The JOBS Act, H.R. 3606 will finally get a vote late today or tomorrow in the U.S. Senate. SBE Council remains confident for passage, but we are not resting on our laurels. Our members and staff are working the Senate to make sure H.R. 3606 passes with a big bipartisan vote. (It will need 60 votes for Senate passage).
Here is a media release SBE Council sent out today:
A vote in the United States Senate is expected today or tomorrow on the Jumpstart Our Business Startup Act (JOBS Act), H.R. 3606, a package of important capital formation reforms supported by President Barack Obama. The legislation passed the U.S. House of Representatives with overwhelming bipartisan support (390-23) on March 8, 2012. Entrepreneurs and small business owners are galvanized about this important legislation, and are working to ensure the package sails through the U.S. Senate.
The JOBS Act includes practical measures to update archaic Securities and Exchange Commission (SEC) rules, and helps to construct a new regulatory framework that leverages technological innovations and practices that will open new pools of capital for small businesses. Besides reforming regulations that will make it less costly and burdensome for small firms to go public and accelerate their growth in the public markets, the legislation allows for crowdfund investing which presents new opportunities for entrepreneurs to access capital.
“Crowdfunding and the JOBS Act need to pass so we can get capital to our nation's job creators. This important piece of legislation addresses the startup and seed-funding gap that was left after the financial meltdown of 2008. It will allow the community to step in and fund fraud-free entrepreneurs and small businesses. Main Street will be able to evaluate becoming investors in our nation's neighborhood shops or the next great startups and will also share in that prosperity,” said Woodie Neiss, founder of StartUp Exemption, who developed a crowdfunding framework upon which the legislation is based upon.
According to Small Business & Entrepreneurship Council (SBE Council) President & CEO Karen Kerrigan, Democrats and Republicans not only listened to entrepreneurs regarding their plight on the issue of capital access, but they also found assurance in solutions that protect investors through new technologies, as well as a modern regulatory framework that will increase transparency and investor engagement.
“The legislation provides a sensible regulatory approach that takes into account the power of technology and the ‘sunshine’ capabilities of social media in protecting investors. Key reforms provide regulatory flexibility and relief, and will enable capital formation. A strong entrepreneurial ecosystem depends on access to capital. Freeing up new sources of capital – as the JOBS Act will do – will strengthen our nation’s small business sector, and add to their job creating capacity,” said Kerrigan
The Senate is expected to vote on H.R. 3606, the JOBS Act, either later today or tomorrow following votes on a Democrat alternative (Reed Amendment) to the JOBS Act and an amendment to fully fund the Export-Import Bank.
For more information and background about the JOBS Act, or crowdfunding and crowdfund investing, please visit www.sbecouncil.org or call 703-242-5840.
Tell your U.S. Senators to vote for the JOBS Act, H.R. 3606! You can contact them at 202-224-3121!
Showing posts with label President Obama. Show all posts
Showing posts with label President Obama. Show all posts
Tuesday, March 20, 2012
Thursday, March 15, 2012
Some Senators Have No Clue
Very interesting debate in the Senate today on the JOBS Act. It is interesting to watch Senators opposed to the capital formation and crowdfunding provisions of the JOBS Act decry a subject they know absolutely nothing about.
These members have a stone-age view of public policy and how the economy works. In addition, they feign "shock" at the speed the bill passed the House (it was about 11 months) claiming "special interests" had something to do with it. Well, it is small business owners and entrepreneurs behind the movement to make these common sense changes.
Please contact your Senators on Friday and early next week and demand that they pass the JOBS Act! Let them know regulations need to be modernized to allow small businesses to raise capital, grow their businesses and create jobs! You can call the Capitol Hill switchboard at 202-224-3121 -- ask to be connected to your U.S. Senators -- tell them small businesses (and President Obama) support the House passed JOBS Act!
Karen Kerrigan, President & CEO
These members have a stone-age view of public policy and how the economy works. In addition, they feign "shock" at the speed the bill passed the House (it was about 11 months) claiming "special interests" had something to do with it. Well, it is small business owners and entrepreneurs behind the movement to make these common sense changes.
Please contact your Senators on Friday and early next week and demand that they pass the JOBS Act! Let them know regulations need to be modernized to allow small businesses to raise capital, grow their businesses and create jobs! You can call the Capitol Hill switchboard at 202-224-3121 -- ask to be connected to your U.S. Senators -- tell them small businesses (and President Obama) support the House passed JOBS Act!
Karen Kerrigan, President & CEO
Thursday, March 08, 2012
SBE Council Praises Bipartisan Passage of JOBS Act in House, 390-23
Today, the U.S. House passed the Jumpstart Our Businesses (JOBS) Act, H.R. 3606, with strong bipartisan support (390-23). Passage of the legislation will help expedite U.S. Senate action on this critical capital formation package, according to the Small Business & Entrepreneurship Council (SBE Council).
President Barack Obama was supportive of the legislation's passage, and Senate Majority Leader Harry Reid (D-NV) has pledged to move forward on a similar package. SBE Council, a leading advocacy and research organization dedicated to promoting entrepreneurship, has been advocating for many elements of the JOBS Act for the past year. The group praised the bipartisan collaboration that fashioned the legislation and guided it through the House.
"Access to capital remains a daunting challenge for small to mid-size firms at all stages of development and growth. The JOBS Act addresses a number of smart reforms that will boost capital formation and funding opportunities for small businesses. The legislation provides regulatory flexibility and relief from rigid and costly regulations for small firms, while modernizing outdated laws that restrict investment and capital formation," said SBE Council President & CEO Karen Kerrigan.
In a KEY VOTE letter to all U.S. House Members, SBE Council wrote: "Without adequate sources of capital, the economy will continue to underperform, and the recovery will remain less than robust. Healthy entrepreneurship requires access to capital, yet funding streams remain cautious, locked or tentative. Entrepreneurs need solutions that will create options for accessing capital. The JOBS Act offers such solutions."
The JOBS Act bundled an array of legislative measures focused on helping to increase business startups, and accelerate the growth of existing firms. SBE Council supported all the measures, including the crowdfunding piece of H.R. 3606, which will enable new platforms for raising capital. On these transparent platforms, investors will dynamically engage with other investors to vet business ideas and fund those businesses with significant promise. The platforms will operate under a new, and transparent, regulatory framework.
