Today, Congressman Bill Huizenga (MI-02) released the following statement after the House of Representatives passed H.R. 477, the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017. This legislation passed the House with strong bipartisan support by a vote of 426 to 0.
“Today’s one-size-fits-all regulatory structure treats the sale of a privately owned family business the same as if an investment bank were buying a publicly traded company. The current structure simply doesn’t make sense. This West Michigan inspired solution would significantly reduce the federal regulatory compliance costs, which can initially exceed $150,000 and after that, cost $75,000 annually. With an estimated $10 trillion in privately held small businesses either being sold or closing as more and more baby boomers retire, our regulatory structure should encourage these neighborhood businesses and small companies to be sold to the next generation of entrepreneurs.”
“This small business initiative promotes economic growth and development, strengthens job creation and preservation, and provides immediate and substantial regulatory relief for small business professionals. Business brokerage services are critically important to entrepreneurs who start, build, and eventually want to sell their private companies. In today’s divisive political environment, H.R. 477 demonstrates that Congress can act in a bipartisan manner to strengthen our economy and positively impact the lives of hardworking Americans.”
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