Congressman Allen West – Legislative Update 11/7/11


Legislative Update:

Improving Small Business Capital Formation — On Thursday, the House approved H.R. 2930, the Entrepreneur Access to Capital Act, by a vote of 407-17, I VOTED YES. The bill would remove SEC restrictions on “crowdfunding” so entrepreneurs can raise capital from a large pool of small investors who may or may not be considered “accredited” by the SEC. H.R. 2930 would permit “crowdfunding” to finance new businesses by allowing companies to accept and pool donations up to $5 million without having to register with the SEC.

Also on Thursday, the House approved H.R. 2940, the Access to Capital for Job Creators Act, by a vote of 413-11, I VOTED YES. The bill would remove the regulatory ban that prevents small, privately held companies from using advertisements to solicit investors—a Depression-era regulation that unnecessarily limits the pool of investors and severely restricts the ability of small companies to raise capital. Both of these bills would change and update Securities and Exchange Commission (SEC) regulations to promote, rather than hinder, small business access to equity financing—a key mechanism for business expansion in light of tightened lending standards which make a commercial bank loan an increasingly difficult option.

*These are two more bipartisan pieces of legislation, which are part of the GOP Plan for American Job Creators that join over 15 other pieces of legislation sitting on Majority Leader Harry Reid’s desk.

Highlights of the Week:

Monday, 31 October, Happy Halloween, flew back to Washington and welcomed the Fort Lauderdale Chamber Fly-In with a fireside chat at the Wasie Foundation.

Tuesday, 1 November, Gave opening remarks to Fort Lauderdale Chamber and introduced Israeli Ambassador Oren at National Press Club, participated in House Armed Services Committee Panel on Department of Defense business, attended members-only classified briefing on national security with Security of Defense and Chairman of the Joint Chiefs of Staff, attended Fort Lauderdale Chamber reception at Florida House, introduced Senator Bill Nelson and Congressman Ted Deutch.

Wednesday, 2 November, meeting with former Congressman Barry Goldwater Jr, welcome remarks to Fort Lauderdale Chamber on Capitol Hill Day, signed Holiday Mail for Heroes cards sponsored by American Red Cross, attended House Armed Services Committee full hearing on Defense sequestration with Chiefs of Army, Navy, Air Force, and Commandant of the Marines, lunch with members of the Afghanistan National Assembly, spoke to them about developing a plan for their nation, participated in a special GOP Members meeting on deficit and appropriations, attended Fort Lauderdale Chamber reception at home of Chilean Ambassador – trade and visa policies dominated the conversation.

Thursday, 3 November, gave closing remarks for Fort Lauderdale Chamber visit and introduced United States Secretary of Labor Chao, participated in House Armed Services Committee subcommittee hearing on Irregular Warfare capabilities, received phone call from Federal Aviation Administrator J. Randolph Babbitt regarding an issue I have been working on with Nova Southeastern University, taped remarks for Veterans Committee video for Veteran’s Day release.

Friday, 4 November, recorded weekly video address, interviewed by former alumnus of The Benjamin School (North Palm Beach, FL) and current George Washington University student, Cory Weinberg, for a student assignment, took picture with The Benjamin School students on East Capitol steps, flew back to South Florida after final votes.

– Saturday, 5 November, attended the 4th ANGLICO Marine Corps Birthday Ball reception, attended the Take Flight Award Gala for the homeless Veterans Home known as Stand Down house.

-Sunday, 6 November, church, family and football day!



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