Bipartisan legislation introduced by Congressman Mike Fitzpatrick (PA-8) and aimed atencouraging economic growth for small businesses passed the House last week by a 320 - 102 vote. The Promoting Job Creation and Reducing Small Business Burdens Act [H.R. 5405] includes 11 bills which make it easier for small businesses to grow and hire, creating more opportunity for all.

        "American workers and workplaces need legislation that empower them to succeed and create a healthy economy. Too often what comes out of Washington are more regulations, higher taxes and heavier burdens that hold Americans back,"said Fitzpatrick. "This package of bills represents a common sense, bipartisan plan to cut red tape and give businesses the flexibility they need create better jobs and more opportunity. I hope the Senate acts quickly on this legislation in the same bipartisan fashion it passed the House."

        Speaking on the House floor prior to the vote, Fitzpatrick said it was critical leaders of both parties look at this example of bipartisan accomplishment as a playbook for advancing common goals and breaking Washington gridlock.

        "This legislation contains the language of nearly a dozen jobs bills that have either passed the Financial Services Committee or have passed this House with broad bipartisan support," said Fitzpatrick. "There are companies in and around Bucks County, Pennsylvania - the area that I am honored to represent - that have the resources to invest, right now, in small businesses. This bill will allow them to invest more of their resources in advancing American workers instead of spending money complying with needless regulations in Washington."

        The passage of the bipartisan Promoting Job Creation and Reducing Small Business Burdens Act was praised by a number of groups, including the Small Business & Entrepreneurial Council and the Small Business Investor Alliance.

        "The Fitzpatrick jobs legislation reduces duplicative red tape for investors in domestic small businesses," said Steven Hobman of NewSpring Mezzanine Capital located in the Philadelphia region. "Fitzpatrick's bill really targets areas in the law that are filled with unnecessary red tape, and Congress needs to pass these provisions to move capital more freely in our financial system."

        "The Small Business & Entrepreneurship Council strongly supports H.R. 5405, the 'Promoting Job Creation and Reducing Small Business Burdens Act.' Thank you [Congressman Fitzpatrick] for your steadfast leadership on the critical issue of U.S. capital formation and capital access for entrepreneurs and small businesses," said Karen Kerrigan, President & CEO of the SBE Council. "Access to startup and growth capital remains a serious impediment to U.S. business growth and entrepreneurship. H.R. 5405 includes sensible measures that will help streamline reporting for small firms and startups, and removes unnecessary barriers both before and after the capital raising process."

        Fitzpatrick, a member of the Financial Service Committee, has been a tireless advocate for efforts to responsibly reduce burdensome regulation on businesses and create an environment that fosters innovation. Earlier this summer, Fitzpatrick unveiled his Better Jobs, More Opportunity plan - a collection of bipartisan legislation aimed at supporting a healthy economy.