Innovation is the key to America’s future. With it our nation can compete against others while still providing good-paying jobs here at home. With it our government can spend more time and money helping Americans who need it most and less time and money supporting a wasteful, ineffective, and outdated bureaucracy.
We’ve already seen the power of innovation in America. Companies like ZeroFOX, a social media security and threat intelligence startup, is helping to revitalize a South Baltimore community. Along with other companies, ZeroFox is creating good-paying jobs while serving as an economic catalyst for the South Baltimore community, which is seeing the benefits of increased economic activity in the form of new construction, restaurants, housing, and more. This community shows that the 21st century economy can lift people up across the country if we let it.
Earlier this year Representative Patrick McHenry (NC-10) and I launched the Innovation Initiative, which is focused on creating a pro-growth environment for innovators changing the way we work, learn, and live for the better. The epicenter for these disruptive changes can be found in Silicon Valley, which is why I joined several of my House colleagues in an educational trip last week to continue to understand how Washington must adapt to these changing times.
We’ve already passed 24 Innovation Initiative bills in the House, and we have five more next week to accelerate private sector innovation and bring greater innovation into government:
- H.R. 5577, the Innovation in Offshore Leasing Act (Garrett Graves), which modernizes the Bureau of Ocean Management’s offshore leasing process through the use of internet-based oil and natural gas lease sales.
- H.R. 5424, the Investment Advisers Modernization Act of 2016 (Hurt), which will reduce the cost of capital from the small private equity firms that are funding many of our startups.
- H.R. 2357, the Accelerating Access to Capital Act (Wagner), which amends a SEC registration form to eliminate unnecessary costs for small private companies. The cost of securities regulation continues to fall heaviest on smaller companies, many of which still having difficulty accessing capital.
- H.R. 4850, the Micro Offering Safe Harbor Act (Emmer), which would give very small businesses and startups more flexibility to raise funds from existing relationships without the added costs of having to register the securities with the Securities and Exchange Commission.
- H.R. 4852, the Private Placement Improvement Act (Garrett), which ensures that small businesses do not face complicated and unnecessary regulatory burdens when attempting to raise capital.
We are going through a fourth industrial revolution. The only way we can make this revolution help communities across America is to embrace the future and embrace innovation.