Jeb Hensarling

Mr. HENSARLING

Mr. HENSARLING. Mr. Chairman, I yield 1 minute to the gentleman from New Jersey, the chairman of the Capital Markets Subcommittee, Mr. Garrett.

Mr. HENSARLING. Mr. Chairman, how much time do I have remaining?

Mr. HENSARLING. In that case, I yield 1 minute to the gentleman from Tennessee (Mr. Fincher).

Mr. HENSARLING. Yes, the gentlelady was very perceptive in her hearing. I was contemplating the answers that the gentlelady gave. At this time, I do not intend to oppose the amendment.

Mr. HENSARLING. I yield back the balance of my time.

Mr. HENSARLING. Madam Chair, I now yield 2 minutes to the gentleman from Virginia (Mr. Hurt).

Mr. HENSARLING. I yield myself 10 seconds simply to respond to my friend that we have tried the President's jobs bill, the stimulus, the health care package, Dodd-Frank; and yet we still have the highest duration of 8 percent-plus unemployment since the Great Depression. Here's at least a bipartisan bill we can work on, and I look forward to that today. At this point, I will yield 2 minutes to the gentleman from New Jersey (Mr. Garrett), the chairman of the Capital Markets Subcommittee.

Mr. HENSARLING. If the time of the gentleman from Connecticut has expired, in that case, Mr. Chairman, I will yield the remainder of the time to the gentleman from Tennessee (Mr. Fincher).

Mr. HENSARLING. Is the gentlelady yielding?

Mr. HENSARLING. Mr. Chairman, I yield myself 3 minutes. Mr. Chairman, it is clear that jobs and the economy are issue number one for our constituents. Many of them don't see the recovery. Even though professional economists may see it, it is clearly the slowest and weakest recovery in the postwar era. We still have now 3 full years of 8-plus percent unemployment, half of our population now being classified as either low income or in poverty. Again, our constituents are demanding jobs. Public policy makes a difference. Republicans have many disagreements with our President over public policy. We disagree with the $11 trillion of additional debt that he has put into his budget. We disagree with the $1.9 trillion in new job-killing tax increases he wants to impose, much of it on small businesses. We disagree--we believe the Keystone pipeline, with its 20,000 shovel-ready jobs, should be approved. We believe these policies harm job growth and the economy. But, Mr. Chairman, we have a rare occasion today, and that is there is something that we do agree on. We have found an opportunity to work on a bipartisan basis, on common ground, with the President of the United States. The President said: It is time to cut away the redtape that prevents too many rapidly growing start-up companies from raising capital and going public. House Republicans agree, and thus we are happy to bring to the floor, on a bipartisan basis, the JOBS Act. The President has issued his Statement of Administration Policy endorsing this legislation. Again, a rare occurrence, and I believe it's something that our constituents would like to see us do. They want to see us stand on principle, but they also want to see us compromise on policies to advance those principles. And so this is a bill that will give these emerging growth companies--again, perhaps the future Googles, perhaps the future Apples, the future Home Depots and the future Starbucks--that opportunity to begin to access equity capital where the hurdles, the redtape, and the cost burdens have been too high. We know that, of many of the root causes of the economic debacle we had, clearly this was an economy that was overleveraged. So we in the Congress need to do whatever we can to enable the start-up companies, the job engines of America, to be able to access the equity markets, not just the debt markets. So this is a bill most of which has been previously approved by large majorities either in the Financial Services Committee or on the floor. I want to thank the gentleman from Tennessee (Mr. Fincher) for his leadership, Chairman Bachus, Leader Cantor, and the ranking member, Mr. Frank from Massachusetts. The American people want to see jobs, hope, and opportunity. So let's pass the JOBS Act, and let's pass it now. I reserve the balance of my time.

Mr. HENSARLING. Mr. Chairman, I now would like to yield 2 minutes to the gentleman from Arizona (Mr. Quayle).

Mr. HENSARLING. Madam Chairman, I yield myself 10 seconds to say that the American people care about jobs and economic growth, not a John Grisham novel of intrigue. Either the gentleman, the ranking member, likes the policy--in which case, he can vote for it. If he doesn't like the policy, he can vote against it. The President of the United States apparently supports it. At this time, I yield 3 minutes to the gentleman from Tennessee (Mr. Fincher), the author of the JOBS Act.

Mr. HENSARLING. I yield myself 10 seconds just to say the gentlelady alluded to the gentleman from Massachusetts for bringing something to our attention. What he brought to our attention is that he violated House rules and is prohibited from speaking the rest of the day when the rest of the Chamber wishes to promote jobs for the American people. At this time, I am happy to yield 2 minutes to the gentleman from Illinois (Mr. Dold).

Mr. HENSARLING. Madam Chair, I ask that the gentleman's words be taken down.

Mr. HENSARLING. I yield back the balance of my time.

