gender or race.
I am pleased that my colleagues and I are working on solutions to do just that, and I believe the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act is a good start.
We must increase government transparency to hold unelected regulators accountable for the policies they draft, prohibit big bank bailouts and provide regulatory relief not just for small businesses but also for the community lending institutions which serve them.
I’ve always said America’s greatest asset is its workers. The only thing the government needs to give them is a clean path to lessen their chances of hitting any obstructions.
Congressman Roger Williams (R – Austin), a member of the House Financial Services Committee, has more than 40 years’ experience in small business.