As SBE Council noted in its KEY VOTE letter: "Crowdfund investing will allow entrepreneurs who lack access to funding networks the opportunity to bring their business ideas directly to investors. Americans will have the opportunity to invest in small businesses in their local communities, or support entrepreneurs in rural or urban areas where business formation is critical to sustaining those communities." The platforms will protect investors by utilizing proven technologies, sensible regulation and tapping into 'the sunshine' of social media.
On March 6, the Senate Banking Committee hosted a hearing on the capital access bills. SBE Council is encouraging the Senate leadership of both parties to move quickly on package of bills.
"Economic conditions remain fragile, and rising gas prices have the potential to undermine the economic gains that have been made to date. The package of capital formation bills will provide a needed boost to business confidence, while offering meaningful solutions to entrepreneurs who are strapped for capital. We urge the Senate to move quickly," said Kerrigan.
On to the Senate!
President Barack Obama was supportive of the legislation's passage, and Senate Majority Leader Harry Reid (D-NV) has pledged to move forward on a similar package. SBE Council, a leading advocacy and research organization dedicated to promoting entrepreneurship, has been advocating for many elements of the JOBS Act for the past year. The group praised the bipartisan collaboration that fashioned the legislation and guided it through the House.
"Access to capital remains a daunting challenge for small to mid-size firms at all stages of development and growth. The JOBS Act addresses a number of smart reforms that will boost capital formation and funding opportunities for small businesses. The legislation provides regulatory flexibility and relief from rigid and costly regulations for small firms, while modernizing outdated laws that restrict investment and capital formation," said SBE Council President & CEO Karen Kerrigan.
In a KEY VOTE letter to all U.S. House Members, SBE Council wrote: "Without adequate sources of capital, the economy will continue to underperform, and the recovery will remain less than robust. Healthy entrepreneurship requires access to capital, yet funding streams remain cautious, locked or tentative. Entrepreneurs need solutions that will create options for accessing capital. The JOBS Act offers such solutions."
The JOBS Act bundled an array of legislative measures focused on helping to increase business startups, and accelerate the growth of existing firms. SBE Council supported all the measures, including the crowdfunding piece of H.R. 3606, which will enable new platforms for raising capital. On these transparent platforms, investors will dynamically engage with other investors to vet business ideas and fund those businesses with significant promise. The platforms will operate under a new, and transparent, regulatory framework.
As SBE Council noted in its KEY VOTE letter: "Crowdfund investing will allow entrepreneurs who lack access to funding networks the opportunity to bring their business ideas directly to investors. Americans will have the opportunity to invest in small businesses in their local communities, or support entrepreneurs in rural or urban areas where business formation is critical to sustaining those communities." The platforms will protect investors by utilizing proven technologies, sensible regulation and tapping into 'the sunshine' of social media.
On March 6, the Senate Banking Committee hosted a hearing on the capital access bills. SBE Council is encouraging the Senate leadership of both parties to move quickly on package of bills.
"Economic conditions remain fragile, and rising gas prices have the potential to undermine the economic gains that have been made to date. The package of capital formation bills will provide a needed boost to business confidence, while offering meaningful solutions to entrepreneurs who are strapped for capital. We urge the Senate to move quickly," said Kerrigan.
On to the Senate!
Wednesday, January 11, 2012
Keystone XL: In the National Interest
The construction of Keystone XL -- a critical pipeline project that will immediately create 20,000 good paying jobs while enhancing America's energy security -- will move forward soon unless President Obama declares that the project is "not in the national interest."
SBE Council joined over 100 business organizations today, to urge the President to support the environmentally-friendly Keystone XL. Indeed, now more than ever, Keystone XL is in the national interest.
Karen Kerrigan, President & CEO
SBE Council joined over 100 business organizations today, to urge the President to support the environmentally-friendly Keystone XL. Indeed, now more than ever, Keystone XL is in the national interest.
Karen Kerrigan, President & CEO
Thursday, January 05, 2012
Obama's NLRB Recess Appointments "Particularly Egregious"
I am not in the habit of reposting the entire media statements of policiticans, but the following is one that I wholeheartedly agree with regarding President Obama's recess appointments this week. U.S. Senate Republican Leader Mitch McConnell issued the following statement on January 4, regarding the President’s unprecedented recess appointments to the National Labor Relations Board (NLRB):
“Just hours after he circumvented the American people by 'recess' appointing Richard Cordray to the CFPB, the President has upped the ante by making several additional recess appointments, this time to the NLRB. Although all of these appointments potentially raise legal and constitutional questions, the NLRB appointments are particularly egregious. Because the President waited to nominate Sharon Block and Richard Griffin until just two days before the Senate was scheduled to adjourn last month, neither has undergone a single confirmation hearing or a single day of debate by the representatives of the American people. Congress has a constitutional duty to examine presidential nominees, a responsibility that serves as a check on executive power. But what the President did today sets a terrible precedent that could allow any future President to completely cut the Senate out of the confirmation process, appointing his nominees immediately after sending their names up to Congress. This was surely not what the framers had in mind when they required the President to seek the advice and consent of the Senate in making appointments.”
President Obama has definitely upped the ante with the business community through these recess appointments. So, 2012 begins on bad note -- setting the stage for more policy battles, more uncertainty and, unfortunately, more business pessimism.
Karen Kerrigan, President & CEO
“Just hours after he circumvented the American people by 'recess' appointing Richard Cordray to the CFPB, the President has upped the ante by making several additional recess appointments, this time to the NLRB. Although all of these appointments potentially raise legal and constitutional questions, the NLRB appointments are particularly egregious. Because the President waited to nominate Sharon Block and Richard Griffin until just two days before the Senate was scheduled to adjourn last month, neither has undergone a single confirmation hearing or a single day of debate by the representatives of the American people. Congress has a constitutional duty to examine presidential nominees, a responsibility that serves as a check on executive power. But what the President did today sets a terrible precedent that could allow any future President to completely cut the Senate out of the confirmation process, appointing his nominees immediately after sending their names up to Congress. This was surely not what the framers had in mind when they required the President to seek the advice and consent of the Senate in making appointments.”
President Obama has definitely upped the ante with the business community through these recess appointments. So, 2012 begins on bad note -- setting the stage for more policy battles, more uncertainty and, unfortunately, more business pessimism.
Karen Kerrigan, President & CEO
Monday, November 07, 2011
Senate Moves on 3% Withholding Tax Repeal Today
Today, the U.S. Senate will vote on a motion to proceed to a House-passed bill (H.R. 674) which repeals the costly and onerous 3% withholding tax on government contractors. The motion is expected to pass (60 votes needed), but there could be changes to the bill regarding its "pay for."
