Congress is preparing to quietly pass HR 1425, the Small Business Innovative Research (SBIR) Reauthorization, which will allow companies owned by Wall Street venture capital firms to grab 45% of the SBIR program a massive and unprecedented multi-billion grab of public dollars.
At the National Institutes of Health (NIH), one of the largest SBIR programs, that will mean $315 Million each year
going directly to companies owned by Wall Street venture capital firms to replace private investment with a new public subsidy
(and paying huge new bonuses as a result). Will Wall Street firms turn around and invest these savings? History tells us NO.
At the same time, this bill will take 3% of the funds meant for small business job creation and instead fund an expansion of government bureaucracy. Rather than follow PROVEN methods of high tech job creation & more efficient use of taxpayer funds, this Congress is supporting ANOTHER Wall Street bailout
and even more government waste
. Why does this matter?
The SBIR was created to fund research that was so innovative or took so long to develop that it simply could not attract private capital a brilliant program launched under President Ronald Reagan that has opened up untold new markets, generated 60,000+ new patents, let American ingenuity solve real problems that led to better and more affordable innovations, plus created and sustained (without continued government support) hundreds of thousands of jobs
. By allowing companies that obviously have access to private capital to raid taxpayer dollars is a slap in the face to the American spirit of entrepreneurship & risk taking that Ronald Reagan sought to inspire. Can we stop yet another taxpayer funded bailout of wall street?
ABSOLUTLY. Every time we sit silently by as Congress sends more and more taxpayer dollars to Wall Street, we tacitly encourage Congress to keep up this abuse of the taxpayers trust. YOU can make a difference by drawing a line in the sand and telling Congress that if they vote for bailouts, you will vote them out
. Contact your Congressman TODAY and urge them to tell the House Small Business Committee to reject taxpayer funded bailouts of Wall Street
and more government waste and keep small business programs supporting small business NOT another multi-billion dollar Wall Street handout! Tell them to reject HR 1425 and start from scratch with a bill that actually works for small business entrepreneurs not against them! Call House Small Business Committee Chairman Sam Graves, (R, MO-6) at 202-225-7041 and tell him NO on HR 1425 and NO to more Wall Street bailouts and more government bureaucracy! You can add comments on our blog at www.WesternPAC.org Please forward this email to everyone you know!