Rep. Trey Hollingsworth
U.S. Rep. Trey Hollingsworth (R-IN), a 35-year-old freshman legislator, wants to serve a second term in Congress to finish the economic advancements he helped start during the most-recent congressional term.
“During the 115thCongress, our focus was finding an answer to this question: How do we unleash the entrepreneurial spirit that has been in the bones of Americans for the last 240 years? How do we enable and empower people to get ahead?” said the congressman, who earned an undergraduate degree from the Wharton School of the University of Pennsylvania
Part of the answer, according to Rep. Hollingsworth, has been the Tax Cuts and Jobs Act, signed into law in December 2017.
As the biggest tax overhaul since the Tax Reform Act of 1986, the new law substantially changed the rates and bases of both individual and corporate income taxes by slashing the maximum corporate income tax rate to 21 percent, permitting a deduction for pass-through income, and revamping international tax rules.
“The legislation we passed will help Americans achieve their goals and build their businesses by easing unnecessary regulatory burdens and increasing access to the capital they need to grow, invest in research and development, and create new jobs,” said Hollingsworth, formerly a small-business owner in the Hoosier State.
In fact, after graduating from Wharton, Rep. Hollingsworth founded Hollingsworth Capital Partners to fund the rebuild and new use of old manufacturing sites, and he created an aluminum remanufacturing company. The Jeffersonville, Ind., resident also holds a Master of Public Policy from Georgetown University in Washington, D.C.
Once the midterm elections are over next month, his plans for the next congressional term include expanding and continuing to grow the economy, the lawmaker said.
“Looking forward, the next step would be to address certainty,” he said. “Businesses make the best decisions when our regulations and tax code are locked in place, so they don’t have to worry about shifting government policies that may put long-term investments at risk.”
Congress, Hollingsworth added, wants companies across America to make long-term investments here at home and “not only because of the talented workforce, but also because we have policies that attract and retain those investments.”
Hollingsworth has been endorsed by the National Rifle Association and the Indiana Chamber of Commerce, according to Votesmart.org, among others.
Rep. Hollingsworth recently discussed his efforts on Capitol Hill to support constituents in Indiana’s 9th Congressional District with The Ripon Advance.
How have you reinvigorated and generated economic growth to benefit Indiana residents and businesses during this term, your first, in Congress?
I have spent my first term as a member of the House Financial Services Committee committed to building policies that create better economic outcomes for Hoosiers. I’ve authored multiple pieces of legislation, both with other Republican members and Democrats across the aisle, aimed at giving small businesses and individuals the tools they need to thrive.
For example, I introduced the Fostering Innovation Actwith Rep. Kyrsten Sinema (D-AZ). This legislation ensures that costly regulations don’t stand in the way of success for biopharmaceutical companies on the cutting edge of scientific and medical research.
The importance of this can be seen right in Indiana’s 9th Congressional District. AB Biotechnologies, a successful biotechnology company in Bloomington, IN, started out in an extra bedroom of the now CEO’s home. As it continues to grow, AB Biotechnologies has felt the negative effects of over-burdensome regulations that hinder innovation. AB Biotechnologies’ founder said the “Fostering Innovation Act eliminates the costly burdens of extensive audits to many of our clients, allowing them to invest further in drug development in Indiana. Ultimately, these savings will be passed on to patients which benefit the community as a whole.”
This is just one example of how government regulations are consistently getting in the way of innovation resulting in loss of opportunity to be able to innovate, to develop new products that make people’s lives better, and to grow the economy. I saw these ill-effects firsthand in my own business experience, which is why I ran for Congress in the first place. We have to get big government out of the way for Americans to pursue their versions of the American Dream.
What are the workforce development challenges in Indiana right now? Comparatively, what are they at the national level? What have you accomplished legislatively this term to help rectify workforce development challenges?
Across the District, whether I’m sitting down with small businesses on Main Street or large manufacturing companies, I hear a common problem from employers: they can’t find enough skilled workers to fill their open jobs.
This is a common problem across the nation, which is why the House has passed legislation to promote and support career and technical education programs, like the Carl Perkins Career and Technical Education Act. This legislation aims to help young people develop the skills needed for high-wage jobs in fields like agriculture, manufacturing, public safety, business, and information technology.
To help address workforce challenges facing Hoosiers, I authored the Developing Responsible Individuals for a Vibrant Economy (DRIVE-Safe) Act. Hoosiers who run businesses in a variety of industries, including trucking, logistics, restaurants, and retail, brought to my attention the rising costs to businesses and consumers of the current truck driver shortage. To address this, I introduced the DRIVE-Safe Act,which provides a training program to young drivers so they can develop their new job into a career in one of the fastest growing industries. Employee shortages are job opportunities lost. The DRIVE-Safe Actis an opportunity to fill the driver shortage gap and offer young Hoosiers entering the workforce a high-paid, high-skilled job training program that will ultimately lead to a better future.
Similarly, how do you think the nation should better promote its small- and medium-sized enterprises and encourage their growth? Why is this an important policy topic for you?
Right now, businesses are growing at an incredible rate, but, like I said before, they can’t find enough people to fill their open jobs. For the first time in American history, the government reported earlier this year that there were more open positions than unemployed persons looking for them; that’s an incredible feat, but it is also a pressing problem. To encourage their growth, we need to focus on the workforce and how we can ensure Americans can find careers that will advance their lives and futures while also reinvigorating American competitiveness around the world.
What do you think is the best way to support creating a regulatory and tax environment that promotes job creation?
I consistently hear from Hoosiers that we need a tax code that enables families to keep more of their hard-earned paychecks and empowers businesses to thrive, grow, create more jobs, and increase paychecks. This is why, last year, I supported the Tax Cuts and Jobs Act. Since the passage of tax reform and President Trump’s focus on rolling back burdensome regulations, the American economy has soared.
Small business optimism is at an all-time high. Consumer confidence is at its highest level in 18 years. Unemployment is at the lowest level in 49 years. At least six million workers have received bonuses, better benefits, or pay increases. Businesses are hiring. Wages and paychecks are up.
To support our thriving economy, the House passed Tax Reform 2.0, which makes these tax cuts for the middle class and small businesses permanent. What businesses need are clear and permanent rules to foster long-term investments that lead to permanent careers for Americans from sea to shining sea.
Based on your business career prior to serving in Congress, what similarities and differences are there when you compare the U.S. government to the private sector? What can the federal bureaucracy learn to do better from the business world?
The biggest difference I have noticed is the pace. In businesses of any size, there is an urgency to solve problems. Every day that you are not solving a program is a day you’re not keeping a customer. In Congress, we need to put the bickering and political infighting aside. We can’t just sit idly by and let our problems grow. We have to solve problems for Americans and get government out of the way so Americans can advance in their lives.
What makes you passionate about these financial services issues?
Serving on the Financial Services Committee is an opportunity to ensure that everyone has a brighter future than past. No matter where you start, you should have the ability to go anywhere you want in life; that’s the core of our shared American narrative. Ensuring financial institutions of all sizes are available to everyone – seniors and students, farmers and fabricators, rural and urban – will help someone buy a first home, send their kids to school, or open the business they have always dreamed of having. I’m honored every day to have the opportunity to make real, positive changes in people’s lives.