We've heard that Senator Harry Reid (D-NV) may tax "private jet owners" to pay for the repeal bill. This is silly as such a tax would hurt general aviation -- which is dominated by small businesses. Many small firms and organizations in rural areas also use small planes to conduct important/day-to-day business.
The bottom line is that the House-passed bill overwhelmingly advanced by a vote of 405-16. President Obama also supports the bill. Why the heck would Harry Reid hold it up?
SBE Council sent a letter to the Senate today urging quick passage. SBE Council President & CEO Karen Kerrigan wrote:
"Repealing the 3 percent withholding tax makes economic and fiscal sense. The cost of the withholding mandate to governments will far exceed its anticipated revenue gains. Furthermore, small firms will become less able to compete for government contracts due to the anticipated cash flow issues, higher costs and the bidding constraints that the mandate will produce.
"Repealing this counterproductive mandate will help small contractors preserve capital. In addition, governments at all levels will be allowed to save precious funds currently being expended or allocated to establish bureaucracies for implementing this unnecessary mandate. SBE Council members have reported that the mandate will create serious cash flow issues for their firms, and prevent many from bidding on government contracts. Some have reported they will raise prices in order to cover the cost of the mandate. In the end, taxpayers will lose.
"Repealing the 3 percent withholding mandate makes economic and fiscal sense. With the cost of the mandate far exceeding anticipated revenue gains, and small firms becoming less able to compete for government contracts because of new cost and regulatory constraints, repealing the mandate makes sense. Taxpayers, small businesses and governments at all levels will benefit from repeal."
Indeed the time is now for the Senate to get moving! To start acting on some of these House-passed bills to help entrepreneurs! You may want to give your Senators a nudge at 202-224-3121. Tell them to pass H.R. 674 without changes!
We've heard that Senator Harry Reid (D-NV) may tax "private jet owners" to pay for the repeal bill. This is silly as such a tax would hurt general aviation -- which is dominated by small businesses. Many small firms and organizations in rural areas also use small planes to conduct important/day-to-day business.
The bottom line is that the House-passed bill overwhelmingly advanced by a vote of 405-16. President Obama also supports the bill. Why the heck would Harry Reid hold it up?
SBE Council sent a letter to the Senate today urging quick passage. SBE Council President & CEO Karen Kerrigan wrote:
"Repealing the 3 percent withholding tax makes economic and fiscal sense. The cost of the withholding mandate to governments will far exceed its anticipated revenue gains. Furthermore, small firms will become less able to compete for government contracts due to the anticipated cash flow issues, higher costs and the bidding constraints that the mandate will produce.
"Repealing this counterproductive mandate will help small contractors preserve capital. In addition, governments at all levels will be allowed to save precious funds currently being expended or allocated to establish bureaucracies for implementing this unnecessary mandate. SBE Council members have reported that the mandate will create serious cash flow issues for their firms, and prevent many from bidding on government contracts. Some have reported they will raise prices in order to cover the cost of the mandate. In the end, taxpayers will lose.
"Repealing the 3 percent withholding mandate makes economic and fiscal sense. With the cost of the mandate far exceeding anticipated revenue gains, and small firms becoming less able to compete for government contracts because of new cost and regulatory constraints, repealing the mandate makes sense. Taxpayers, small businesses and governments at all levels will benefit from repeal."
Indeed the time is now for the Senate to get moving! To start acting on some of these House-passed bills to help entrepreneurs! You may want to give your Senators a nudge at 202-224-3121. Tell them to pass H.R. 674 without changes!
Friday, October 28, 2011
"Crowdfunding" Advances in House Finance Committee
SBE Council lauds bipartisan support for one of its top initiatives
SBE Council is cheering the momentum behind one of its top initiatives to help small business owners and entrepreneurs access capital. On October 27, the House Financial Services Committee passed the "Entrepreneurs Access to Capital Act," H.R. 2930 by voice vote.
SBE Council and its members planted the seed -- and a specific model -- for crowd fund investing. For much of 2011 we have been aggressively advocating for a new regulatory framework that would make this innovative solution a reality. President Barack Obama supports the framework, and U.S. Representative Patrick McHenry (R-N.C.) put forward legislation in mid-September.
Regarding passage of the legislation in the Finance Committee, entrepreneur and SBE Council member Woodie Neiss said: "It is amazing to see members of both parties get behind this important issue. The understanding that small businesses face a critical shortfall in their capital needs runs deep, and crowd fund investing is a common sense solution. Entrepreneurs now have hope that Washington is coming together to address one of their top concerns."
Neiss testified before the House in mid-September where he provided ideas and a crowd funding model for House members. The model includes strong protections for investors, and ways to tap into the power of technology to increase transparency and investor knowledge. Along with Neiss's framework (which was the impetus for H.R. 2930) other elements of his model were adopted by the Financial Services Committee including the thresholds for investment, registration of crowdfunding sites with the SEC, an online investor test, among other provisions.
SBE Council President & CEO Karen Kerrigan said that the quick pace of this legislative initiative demonstrates that members in both political parties understand capital access is a critical issue for both entrepreneurs and our nation's economic recovery.
"We are pleased to see bipartisan support behind this common sense approach. Crowd fund investing will give small business owners and entrepreneurs access to sources of capital they currently cannot tap into without triggering complex SEC rules. With common sense reforms, more Americans will be able to invest in promising small businesses, which means more jobs and greater economic growth. Reformulating outdated rules while maintaining investor protections will help entrepreneurs identify and connect with qualified, potential funders," said Kerrigan.
She added: "We are very excited that Congress and President Obama are seeking intelligent and innovative ways to help small business owners access capital. Technology and the Internet have leveled the playing field in so many other areas for entrepreneurs, and it only makes sense that they are allowed to tap into its power for needed capital."
We are hearing the legislation may get a full House vote by the end of this year. We will keep you posted!
SBE Council is cheering the momentum behind one of its top initiatives to help small business owners and entrepreneurs access capital. On October 27, the House Financial Services Committee passed the "Entrepreneurs Access to Capital Act," H.R. 2930 by voice vote.
SBE Council and its members planted the seed -- and a specific model -- for crowd fund investing. For much of 2011 we have been aggressively advocating for a new regulatory framework that would make this innovative solution a reality. President Barack Obama supports the framework, and U.S. Representative Patrick McHenry (R-N.C.) put forward legislation in mid-September.
