U.S. Rep. French Hill (R-AR) on Oct. 31 introduced bipartisan legislation to determine the causes for the ongoing nationwide slump in startup businesses.
“One thing that we know for certain is that small business entrepreneurs and startups are responsible for the majority of new innovation, job creation and economic growth,” said Rep. Hill, who is co-chair of the House Entrepreneurship Caucus. “However, as the rate of new business formation continues to decrease, Congress needs comprehensive answers on how to enact pro-growth policies for a 21st century economy.”
Rep. Hill sponsored the Enhancing Entrepreneurship for the 21st Century Act, H.R. 4960, with original bill cosponsors U.S. Reps. Bill Foster (D-IL), Steve Chabot (R-OH), Stephanie Murphy (D-FL), David Schweikert (R-AZ), and Marc Veasey (D-TX), who are all co-chairs of the Entrepreneurship Caucus.
If enacted, H.R. 4960 would direct the U.S. Commerce Secretary to conduct a comprehensive study into the underlying economic factors driving the decline in rates of entrepreneurship, a situation commonly referred to as the “startup slump.”
Economic research shows that the rate of entrepreneurship in America has decreased in all 50 states, in almost all 360 metropolitan areas examined, and across a wide variety of industries, according to information provided by Rep. Hill’s office.
“As an Arkansas entrepreneur and job creator, I know how difficult it can be to get a business off the ground,” Rep. Hill said. “Working with entrepreneurs, business leaders and economists to identify the root causes of the startup slump is a critical step to unleashing a new generation of small business growth.”
The bill has been referred to the U.S. House Energy and Commerce Committee for consideration.