Small businesses have created 64 percent of the new jobs in America over the past 15 years, yet Washington D.C. lawmakers are smothering these startups with cumbersome overregulations. Outdated laws, such as the Securities Act created in the wake of the 1929 stock market crash, still make small business’ expansion extremely difficult.
The Securities and Exchange Commission, whose mission it is to facilitate marketplace growth, is not doing nearly enough to help budding companies take off, according to SEC Commissioner Daniel Gallagher:
“We layer on rule after rule until it becomes prohibitively expensive to access the public capital markets. Only rarely do we remove any of our rules, even after they have long since ceased to serve their purpose or have become obsolete or worse.”
Entrepreneurs new in the game can rarely send heftily-priced lobbyists to Capitol Hill, and therefore have little influence in the policy making which influences them.
In this week’s episode of Capitol Source, we hear from Gallagher, Heritage Foundation Economist David Burton, and struggling small business owner Daniel Weber.
Be sure to visit Townhall.com on Dec. 1 to catch the next Capitol Source video! We'll be taking a look at what role religion plays inside the United States Supreme Court.