WASHINGTON, D.C. – Congresswoman Jackie Walorski today voted in support of bipartisan legislation to reign in costly government regulations that are hurting small businesses and preventing job creation. The Small Business Capital Access and Job Preservation Act, H.R. 1105, is set to exempt advisers to certain private equity funds from the new registration requirements imposed by the Dodd-Frank Act.
“It is clear that Washington red tape is hindering job growth at home in Indiana and across the country,” said Walorski. “Hoosiers want Congress to work on sensible reforms that will get people back to work and start improving economic growth. I am pleased to support this commonsense bill to allow private equity firms to avoid unnecessary federal regulations that rack up costs and prevent investments in job creation and company growth.”
Indiana is ranked in the top 20 for private equity investment by state, with 35 investments at a value of $8.5 billion. Under current law, investment advisers to private investment funds must register with the Securities and Exchange Commission (SEC). This requires advisers to file reports and maintain records with the SEC, costing critical resources and funds that could be better directed toward productive growth. Passage of this legislation would mitigate this distraction for private equity firms and refocus efforts on job creation and economic growth.