Washington, D.C. – U.S. Senate Republican Leader Mitch McConnell made the following statement on the Senate floor Wednesday regarding the call for Senate Democrats and the President to work with Republicans on bipartisan proposals that can help create jobs:
“When something good happens here in the Senate, I think it’s important that we acknowledge it. So I want to start this morning by thanking our friends on the other side for finally agreeing to join us in making some progress on the nearly two dozen bipartisan jobs the House has already passed.
“And I want to urge them to keep at it, to keep pressing ahead with jobs bills both parties will support. That way, we’ll show the American people that we’re capable of accomplishing something together up here when it comes to jobs.
“For months, House Republicans have been executing on a plan to identify ideas that would not only help spur private sector job creation but which would also attract strong bipartisan support. And for weeks, I’ve been urging the Democratic Majority here in the Senate to take these bills up so they can become law.
“And this week, Senate Democrats finally agreed to move ahead with two of these bipartisan proposals: a repeal of the 3% withholding rule that will ease the burden on government contractors, and a veterans bill that not only helps returning servicemen and women find jobs, but which also helps those who hire them. Neither of these bills is going to solve the jobs crisis, but they’ll help a lot of Americans who deserve it. And they’ll go a long way in showing the American people that there’s plenty we can agree on up here.
“My suggestion now is that we don’t stop there. Let’s keep it up.
“Let’s take up and pass the rest of the bipartisan jobs bills House Republicans have already passed with bipartisan support across the dome. I’ve highlighted one of these bills already this week, one that makes it easier for businesses to raise the capital they need to expand and create jobs. This morning, I’d like to highlight another: The Shareholder Registration Thresholds Act, H.R. 1965, a bill that increases the number of shareholders that are allowed to invest in a community bank before that bank is required to shoulder costly new burdens from the SEC.
“For three years now, we’ve been talking about the urgent need for growing businesses to have access to capital so they can expand, and hire. And yet because of an outdated law, the smaller community banks that want to make loans to help these growing businesses are subject to burdensome regulations that shouldn’t even apply to them.
“H.R. 1965 would increase the threshold of shareholders that trigger the requirement from 500 to 2000. A companion bill in the Senate that would do the same thing is co-sponsored on the Republican side by Senator Hutchison, among others, and on the Democratic side by Senator Pryor, among others. And Senator Toomey has a bill, S. 1824, to expand this legislation by applying it to businesses other than banks.
“We should take up these bills here in the Senate and pass them as soon as possible with the same show of bipartisan support that the two parties mustered on behalf of H.R. 1965 last week.
“Just like the bipartisan, House-passed jobs bill I highlighted yesterday, H.R. 1965 passed the House last week with near-unanimous support. The vote was 420-2 — with 184 Democrats voting in support. Only two people out of the entire 435-member House voted against this bill. The President’s jobs council has endorsed the idea. And top Democrats have been vocal proponents of this legislation proposed by House Republicans.
“Here’s House Minority Whip, Congressman Hoyer, on H.R. 1965 just last week: ‘We need to see lending to small businesses and homeowners,’ he said, ‘but they’re hamstrung in their attempt to raise capital by outdated SEC registration requirements.’ I completely agree with him.
“Here’s Congresswoman Sheila Jackson Lee: ‘Small businesses need access to loans and other lines of credit in order to build their businesses and create jobs,’ she said. ‘Before us is a measure that would allow small businesses to get the support they need.’ I completely agree with the Congresswoman.
“Look: It’s not every day that Congresswoman Sheila Jackson Lee and I agree on legislation. So I think we should lock this down. Let’s pocket another bipartisan accomplishment here and help the job creators who need it.
“This is precisely the kind of approach we should be taking in the Senate — putting aside the giant, partisan bills that Democrats know Republicans won’t support, and focusing on smaller proposals that can actually garner the support of everybody and make it onto the President’s desk for a signature.
“These are small steps, but they’re progress. Let’s keep at it.”
