Hill aims to tackle nation’s startup slump
U.S. Rep. French Hill (R-AR) on Feb. 25 led his colleagues in again launching the bipartisan Entrepreneurship Caucus and introduced a bill to analyze the underlying economic causes of America’s startup slump.
Economic research shows that the rate of startup launches in the United States has fallen to a nearly 40-year low in all 50 states, in 360 metropolitan areas, and across a broad range of industries, according to Rep. Hill’s office.
“As a former entrepreneur myself, I understand the hardships for these businesses, especially in light of the current health crisis,” Rep. Hill said. “The startup slump is a real concern and something I have been working to overcome throughout my time in Congress.”
Rep. Hill sponsored the bipartisan Enhancing Entrepreneurship for the 21st Century Act, H.R. 1345, with six cosponsors, including U.S. Reps. Tom Emmer (R-MN) and Bill Foster (D-IL), to require the U.S. Commerce Secretary to assess and analyze the U.S. decline in the business formation rate, according to the congressional record bill summary.
H.R. 1345 — which is companion legislation to the U.S. Senate version, S. 329, introduced on Feb. 12 by U.S. Sens. Todd Young (R-IN) and Amy Klobuchar (D-MN) — would be the first policy initiative for the Entrepreneurship Caucus during this session of Congress.
“Coupled with the work of the Entrepreneurship Caucus and the reintroduction of my legislation, I look forward to working with my fellow caucus members to find long-term solutions that support our entrepreneurs, identify and address challenges they face, and remove barriers for startups,” said Rep. Hill.
H.R. 1345 has garnered support from the Center for American Entrepreneurship.