WASHINGTON, D.C. - Tuesday, Congressman John Rose's bill supporting rural small businesses secured final passage in the House with an overwhelming 413 votes in support. The legislation allows entrepreneurs in rural communities to receive the same capital formation technical assistance available to many other small businesses across the state and nation.
"I have met folks in every county of the Sixth District who operate and work for rural small businesses, and I can attest that they are some of the hardest working people in our state and nation," said Congressman Rose. "The workforces in our rural communities depend on the job opportunities provided by entrepreneurs who take great risks in their innovation. Family businesses and local companies in rural communities are often forgotten, but their capital formation challenges deserve the same attention we give any other small business."
The majority of the Sixth District's 19 counties are rural, with three categorized as "economically distressed counties."
Congressman Rose's legislation, H.R.2409, adds rural small businesses to the mission of the Office of the Advocate for Small Business Capital Formation and will require the U.S. Securities and Exchange Commission to consider any adverse effects of regulations on rural small businesses.
The bill was introduced on April 30, 2019, and passed out of the House Financial Services Committee on May 8, 2019. It passed the House of Representatives on Tuesday, July 9, 2019. Congressman Rose introduced the legislation with Reps. Cynthia Axne (IA-3), Alex Mooney (WV-2), Nydia Velázquez (NY-7), Chris Pappas (NH-1), and Denver Riggleman (VA-5). The Senate companion bill was introduced by Senators John Kennedy (R-LA) and Doug Jones (D-AL).
Congressman John Rose represents Tennessee's Sixth Congressional District and resides in Cookeville with his wife, Chelsea, and their son, Guy. The Sixth District includes Cannon, Clay, Coffee, Cumberland, DeKalb, Fentress, Jackson, Macon, Overton, Pickett, Putnam, Robertson, Smith, Sumner, Trousdale, White, and Wilson counties as well as portions of Cheatham and Van Buren counties.