Helping America’s Job Creators
by Lamar Smith on June 1, 2011 at 9:04 AM
It is no surprise that the majority of Texans say the top issues facing the United States today are the economy, federal spending and unemployment, according to a recent University of Texas/Texas Tribune poll.
House Republicans have been working hard to create an environment for job creation and economic growth. We have passed a responsible budget that reduces our debt and puts our nation on a sound fiscal path.
As Chairman of the Judiciary Committee, I am pleased to be part of this effort and have been working with my colleagues to find ways to help strengthen the economy and create jobs for American workers.
First, the House Republican plan for America’s job creators will help small business owners by reducing the regulatory burdens that they face.
Earlier this year, I introduced the REINS Act, legislation that reins in federal regulators from imposing costly and unnecessary government regulations. It requires Congressional review and approval for any expensive government regulation before it can be implemented. This legislation is a crucial component of our plan to help America’s job creators, as government regulations cost our economy more than $1.75 trillion each year, according to the Small Business Administration.
Job creators across America also told us that tax reform is badly needed. This plan would streamline the tax code and lower the tax rate for businesses and individuals to no more than 25%.
There is one step the United States could take immediately to increase competitiveness for American manufacturers – pass the three pending free trade agreements with Colombia, Panama and South Korea. President Obama has not yet submitted any of these trade agreements to this Congress, even though passing them could create up to 250,000 jobs.
Another way we plan to unleash America’s job creators is to update our patent system. Since our founding, American innovators have played an important role in our nation’s growth and prosperity.
But if we want to foster future creativity, we must do more to encourage today’s innovators. One big obstacle facing innovators today is the time it takes to get a patent approved – an average of three years.
Over one million patent applications are pending. These patents represent future products that create jobs.
Our proposal allows the Patent and Trademark Office to retain the fees it collects so that more examiners can be hired to address the backlog and new products can get to market faster.
We cannot continue to protect the technologies of today with the tools of the past. We need a modernized patent system that keeps pace with ever-changing technology.
The Senate passed similar legislation earlier this year, and the Judiciary Committee recently approved the House proposal with strong bipartisan support. I look forward to getting this legislation passed by the House and then on to the President’s desk.
We must take significant steps today to secure the economic future of our nation. It is an honor to be part of this effort to help our economy recover and create more American jobs.