Regarding passage of the legislation in the Finance Committee, entrepreneur and SBE Council member Woodie Neiss said: "It is amazing to see members of both parties get behind this important issue. The understanding that small businesses face a critical shortfall in their capital needs runs deep, and crowd fund investing is a common sense solution. Entrepreneurs now have hope that Washington is coming together to address one of their top concerns."
Neiss testified before the House in mid-September where he provided ideas and a crowd funding model for House members. The model includes strong protections for investors, and ways to tap into the power of technology to increase transparency and investor knowledge. Along with Neiss's framework (which was the impetus for H.R. 2930) other elements of his model were adopted by the Financial Services Committee including the thresholds for investment, registration of crowdfunding sites with the SEC, an online investor test, among other provisions.
SBE Council President & CEO Karen Kerrigan said that the quick pace of this legislative initiative demonstrates that members in both political parties understand capital access is a critical issue for both entrepreneurs and our nation's economic recovery.
"We are pleased to see bipartisan support behind this common sense approach. Crowd fund investing will give small business owners and entrepreneurs access to sources of capital they currently cannot tap into without triggering complex SEC rules. With common sense reforms, more Americans will be able to invest in promising small businesses, which means more jobs and greater economic growth. Reformulating outdated rules while maintaining investor protections will help entrepreneurs identify and connect with qualified, potential funders," said Kerrigan.
She added: "We are very excited that Congress and President Obama are seeking intelligent and innovative ways to help small business owners access capital. Technology and the Internet have leveled the playing field in so many other areas for entrepreneurs, and it only makes sense that they are allowed to tap into its power for needed capital."
We are hearing the legislation may get a full House vote by the end of this year. We will keep you posted!
Tuesday, October 18, 2011
Trade Deals and Small Business
President Obama is expected to sign trade deals with Panama, Columbia and South Korea this coming Friday. Last week, the U.S. House passed the trade packages soon after President Obama sent them to Congress.
SBE Council President & CEO Karen Kerrigan joined Jim Blasingame on his Small Business Advocate radio program this morning where she discussed the importance of these trade accords to small business and the U.S. economy.
Kerrigan is hopeful that the passage of these agreements will foster additional trade deals, putting the U.S. back in a position of leadership when it comes to promoting global trade.
SBE Council President & CEO Karen Kerrigan joined Jim Blasingame on his Small Business Advocate radio program this morning where she discussed the importance of these trade accords to small business and the U.S. economy.
Kerrigan is hopeful that the passage of these agreements will foster additional trade deals, putting the U.S. back in a position of leadership when it comes to promoting global trade.
Thursday, September 15, 2011
Crowdfunding Gets a Hearing in the U.S. House
SBE Council Member Neiss Testifies on Modernizing SEC Rules
SBE Council member and entrepreneur Sherwood "Woodie" Neiss brings his Crowd Fund Investing (CFI) framework to a congressional hearing today, where there is growing support to modernize outdated security laws that prevent small business owners from tapping into their networks for raising capital.
Today, the U.S. House Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs is hosting "Crowdfunding: Connecting Investors and Job Creators" where they will hear from Neiss and other witnesses on models for crowdfunding. The CFI model presented by Neiss, which includes strong investor protections, has been crafted in conjunction with SBE Council. President Obama included a crowdfunding proposal in his 2011 American Jobs Act based upon this model.
SBE Council President & CEO Karen Kerrigan argues that at a time when entrepreneurs and small businesses have limited sources for accessing capital, the nation needs to reform archaic rules that are hurting U.S. competitiveness, innovation and entrepreneurship. "We need to modernize and tweak outdated rules to allow Americans to invest in promising small businesses. Access to capital is becoming much more difficult and we need to identify and develop effective and modern ways for entrepreneurs to connect with potential funders," said Kerrigan.
(You can access the testimony of Mr. Neiss by clicking here.)
By revamping the Security and Exchange Commission's (SEC's) position on solicitation and accreditation, we can open the doors to capital for small business owners and entrepreneurs. Allowing for an exemption for Crowdfund Investing, which includes prudent protections for investors, will spur innovation, create jobs, and reinvigorate the economy.
As explained by Neiss in his testimony:
"Crowd Fund Investing (CFI) is not permitted by securities laws today but it stands to be a powerful method of financing, where groups of people will come together to invest in startups and provide valuable knowledge and experience to help an entrepreneur succeed. It will provide a way for unaccredited investors to pool their individual small contributions (likely between $50 and $500 each), and invest in companies and entrepreneurs they believe in. The funding rounds will occur on Internet platforms, which provide an added level of transparency and communication between the investors and the entrepreneurs. And 'Micro-Angel Investors' will support people and businesses they believe in and in turn, help to grow the economy."
SBE Council and Neiss (who is spearheading the "Startup Exemption" initiative) support creating common sense modifications to existing regulations to enable small businesses to raise capital. These reforms are modest, follow the spirit of the Securities Act of 1933 and the Exchange Act of 1934 and include:
Strong anti-fraud provisions
Limited risk and exposure for unaccredited investors
Transparency
Standards-based reporting and
Limit to the amount of seed capital a company can raise
"We are very excited that Congress and President Obama are seeking smart ways to help small business owners and entrepreneurs connect with potential funders. Technology and the Internet have leveled the playing field in so many other areas for entrepreneurs, and it only makes sense that they are allowed to tap into its power for needed capital," Kerrigan added.
SBE Council Staff Post
SBE Council member and entrepreneur Sherwood "Woodie" Neiss brings his Crowd Fund Investing (CFI) framework to a congressional hearing today, where there is growing support to modernize outdated security laws that prevent small business owners from tapping into their networks for raising capital.
Today, the U.S. House Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs is hosting "Crowdfunding: Connecting Investors and Job Creators" where they will hear from Neiss and other witnesses on models for crowdfunding. The CFI model presented by Neiss, which includes strong investor protections, has been crafted in conjunction with SBE Council. President Obama included a crowdfunding proposal in his 2011 American Jobs Act based upon this model.
SBE Council President & CEO Karen Kerrigan argues that at a time when entrepreneurs and small businesses have limited sources for accessing capital, the nation needs to reform archaic rules that are hurting U.S. competitiveness, innovation and entrepreneurship. "We need to modernize and tweak outdated rules to allow Americans to invest in promising small businesses. Access to capital is becoming much more difficult and we need to identify and develop effective and modern ways for entrepreneurs to connect with potential funders," said Kerrigan.