Mr. HENSARLING. I yield myself as much time as I may consume. Mr. Chairman, again, the people of America care about jobs, they care about economic growth. Although we've had some recent improvement in our monthly unemployment figures, when we add in those who are working part-time who would prefer to be working full-time, and when we add in those who, frankly, have just given up and left the labor force, we know that the true unemployment rate in America is closer to 15.3 percent. We know that the job engine of America is small business. And every big business had to start out as a small business. I respect the gentleman's contribution to the bill. And this is about line drawing. I understand that. I respect his opinion. I know the professional background from which he has come. But I feel like his amendment would take this bill in the complete opposite direction of where we need to take this policy for emerging growth companies. He used the example of Spirit Airlines. I don't have the figure at my fingertips, but I believe their market cap was in excess of what is provided for in the underlying bill, so I believe, again, they would not have qualified for the exemption in the first place. But we want to provide this on-ramp for emerging growth companies, so, again, we can find tomorrow's Google, we can find tomorrow's Apple. And yes, this is drawing some lines in the sand, but it's clearly not a line that seems to be of great concern to the President. We all know that the White House issues the Statement of Administration Policy, and when they have concerns about provisions in a piece of legislation, they have never been shy or reticent to share that with us. As I read the Statement of Administration Policy, the President doesn't seem to have a problem with where that line has been drawn. I would also point out that the companion legislation on the Senate side, S. 1933, introduced by Senator Schumer of New York, Democrat, also has a gross revenue test of $1 billion. And so it appears that the President supports this. Senator Schumer supports this. This is bipartisan support for this $1 billion figure. I think at this particular time in our Nation's history the American people demand we err on the side of creating jobs and economic growth. So, again, I respect the gentleman for his amendment, but I would urge that it be rejected. I reserve the balance of my time.

Mr. HENSARLING. I continue to reserve the balance of my time.

Mr. HENSARLING. Mr. Chair, I claim the time in opposition.

Mr. HENSARLING. I yield back the balance of my time.

Mr. HENSARLING. Mr. Chairman, I would like to encourage the House to support the amendment from the gentleman from North Carolina. I believe it to be very straightforward, very simple, very common sense to ensure that there is an inflation adjustment that is applied to the underlying bill. I think that it's helpful. I urge, again, all Members to adopt it. I reserve the balance of my time.

Mr. HENSARLING

Mr. HENSARLING. Madam Speaker, the President's policies have failed and, indeed, made our economy worse. For three straight years, unemployment has been above 8 percent, and the Congressional Budget Office predicts now that will last through 2014, the worst period of sustained high unemployment since the Great Depression. America has a deficit of jobs because America's job creators have a deficit of confidence in this administration. New business startups are at an almost 17-year low, and that's why House Republicans have a plan for America's job creators that will help ease the President's job- killing policies. Our plan will continue to unfold this week when the House votes on the actual JOBS Act to help small businesses and entrepreneurs access vital equity capital and put Americans back to work. The bill does exactly what the President's own job council recommends. It's time, for once, to work together to pass the bipartisan JOBS Act and give the American people the jobs and recovery they deserve.

Mr. HENSARLING

Mr. HENSARLING. I thank the distinguished chairman of the Budget Committee for yielding and particularly for his leadership in being the number one budget hawk in the House. Mr. Chairman, hopefully by now, all Americans know we have a spending-driven debt crisis. We are now looking at the fourth--fourth-- trillion-dollar deficit in a row. Our debt-to-GDP ratio now exceeds the entire size of our economy for the first time since World War II. Again, we are in the midst of a crisis. We are mortgaging our children's future, we are bankrupting a great nation, and we are hindering jobs and economic growth in this country. I've listened very carefully to friends--close friends--come to the House floor to argue against this bill, and I agree with much of what they say. This is one individual tool in a toolbox. They point out the absence of many more, and they are correct. And it is my hope and my aspiration that this House would take them up. I want to also congratulate the gentleman from Maryland, the ranking member of the House Budget Committee. It's not always easy in these times to work on a bipartisan basis. We had an opportunity to work on the Joint Select Committee, to which he was a positive force. We often disagreed, but he has commanded my respect, and he commands my respect today for his bipartisan work. I do want to congratulate the chairman of the Appropriations Committee and the entirety of his committee. For the first time in my lifetime, under his leadership, discretionary spending will decline 2 years in a row--an incredible achievement. I also want to thank our Speaker, Speaker Boehner, for his leadership on the entire subject of earmarks. Earmarks are not necessarily inherently bad. But, Mr. Chairman, we all know that too often they represented the triumph of seniority over merit and the triumph of local and special interest over national interest. Under the leadership of our Speaker, with a little help from the gentleman from Arizona (Mr. Flake), they are no more. But in a different time, a different era, they may return. This is at least an insurance policy that the one individual who is elected to represent the entirety of the Nation, the President of the United States, can at least put a spotlight on that type of spending and just ask the United States Congress to take that up-or-down vote. It's about transparency, it's about accountability, and it's about a modest tool in a time of debt crisis to help with jobs, economic growth, and the survival of a great nation.

