WASHINGTON (WHTC-AM/FM) – It’s not often that any piece of legislation is unanimously approved on Capitol Hill.
Such was the case yesterday when nary a nay was registered as the House approved the Small Business Mergers, Acquisitions, Sales and Brokerage Simplification Act, sponsored by Zeeland Republican Bill Huizenga, who claims that an estimated 10 trillion dollars is at stake. “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,” he said on the House floor before the 426-0 vote in favor of the bill’s package. “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. 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.”
The measure now goes to the Senate for consideration.
