It’s time for Congress to get back to work, but does its agenda fall in line with small business interests?
Congress is back in session as of Sept. 6, but it may take a while before small business owners’ concerns are heard.
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Lawmakers’ focus will likely be on the presidential race and other elections during this time, potentially thwarting small businesses hoping to see corrective action on issues including tax reform and healthcare. Starting Nov. 14, Congress has four scheduled weeks of work in a lame duck session. However, what Congress can accomplish may depend on the outcome of the presidential election as well as who is controlling the House and the Senate.
Here’s an overview of what’s on the agenda for Congress and what small business owners want on the docket.
1. Health Reimbursement Arrangements
A bill with support from both parties, and which already passed the House, involves legislation that allows small business owners to offer employees Health Reimbursement Arrangements, or company-funded savings accounts that workers can use to pay medical bills.
2. Online Crowdfunding Investment
Another House-approved bill with bipartisan support would increase the total that a company can raise from individual investors from $1 million to $5 million. The bill also would allow a fund known as a special-purpose vehicle or single-purpose vehicle to buy shares on behalf of a group of individual investors.
3. Small Business Innovation Research Program
The National Small Business Association is hoping to get the Small Business Innovation Research program reauthorized by Congress. Under the program, companies can participate in projects to develop technology products for the government. The program must be authorized by 2017 in order to continue funding projects.
4. Export-Import Bank Nominee
NSBA also wants Congress to approve Mark McWatters’ nomination to the board of directors of the Export-Import Bank, an agency that makes and guarantees loans for U.S. companies to export goods. Nominated by Pres. Barack Obama, McWatters previously held a variety of federal and Texas state government positions, but his nomination has stalled in the Senate Banking Committee.
5. Federal Regulations
According to spokesman Jack Mozloom, NFIB wants lawmakers to amend federal regulations, including the new overtime rule taking effect Dec. 1 that will require an estimated 4.2 million workers to be given overtime pay.
*Note: This news coverage does not necessarily represent the advocacy agenda of NFIB.
