A week ago, before the full magnitude of Hurricane Harvey could fully be felt, U.S. Congressman Roger Williams (R-Austin) discussed three ways the federal government can jumpstart America from a business perspective. Created by the Greater Austin Chamber, the Pulse on Policy event was the third of a series of policy discussions lead by local, state, and federal law makers. The event, sponsored by AT&T, was held in the Lower River Colorado Authority Board Room.

Below are the main takeaways from the event.

Jumpstarting America through tax reform
For four years, Congressman Williams has introduced legislation to the U.S. House that could benefit small business owners through improved tax reform.

“Candidly I was talking about tax reform when it wasn’t cool. Now it’s cool. Everybody is talking about it,” said Congressman Williams. “The biggest asset we have is mainstream, it's small businesses, it is Americans. So Jumpstart America is a plan to cashflow our country.”

Jump Start America Act of 2017, would amend the Internal Revenue Code (IRS) with respect to several corporate and individual tax policies. The seven policies include cutting personal tax brackets to 20 and 30 percent, lowering corporate tax rates to 20 percent, permanent repatriation, payroll tax cuts, reduction of capital gains and dividends tax, elimination of the inheritance tax, bonus depreciation, and Last in First out (LIFO) accounting measures.

Financial CHOICE Act
Everyone has a choice and Congressman Williams believes that the United States House of Representatives has a simple decision to make when faced with deciding the future of the Dodd-Frank Wall Street Reform and Consumer Protection Act. His solution: the Financial CHOICE Act.

The proposal would require congressional authorization for any Consumer Financial Protection Bureau (CFPB) ruling that would have an economic impact of $100 million or greater. Currently, the Dodd-Frank Wall Street Reform costs small businesses (including local banks) more than $45 billion dollars to meet compliance measures. For many small businesses, meeting these standards is hard and causes budget cuts to gather the needed resources. The Financial CHOICE Act would strengthen the financial regulatory system and could help boost the American economy.

The Financial CHOICE ACT, also known as H.R. 10, has passed the U.S. House. Congressman Williams was one of the 233 votes that voted in favor of the policy. The legislation is now being considered in the Committee on Banking, Housing, and Urban Affairs in the U.S. Senate. If passed, the bill will be sent to the President to become law.

Addressing the elephant in the room
Beginning September 5, federal lawmakers will start meaningful conversations on one of the most important issues on the Capitol—the debt ceiling.

“A lot of people don’t talk about it. A lot of people don’t understand it. But it’s the debt,” said Congressman Williams. “We got a $20 trillion debt. This is the most dangerous thing we can have in the country. We are out of control on spending.”

The Senate and House will have 12 legislative days to reach an agreement before the September 29 deadline—the day the Treasury Department will no longer be able to pay all of the government’s bills.

“I believe that less government is the best government. I believe in the people more than I do anything else,” said Congressman Williams. “I want the government to do three things: Collect my taxes, defend my borders, and build infrastructure. That’s what we should never shy away from. That should be our goal.”

Congressman Williams serves Tarrant County to Hays County, the Texas Hill country, and Austin. Prior to this role, he was appointed by Governor Rick Perry to serve as Texas Secretary of State where he worked to ensure the uniform application and interpretation of election laws throughout the state.

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