(You can access the testimony of Mr. Neiss by clicking here.)
By revamping the Security and Exchange Commission's (SEC's) position on solicitation and accreditation, we can open the doors to capital for small business owners and entrepreneurs. Allowing for an exemption for Crowdfund Investing, which includes prudent protections for investors, will spur innovation, create jobs, and reinvigorate the economy.
As explained by Neiss in his testimony:
"Crowd Fund Investing (CFI) is not permitted by securities laws today but it stands to be a powerful method of financing, where groups of people will come together to invest in startups and provide valuable knowledge and experience to help an entrepreneur succeed. It will provide a way for unaccredited investors to pool their individual small contributions (likely between $50 and $500 each), and invest in companies and entrepreneurs they believe in. The funding rounds will occur on Internet platforms, which provide an added level of transparency and communication between the investors and the entrepreneurs. And 'Micro-Angel Investors' will support people and businesses they believe in and in turn, help to grow the economy."
SBE Council and Neiss (who is spearheading the "Startup Exemption" initiative) support creating common sense modifications to existing regulations to enable small businesses to raise capital. These reforms are modest, follow the spirit of the Securities Act of 1933 and the Exchange Act of 1934 and include:
Strong anti-fraud provisions
Limited risk and exposure for unaccredited investors
Transparency
Standards-based reporting and
Limit to the amount of seed capital a company can raise
"We are very excited that Congress and President Obama are seeking smart ways to help small business owners and entrepreneurs connect with potential funders. Technology and the Internet have leveled the playing field in so many other areas for entrepreneurs, and it only makes sense that they are allowed to tap into its power for needed capital," Kerrigan added.
SBE Council Staff Post
Friday, September 02, 2011
August Jobs Data: Will President Obama Change his Failed Policy Ways?
SBE Council President & CEO Karen Kerrigan issued the following statement in response to today's dismal jobs report:
"As long as President Obama continues to push for more regulations, higher taxes, empty 'incentives' and ineffective spending programs there will be no meaningful reduction in unemployment for the remainder of his first term. Small business owners -- those folks who create the jobs -- have been telling the White House time and again that intrusive government, higher taxes and more burdensome regulations will raise their costs and keep them from hiring.
"President Obama claims to be in listening mode, but the pleas of business owners are falling on deaf ears. His Administration continues to crank out regulations at a record-breaking pace while pushing for higher taxes. The White House policy shop reminds me of that definition of insanity -- doing the same thing over and over again and expecting different results. The grim jobs and economic news will continue as long as President Obama keeps doing the same thing.
"There is still time to not only listen to small business owners, but implement their priorities and solutions. President Obama must stabilize taxes, reign in the regulatory agencies and undo the damage caused by his health care and financial overhaul laws. Current policies are sucking capital and confidence out of small business owners, and it is time to make drastic changes to his policy agenda."
SBE Council Staff Post
"As long as President Obama continues to push for more regulations, higher taxes, empty 'incentives' and ineffective spending programs there will be no meaningful reduction in unemployment for the remainder of his first term. Small business owners -- those folks who create the jobs -- have been telling the White House time and again that intrusive government, higher taxes and more burdensome regulations will raise their costs and keep them from hiring.
"President Obama claims to be in listening mode, but the pleas of business owners are falling on deaf ears. His Administration continues to crank out regulations at a record-breaking pace while pushing for higher taxes. The White House policy shop reminds me of that definition of insanity -- doing the same thing over and over again and expecting different results. The grim jobs and economic news will continue as long as President Obama keeps doing the same thing.
"There is still time to not only listen to small business owners, but implement their priorities and solutions. President Obama must stabilize taxes, reign in the regulatory agencies and undo the damage caused by his health care and financial overhaul laws. Current policies are sucking capital and confidence out of small business owners, and it is time to make drastic changes to his policy agenda."
SBE Council Staff Post
Wednesday, August 03, 2011
Kerrigan Joins Jim Blasingame to Discuss Why the Debt Deal Produced a Good Trend
SBE Council President & CEO Karen Kerrigan joined "The Small Business Advocate" Jim Blasingame on his radio show to discuss the debt ceiling agreement reached by congressional leaders and President Obama. Karen talked about how the "Budget Control Act of 2011" produced a good trend in the direction of fiscal policy, and what lies ahead.
Friday, July 29, 2011
SBE Council Says Grim GDP Numbers Will Continue Without Pro-Growth Policies
SBE Council expressed little surprise regarding the results of second quarter GDP data released today by the U.S. Bureau of Economic Analysis (BEA). The dismal performance of the economy is a reflection of the low confidence and ballooning uncertainty among small business owners. SBE Council's recent "Entrepreneurs and the Economy" survey reflected the dour mood among small business owners -- they remained stressed about their firms' financial condition, and expressed widespread dissatisfaction with the direction of federal economic policies. Higher business costs - including gas prices - have been eating into their bottom lines and stunting growth.
The BEA reported a real GDP growth rate of 1.3 percent in the second quarter, and announced a downward revision in growth during the first quarter of 2011 and the fourth quarter of 2010.
"Despite all the great speeches about making the U.S. the best country in the world to do business and helping entrepreneur's access capital and create jobs, there have been no substantive policy initiatives from the White House to back up the rhetoric. The trend continues in the direction of more regulation and the threat of higher taxes. Instead of boosting business confidence, Washington continues to instill worry. This is what you get when you heap regulatory costs on business and threaten the economy with tax increases. Unless pro-growth policies are pursued, the grim numbers will continue," said SBE Council President & CEO Karen Kerrigan.
Raymond J. Keating, chief economist for SBE Council added: "Why is anyone surprised by the pathetic real GDP growth rate? This so-called economic recovery continues to grossly under-perform. Since the recovery began, we have not had one quarter that has even come close to matching where real GDP growth should be, and has averaged since 1950, during recovery/growth periods"
Keating said that none of the data is surprising given the direction of government policymaking for over three-and-a-half years now. What the U.S. needs, according to Keating, is tax reform and regulatory relief, more global trade opportunities, and sound money. He said we are getting the opposite.
"As for how federal debt and the debt ceiling debate fit in, that's more a signal or a symptom. The underlying trouble lies with out-of-control federal spending, and poor economic growth translating into lower government revenues. Given that the debt ceiling debate has moved beyond tax increases, and focused on some degree of spending restraint is a tiny positive. But policymaking in the U.S. will have to move in a dramatically different direction if we are to see a solid return to robust economic and employment growth."
