08.30.11

Hoeven Outlines Pro-Growth Economic Strategy at Kiwanis Meeting

MINOT, ND – Senator John Hoeven today provided an overview of his work in Congress to promote pro-business policies, create jobs and grow the nation’s economy during a noontime address to members of the Kiwanis Club of Minot. Hoeven also opened the floor for questions, insights and opinions. 

Hoeven said Washington needs to focus on three areas, which is where he is concentrating his efforts: 

  1. Creating a legal, tax and regulatory climate that promotes business growth and investment, and gets people back to work.
  2. Reining in spending and controlling the national debt.
  3. Developing a comprehensive, pro-growth national energy policy to fuel our economy, reduce dependence on foreign energy, and create good jobs for American workers.  

“We must improve our nation’s legal, tax and regulatory environment so businesses can prosper, create jobs and help lift our nation out of the financial quandary we’re in,” said Hoeven. “We can and will get our nation’s economy back on track if we focus on the kinds of things that create jobs and opportunities for our people.”

BUILDING A STRONG BUSINESS CLIMATE 

To help build a competitive business environment, Hoeven is cosponsoring legislation that will eliminate or modify unwarranted or misguided regulations that are impeding business investment and stifling innovation, including to date: 

  • Small Business Paperwork Mandate Elimination Act ­– Reduces the regulatory burdens on businesses, including eliminating the 1099 reporting requirement in last year’s health care act. This legislation was passed this spring by both houses of Congress.
  • Regulatory Responsibility for Our Economy Act – Gives the force of law to a presidential executive order to review and eliminate regulations that are outmoded or excessively burdensome to restore regulatory certainty to the markets.
  • UAS Airspace Amendment to the Federal Aviation Administration bill – Authorizes the FAA to work with the military to develop national flight standards and concurrent airspace in the National Airspace System for UAS.
  • Senate Resolution on Free Trade – Expresses the intent of the Senate to immediately implement the South Korean, Colombian and Panamanian free trade agreements.
  • FEMA Common Sense and Cost Effectiveness Act – Authorizes FEMA to make temporary levees permanent, thereby saving money and improving flood mitigation. 

REDUCING SPENDING AND DEBT

Federal revenues in 2011 are projected to be $2.2 trillion, while current spending is $3.7 trillion. In order to meet this $1.5 trillion shortfall and other federal debts, Congress borrows 40 cents on every dollar we spend. At the same time, the national debt is growing $4 billion a day.  

“Every dollar used to service the national debt is a dollar that won’t be used to build America’s infrastructure, to keep Social Security solvent, or to reduce taxes on American businesses so that they can create jobs and raise the standard of living for American workers,” Hoeven said. 

Policies Hoeven supports for reducing spending and debt include: 

  • Balanced Budget Amendment – Caps spending and balances the budget, but allows for appropriate exception in times of war.
  • Reduce Unnecessary Spending Act – Provides the President with a line-item veto.
  • Biennial Budgeting and Appropriations Act – Changes Congress’s budgeting process to a two-year cycle.

BUILDING THE RIGHT KIND OF U.S. ENERGY POLICY, STEP BY STEP

North Dakota’s successful comprehensive energy strategy, Empower North Dakota, can serve as a model for the rest of the nation, helping to reduce energy costs and create millions of new jobs for America, Hoeven said. He said no single, sweeping legislation is likely to be passed in Congress. However, North Dakota’s experience illustrates the positive effects that deliberate and cumulative pro-growth policies can have on the industry.

“In North Dakota, we built Empower North Dakota over a decade – piece by piece – and saw firsthand the power of energy development to boost the economy.  Our state alone has realized $12 billion in new energy-related investments since 2005,” he said. “For years, Congress has failed to approve a comprehensive energy policy. With the right energy policy in place, imagine what our nation could accomplish.” 

Hoeven is cosponsoring legislation to help build that kind of national energy policy. Legislation includes: 

  • Defending America’s Affordable Energy and Jobs Act – Empowers Congress, rather than federal agencies, to regulate greenhouse gases.
  • EPA Fair Play Act – Ensures that the EPA can’t rescind a validly issued, previously approved permit.
  • Gas Accessibility and Stabilization Act – Simplifies the nation’s fuel standards and makes more fuel available to American consumers.