Dodd bill will increase burden on NH start-ups seeking investment,
stifling innovation and job creation
MANCHESTER – Today, Rich Ashooh, Republican candidate in New Hampshire’s First Congressional District, raised concerns about the impact of the Democrats’ proposed financial regulation bill moving its way through Congress. The Bedford businessman warned that the bill will further burden the state’s small business economy and stunt job growth.
“The Democrats’ proposed financial regulation bill is a direct assault on New Hampshire’s small business economy,” said Ashooh. “Our state is known for its innovative and successful start-ups, but this legislation will stifle innovation and investment in small business, killing even more jobs.”
Ashooh referred to a provision in the bill sponsored by Sen. Chris Dodd (D-CT) that would make it more difficult for start-up companies to attract investment and raise important seed capital. (http://bit.ly/9RaawC) The Dodd bill targets so-called “angel” investors that provide capital to companies too small to attract venture capital. Ashooh, a former executive with a New Hampshire manufacturer, explained that the new regulations could disqualify more than two-thirds of current angel investors and create several new layers of regulation for small businesses in need of start-up capital.
“Small, start-up companies which typically turn to angel investors play a significant role in our economy, generating proportionately more jobs. But, this legislation holds hostage the investment needed to spur innovation and increase private sector job growth. The Democrats in Congress – most of which have no business experience to speak of – obviously don’t recognize the enormous problems this bill will create for small companies in New Hampshire and across the country.
“I’ve spent my career working in business and promoting an economic climate that allows private enterprise to successfully invest, innovate, compete and grow. And, in my campaign and in Congress, I will oppose onerous measures such as this one that will hurt New Hampshire’s small, start-ups like those residing in Manchester’s Amoskeag Business Incubator or the Tech Village in Conway.”