Mr. HENSARLING

Mr. HENSARLING. I thank the gentleman for yielding. I appreciate his leadership, and certainly his leadership as one of the foremost budget hawks in the entire United States Congress. Madam Chair, we just learned that the President will not be a day late and a dollar short with his budget. Instead, he will be a week late and a trillion dollars short on his budget. We also learned from the Congressional Budget Office this will not be his first year, his second year, his third year, but his fourth year to be a trillion dollars short on his budget. Now, Madam Chair, we received a little good news last month: 200,000 of our fellow citizens were able to find work. Unfortunately, 13 million--almost 13 million--remain unemployed, more people are on food stamps than ever before, and half of all Americans are either low- income or in poverty under the policies of this President. It is clear that this President's policies have failed. They have made our economy worse. And because he cannot run on his record, he has regrettably turned to the politics of division and envy. To help the economy, to help create more jobs, Madam Chair, number one, we've got to quit spending money we don't have. And second of all, the American people and job creators have to be able to know that they have a fact-based budget, one that is as honest as the American people themselves. We need fair value accounting. If you're a small business in the Fifth District of Texas and you don't have fair value accounting, you'll probably go broke. Well, the Federal Government doesn't use fair value accounting, and guess what? The Federal Government is broke. That's why we must pass the gentleman from New Jersey's bill, the Budget and Accounting Transparency Act. No more Fannie and Freddies, no more Solyndras. Let's ensure that we account for these costs as part of the Republican plan for America's job creators to give our job creators the confidence they need to hire and grow this economy.

Mr. HENSARLING

Mr. HENSARLING. I thank the gentleman for yielding. I thank him and I thank our Budget Committee chairman for their kind words and their great leadership for fiscal responsibility and job growth. Mr. Chairman, indeed, on Monday, the American people were reminded, yet again, that this President's policies have failed. It was on Monday when the Congressional Budget Office announced that this President is on track to be the first President in American history to produce trillion-dollar deficits every single year that he's in office. Part of what has created these trillion-dollar deficits is the failed stimulus program, which my friends on the other side of the aisle still tout. The gentleman from Georgia is right: because the President can't run for reelection on his failed policies, he has, unfortunately, resorted to the politics of division and envy. But, Mr. Chairman, the American public isn't interested in a division; they're not interested in envy. They are interested in jobs. And in that respect, this President hasn't just failed; he has made our economy worse. Almost 2 million more Americans have lost their jobs under this President's policies. We have the longest sustained period of high unemployment since the Great Depression. One in seven are on food stamps. That's the reason, Mr. Chairman, that House Republicans have a plan for America's job creators. Yesterday, we passed a bill trying to repeal a part of the job-killing health care plan of the President. Well, today is a very modest step. It says, do you know what, before we pass another plan like the President's health care plan, wouldn't it be nice to get that report from CBO that estimated another million of our fellow countrymen might just lose their jobs. Shouldn't we empower Members of Congress with more information? Let's get the jobs that the American people so richly need and deserve. Let's empower Members of Congress to know how these pieces of legislation are going to impact jobs and economic growth. Mr. Chairman, we must pass the Pro-Growth Budgeting Act.

Mr. HENSARLING

Mr. HENSARLING. Madam Chair, it is clear that the President's policies have failed. One in seven now have to rely on food stamps. Half of America now is either classified as low income or in poverty, and millions remain unemployed. Yesterday, the Congressional Budget Office announced one more of the President's failures, and that is, he is on track to deliver his fourth trillion dollar-plus deficit in a row. Somebody needs to tell the President we've got to quit spending money we don't have for jobs we never get. One more failure, Madam Chair, is the President's health care program. Not a week goes by that I don't hear from hardworking, small business people in the Fifth District of Texas. I heard from a furniture businessman in Garland, Texas, who told me: I could start two companies and hire multiple people, but based on this administration and the lack of facts with ObamaCare, I'll continue to sit and wait. I heard from a gentleman who ran a music business in Palestine, Texas: Our business is hampered by the uncertainty of tax policy, regulations, and ObamaCare. I had one in Dallas, Texas, after having to lay off 24 people in the last 2 years, who wrote to me and said: You know what? We're going to have to terminate one more in February due almost entirely to the impact on my business of the health care reform we have. We are stymied. There is no doubt that the President's health care plan is killing jobs. House Republicans have repealed it in its totality. It has been blocked by the President, by Democrats. So if we can't do it in its totality, we'll do it piecemeal. We need to start out by repealing the CLASS Act, which Secretary Sebelius has said is totally unsustainable. Democrat Senate Budget Committee Chairman Kent Conrad called it a Ponzi scheme of the first order. The President's policies have failed. It's time to enact the House Republican Plan for America's Job Creators. It's time to repeal the CLASS Act.