The BEA reported a real GDP growth rate of 1.3 percent in the second quarter, and announced a downward revision in growth during the first quarter of 2011 and the fourth quarter of 2010.
"Despite all the great speeches about making the U.S. the best country in the world to do business and helping entrepreneur's access capital and create jobs, there have been no substantive policy initiatives from the White House to back up the rhetoric. The trend continues in the direction of more regulation and the threat of higher taxes. Instead of boosting business confidence, Washington continues to instill worry. This is what you get when you heap regulatory costs on business and threaten the economy with tax increases. Unless pro-growth policies are pursued, the grim numbers will continue," said SBE Council President & CEO Karen Kerrigan.
Raymond J. Keating, chief economist for SBE Council added: "Why is anyone surprised by the pathetic real GDP growth rate? This so-called economic recovery continues to grossly under-perform. Since the recovery began, we have not had one quarter that has even come close to matching where real GDP growth should be, and has averaged since 1950, during recovery/growth periods"
Keating said that none of the data is surprising given the direction of government policymaking for over three-and-a-half years now. What the U.S. needs, according to Keating, is tax reform and regulatory relief, more global trade opportunities, and sound money. He said we are getting the opposite.
"As for how federal debt and the debt ceiling debate fit in, that's more a signal or a symptom. The underlying trouble lies with out-of-control federal spending, and poor economic growth translating into lower government revenues. Given that the debt ceiling debate has moved beyond tax increases, and focused on some degree of spending restraint is a tiny positive. But policymaking in the U.S. will have to move in a dramatically different direction if we are to see a solid return to robust economic and employment growth."
Monday, July 18, 2011
Taking LIFO Repeal Off the Negotiating Table -- A Massive and Unfair Tax Hike on Small Business
Last-in, first-out (LIFO) is an important and time-honored accounting method used by small businesses. But, as recently reported in this New York Times article, the White House has continually pushed hard for LIFO repeal both as part of the President's proposed budget and in debt ceiling negotiations. SBE Council is a member of the LIFO Coalition, and we are working hard to ensure that repeal does not happen.
(Reasons Why LIFO Should Not Be Repealed)
In an urgent appeal to President Obama, Vice President Biden, Treasury Secretary Geithner and all Members of the United States Congress, the LIFO Coalition highlighted the key reasons why LIFO should not be repealed in advertisements in The Hill and Politico. Repealing LIFO will:
Place a massive, unprecedented retroactive tax hike on job creators.
Increase costs for businesses that will result in less growth, job losses and reduced employee benefits.
Force companies to pay taxes on unrecognized “phantom profits” caused by inflation.
As SBE Council member and tax advisor Leonard Steinberg told reporter Angus Loten in a July 13 Wall Street Journal piece (“Small Firms Defend LIFO”) the new costs and burdens for small businesses would be harsh: “Carrying inventory would become more expensive. How do you not pass that along to your customers?”
SBE Council will continue to fight against repeal. It is fundamentally unfair to retroactively penalize small business owners (who followed existing and long-standing tax law) to bail out the excessive spending habits of politicians in Washington.
Karen Kerrigan, President & CEO
(Reasons Why LIFO Should Not Be Repealed)
In an urgent appeal to President Obama, Vice President Biden, Treasury Secretary Geithner and all Members of the United States Congress, the LIFO Coalition highlighted the key reasons why LIFO should not be repealed in advertisements in The Hill and Politico. Repealing LIFO will:
Place a massive, unprecedented retroactive tax hike on job creators.
Increase costs for businesses that will result in less growth, job losses and reduced employee benefits.
Force companies to pay taxes on unrecognized “phantom profits” caused by inflation.
As SBE Council member and tax advisor Leonard Steinberg told reporter Angus Loten in a July 13 Wall Street Journal piece (“Small Firms Defend LIFO”) the new costs and burdens for small businesses would be harsh: “Carrying inventory would become more expensive. How do you not pass that along to your customers?”
SBE Council will continue to fight against repeal. It is fundamentally unfair to retroactively penalize small business owners (who followed existing and long-standing tax law) to bail out the excessive spending habits of politicians in Washington.
Karen Kerrigan, President & CEO
Friday, March 18, 2011
Will Tax Reform “Talk” Turn to Action
U.S. tax rates are uncompetitive. President Obama has acknowledged such, and a team at the U.S. Treasury Department is working on “business tax reform” with a focus on lowering corporate taxes. Key leaders in both political parties seem to want to address our nation’s high corporate tax rate.
This week, I met with key officials at Treasury charged with undertaking this project. Clearly, I noted, the U.S. needs to lower the corporate tax rate in order to stay competitive. However, government leaders cannot forget about small business owners as they look to lower corporate rates, I added. After all, most small businesses are not structured as corporations so it is just as important for our elected officials to be talking about lowering rates for all entrepreneurs and firms.
This week, House Ways and Means Chairman Dave Camp (R-MI) stated he wants to cut the top individual and corporate tax rates to 25 percent. Chairman Camp would eliminate deductions and simplify the system -- an approach long supported by small businesses, given the outrageous complexity (not to add the instability) of our nation’s tax system.
(Read SBE Council Chief Economist Raymond Keating’s Cybercolumn on this topic by clicking here.)
Of course, efforts to reform the tax system have come and gone. Commissions have been appointed; recommendations made, and then shelved. Is it different this time?
Reforming the tax system will take leadership, and hopefully someone with the passion and energy to tackle this critical initiative will step forward.
Karen Kerrigan, President & CEO
This week, I met with key officials at Treasury charged with undertaking this project. Clearly, I noted, the U.S. needs to lower the corporate tax rate in order to stay competitive. However, government leaders cannot forget about small business owners as they look to lower corporate rates, I added. After all, most small businesses are not structured as corporations so it is just as important for our elected officials to be talking about lowering rates for all entrepreneurs and firms.
This week, House Ways and Means Chairman Dave Camp (R-MI) stated he wants to cut the top individual and corporate tax rates to 25 percent. Chairman Camp would eliminate deductions and simplify the system -- an approach long supported by small businesses, given the outrageous complexity (not to add the instability) of our nation’s tax system.
(Read SBE Council Chief Economist Raymond Keating’s Cybercolumn on this topic by clicking here.)
Of course, efforts to reform the tax system have come and gone. Commissions have been appointed; recommendations made, and then shelved. Is it different this time?
Reforming the tax system will take leadership, and hopefully someone with the passion and energy to tackle this critical initiative will step forward.
Karen Kerrigan, President & CEO
Thursday, March 17, 2011
Congress can prevent energy prices from soaring higher
High gas prices have the potential to undermine the economic recovery. Rising fuel prices affect just about everything, and small business owners do not need more worries about higher business costs, and slower demand due to consumer concerns over high gas prices. With more of their resources going to pay for higher fuel and business costs, small business owners have less capital to add jobs. Certainly, Washington should be focused on making sure prices remain stable and affordable.
SBE Council is supporting the "Energy Tax Prevention Act of 2011" (H.R. 910), and we are asking all U.S. House members to do the same. H.R. 910 will stop the EPA from implementing an intrusive and misguided regulatory initiative that will only drive energy costs higher.
The legislation has been approved by the House Energy and Commerce Committee, and we are hopeful H.R. 910 will reach the floor for a full vote in the near future. This important bill will address clear overreach by the EPA with respect to the regulation of greenhouse gases. Essentially, H.R. 910 nullifies this costly EPA regulation.
If the regulatory initiative on greenhouse gases moves forward, energy prices will continue to move higher undermining U.S. economic competitiveness. Small businesses will be disproportionately impacted by EPA's regulation, as our ability to compete will be permanently impaired.
As SBE Council wrote in a letter that was distributed to every House member on March 16, 2011:
"The EPA has worked to circumvent Congress in order to regulate greenhouse gas emissions, including CO2. The 1970 Clean Air Act bestowed no such powers on the EPA, and it was never intended to cover greenhouse gases, such as CO2, and climate issues. The title of H.R. 910 - the 'Energy Tax Prevention Act' - is right on target, as the EPA's greenhouse gas regulation would be a de facto tax on energy consumption and, therefore, on most economic activities. After all, the means for reducing CO2 emissions mainly are raising the cost of carbon-based fuels (in an attempt to push energy consumption to other higher cost forms of energy), reducing the number of emitting entities, such as manufacturing facilities, imposing costly mandates on vehicle and stationary sources of emissions, and/or slowing or reducing the overall pace of economic activity and production."
As we noted in the House letter, the Small Business Administration's Office of Advocacy contradicted the EPA's assessment regarding the impact on small businesses. That is, the EPA reported that the regulation would not impact small entities where clearly it will. In a December 2009 letter, Advocacy pointed out: "EPA has certified that the GHG Tailoring Rule, along with two interrelated rules that will result in the federal regulation of greenhouse gases for the first time, will not have a significant economic impact upon a substantial number of small entities. We disagree." It was added later that "it is clear that EPA's Clean Air Act greenhouse gas rules will significantly affect a large number of small entities."
H.R. 910 would stop a gross overreach by the EPA, and avoid the imposition of massive costs on America's job-creating small businesses. The U.S. Senate may also be poised to act on similar legislation through an amendment offered by Senator Mitch McConnell (R-KY) to a small business bill that is currently being debated. As of this writing, that amendment may be taken up following the congressional recess (which is next week).
President Obama is defending the EPA and lashed out at efforts to halt this unprecedented regulation. As SBE Council has noted in our communications with the Hill and the Administration, EPA is overstepping its authority and the issue of how to deal with greenhouse gas emissions should be left up to Congress -- not unelected bureaucrats whose actions will severely damage our economy, and the ability of our businesses to create/sustain jobs and compete in the global marketplace.
Karen Kerrigan, President & CEO
SBE Council is supporting the "Energy Tax Prevention Act of 2011" (H.R. 910), and we are asking all U.S. House members to do the same. H.R. 910 will stop the EPA from implementing an intrusive and misguided regulatory initiative that will only drive energy costs higher.
The legislation has been approved by the House Energy and Commerce Committee, and we are hopeful H.R. 910 will reach the floor for a full vote in the near future. This important bill will address clear overreach by the EPA with respect to the regulation of greenhouse gases. Essentially, H.R. 910 nullifies this costly EPA regulation.
If the regulatory initiative on greenhouse gases moves forward, energy prices will continue to move higher undermining U.S. economic competitiveness. Small businesses will be disproportionately impacted by EPA's regulation, as our ability to compete will be permanently impaired.
As SBE Council wrote in a letter that was distributed to every House member on March 16, 2011:
"The EPA has worked to circumvent Congress in order to regulate greenhouse gas emissions, including CO2. The 1970 Clean Air Act bestowed no such powers on the EPA, and it was never intended to cover greenhouse gases, such as CO2, and climate issues. The title of H.R. 910 - the 'Energy Tax Prevention Act' - is right on target, as the EPA's greenhouse gas regulation would be a de facto tax on energy consumption and, therefore, on most economic activities. After all, the means for reducing CO2 emissions mainly are raising the cost of carbon-based fuels (in an attempt to push energy consumption to other higher cost forms of energy), reducing the number of emitting entities, such as manufacturing facilities, imposing costly mandates on vehicle and stationary sources of emissions, and/or slowing or reducing the overall pace of economic activity and production."
As we noted in the House letter, the Small Business Administration's Office of Advocacy contradicted the EPA's assessment regarding the impact on small businesses. That is, the EPA reported that the regulation would not impact small entities where clearly it will. In a December 2009 letter, Advocacy pointed out: "EPA has certified that the GHG Tailoring Rule, along with two interrelated rules that will result in the federal regulation of greenhouse gases for the first time, will not have a significant economic impact upon a substantial number of small entities. We disagree." It was added later that "it is clear that EPA's Clean Air Act greenhouse gas rules will significantly affect a large number of small entities."
H.R. 910 would stop a gross overreach by the EPA, and avoid the imposition of massive costs on America's job-creating small businesses. The U.S. Senate may also be poised to act on similar legislation through an amendment offered by Senator Mitch McConnell (R-KY) to a small business bill that is currently being debated. As of this writing, that amendment may be taken up following the congressional recess (which is next week).
President Obama is defending the EPA and lashed out at efforts to halt this unprecedented regulation. As SBE Council has noted in our communications with the Hill and the Administration, EPA is overstepping its authority and the issue of how to deal with greenhouse gas emissions should be left up to Congress -- not unelected bureaucrats whose actions will severely damage our economy, and the ability of our businesses to create/sustain jobs and compete in the global marketplace.
Karen Kerrigan, President & CEO
Wednesday, March 09, 2011
A Petition to Help Small Businesses and Start-Ups Gain Access to Capital
Tell the SEC: Change the 78-year old laws that restrict small businesses/startups from crowd-funding capital!
SBE Council member Woodie Neiss, a successful and passionate entrepreneur, is working to modernize antiquated Security and Exchange Commission (SEC) rules that have become a barrier to investment in America’s small businesses. Woodie and I have met with various policy leaders, regulators and Capitol Hill staff in an effort to reform these regulations so that entrepreneurs can widen their pool of prospective investors who may want to provide capital for their businesses, or business ideas.
A petition calling upon the SEC to change these outdated laws has just gone live. By visiting the petition website, you can join the hundreds who have already signed the petition and learn about the specific recommendations we are making to remove these artificial barriers to capital access.
Please click here to sign the petition and join our efforts!
Karen Kerrigan, President & CEO
SBE Council member Woodie Neiss, a successful and passionate entrepreneur, is working to modernize antiquated Security and Exchange Commission (SEC) rules that have become a barrier to investment in America’s small businesses. Woodie and I have met with various policy leaders, regulators and Capitol Hill staff in an effort to reform these regulations so that entrepreneurs can widen their pool of prospective investors who may want to provide capital for their businesses, or business ideas.
A petition calling upon the SEC to change these outdated laws has just gone live. By visiting the petition website, you can join the hundreds who have already signed the petition and learn about the specific recommendations we are making to remove these artificial barriers to capital access.
Please click here to sign the petition and join our efforts!
Karen Kerrigan, President & CEO
Tuesday, February 22, 2011
Oil Sands in Canada and the U.S. Petroleum Imports
When talking about U.S. oil imports, attention inevitably turns to the Middle East. And why not? Of the top 15 oil producers in 2009, six nations were in the Middle East or North Africa, including Saudi Arabia, the world’s second largest producer, and Iran, the fourth.
By the way, number one was Russia, and the U.S. was number three.
But from where do U.S. oil imports come? The top two sources are Canada and Mexico, followed by Saudi Arabia, Venezuela and Nigeria. That’s right, just one nation among the top five that export oil to the U.S. is in the Middle East. In fact, our oil imports from Canada not only are nearly double the level of imports from Saudi Arabia, but we import more oil from Canada than from all Persian Gulf nations.
While oil is priced in a global market, if concerned about the stability of where the U.S. gets its oil, then it should be very good news that our neighbor to the north is our number one source.
The news gets better considering investments that TransCanada is looking to make in its Keystone pipeline.
The Keystone pipeline reaches from Alberta, Canada, to Cushing, Oklahoma. The proposed next phase of the pipeline would extend to Port Arthur, Texas, on the Gulf Coast. According to various reports, the system’s capacity would be boosted from 590,000 barrels of oil per day to 1.1 million.
The American Petroleum Institute (API) noted: “TransCanada estimates that this project will create 13,000 organized labor jobs and hundreds of thousands of additional jobs… More than 342,000 new U.S. jobs are likely to be created between 2011 and 2015 because of Canadian oil sands development, according to a study by the Canadian Energy Research Institute.”
Investment, jobs and energy from a reliable friend – that’s a win-win-win. It certainly would be a plus for U.S. entrepreneurs, small businesses and consumers who need affordable, reliable energy to run their enterprises and homes.
Of course, though, various environmental activists, along with their political allies, oppose the project.
Extending the pipeline was projected to cost $12 billion, though that was recently increased to $13 billion given the U.S. regulatory delays.
This is a serious test for the Obama administration, specifically, the State Department. Will clear U.S. benefits in terms of boosting the supply of reliable energy win out, or will it fall to the wishes of special interests that oppose any and all efforts to expand the supply of fossil-fuel-based energy?
By the way, as questions swirl and the U.S. delays, The Wall Street Journal reported on February 4, “If the U.S. keeps blocking attempts to ship Canadian crude southward, Canada will supply China through a West Coast pipeline instead, analysts say.”
Let’s hope the Obama administration gets this one right. A decision is expected from the State Department before mid-year.
Posted by: Raymond J. Keating, Chief Economist, Small Business & Entrepreneurship Council.
By the way, number one was Russia, and the U.S. was number three.
But from where do U.S. oil imports come? The top two sources are Canada and Mexico, followed by Saudi Arabia, Venezuela and Nigeria. That’s right, just one nation among the top five that export oil to the U.S. is in the Middle East. In fact, our oil imports from Canada not only are nearly double the level of imports from Saudi Arabia, but we import more oil from Canada than from all Persian Gulf nations.
While oil is priced in a global market, if concerned about the stability of where the U.S. gets its oil, then it should be very good news that our neighbor to the north is our number one source.
The news gets better considering investments that TransCanada is looking to make in its Keystone pipeline.
The Keystone pipeline reaches from Alberta, Canada, to Cushing, Oklahoma. The proposed next phase of the pipeline would extend to Port Arthur, Texas, on the Gulf Coast. According to various reports, the system’s capacity would be boosted from 590,000 barrels of oil per day to 1.1 million.
The American Petroleum Institute (API) noted: “TransCanada estimates that this project will create 13,000 organized labor jobs and hundreds of thousands of additional jobs… More than 342,000 new U.S. jobs are likely to be created between 2011 and 2015 because of Canadian oil sands development, according to a study by the Canadian Energy Research Institute.”
Investment, jobs and energy from a reliable friend – that’s a win-win-win. It certainly would be a plus for U.S. entrepreneurs, small businesses and consumers who need affordable, reliable energy to run their enterprises and homes.
Of course, though, various environmental activists, along with their political allies, oppose the project.
Extending the pipeline was projected to cost $12 billion, though that was recently increased to $13 billion given the U.S. regulatory delays.
This is a serious test for the Obama administration, specifically, the State Department. Will clear U.S. benefits in terms of boosting the supply of reliable energy win out, or will it fall to the wishes of special interests that oppose any and all efforts to expand the supply of fossil-fuel-based energy?
By the way, as questions swirl and the U.S. delays, The Wall Street Journal reported on February 4, “If the U.S. keeps blocking attempts to ship Canadian crude southward, Canada will supply China through a West Coast pipeline instead, analysts say.”
Let’s hope the Obama administration gets this one right. A decision is expected from the State Department before mid-year.
Posted by: Raymond J. Keating, Chief Economist, Small Business & Entrepreneurship Council.
Subscribe to:
Posts (Atom)