Video archive of the US Congress

Senate Proceeding on Feb 2nd, 2011 :: 3:25:15 to 3:31:10
Total video length: 8 hours 58 minutes Stream Tools: Stream Overview | Edit Time

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Mark Pryor

3:24:54 to 3:25:16( Edit History Discussion )

Mark Pryor: particular -- they may disagree on what the particulars may be. the third thing we also must do is we must focus on the economy and jobs. and this is something we have seen in this country over the last two and a half years. we've gone through a very harsh, very difficult recession. we've seen an unemployment

Mark Pryor

3:25:15 to 3:31:10( Edit History Discussion )
Speech By: Mark Pryor

Mark Pryor

3:25:17 to 3:25:37( Edit History Discussion )

Mark Pryor: number that stays stubbornly high. we've seen a lot of topsy-turvy economic numbers over the last two and a half years. and we, i believe in the congress, in the house and senate and at the white house, we need to set the table for job creation and economic growth in

Mark Pryor

3:25:38 to 3:25:58( Edit History Discussion )

Mark Pryor: this country, and we need to do it in a very smart way. so, mr. president, today i am here to talk about the angel investment tax credit bill that i am introducing. i want to encourage my colleagues to consider reading the bill and consider becoming cosponsors.

Mark Pryor

3:25:59 to 3:26:20( Edit History Discussion )

Mark Pryor: i would love to be working on this over the next few weeks and try to get a broad base of support on this and try to get as much emphasis on this effort right now. i think it's one of many pieces of job-creating legislation that i'm interested in in this congress, but i'd hraof to get

Mark Pryor

3:26:21 to 3:26:41( Edit History Discussion )

Mark Pryor: as -- i'd love to get as many colleagues as possible interested now to look at this to see if this is something we could pass sooner rather than later around here. the angel investment tax credit is modeled after the new market tax credit, and it would provide a 25% federal income tax credit

Mark Pryor

3:26:42 to 3:27:02( Edit History Discussion )

Mark Pryor: for investing in qualified early-stage small businesses. the focus will be on advanced manufacturing, aerospace, biotechnology, clean energy, and transportation. the bill would provide that up to $2 million per year in tax credit-eligible cash equity

Mark Pryor

3:27:03 to 3:27:25( Edit History Discussion )

Mark Pryor: investments could be made. a total of $10 million per small company could be made. and the goal would be that for every dollar we put in, there would be $4 of private-sector stimulus. this really is the private sector getting back on its feet with a little bit of grease

Mark Pryor

3:27:26 to 3:27:46( Edit History Discussion )

Mark Pryor: provided by the government to get things going in the right direction through the tax code. the bill that i've written would authorize $500 million per year for five years for these tax credits. and like i said, the funding would -- or this proposal is expected to stimulate $2 billion

Mark Pryor

3:27:47 to 3:28:08( Edit History Discussion )

Mark Pryor: per year in new capital formation. let me give you one quick example on how this can work. there's a company here, j.b. hunt. all these companies that are on this chart here started with angel investment to get over the hump. what happens is someone will

Mark Pryor

3:28:09 to 3:28:30( Edit History Discussion )

Mark Pryor: have a good idea. they think they can innovate. they think they can produce. they think they can have value in the marketplace. but they can't get the capital in order to get established. they can't quite get over the hump. j.b. hunt company is now a $5

Mark Pryor

3:28:31 to 3:28:52( Edit History Discussion )

Mark Pryor: billion company. it employs 14,500 people and has 400 facilities in 48 states. in 1961, j.b. hunt had an idea, and he went to five poultry company executives with his hat in his hand asking for money.

Mark Pryor

3:28:53 to 3:29:14( Edit History Discussion )

Mark Pryor: they gave him $25,000 in seed money, and that's what he's done with that company throughout the course of his lifetime. there are lots of examples of folks like that. h.p. -- there's a company in arkansas called nanomech and blue in green. many of these companies are

Mark Pryor

3:29:15 to 3:29:35( Edit History Discussion )

Mark Pryor: household names: tpaeub, google, ebay, apple. all of these companies started with angel investment to get them through what they call the valley of death. the valley of death is usually that period where it's gone from the idea stage to the marketplace, and they usually need somewhere between $1 million and $4 million to really get their ideas to market.

Mark Pryor

3:29:36 to 3:29:56( Edit History Discussion )

Mark Pryor: our bill is designed to bridge that gap and cross that valley of death so that we can see a lot of start-up companies come into the marketplace. we're looking for the next j.b. hunt. we're looking for the next apple, next amazon. we're trying to find the next h.p., whoever is out there, who

Mark Pryor

3:29:57 to 3:30:17( Edit History Discussion )

Mark Pryor: has great ideas, who wants to come in and invest. angel investment led to the creation of 250,000 jobs in 2009. 2009 wasn't a great year, but angel investment led to the creation of 250,000 jobs. this represented about 5% of all

Mark Pryor

3:30:18 to 3:30:38( Edit History Discussion )

Mark Pryor: the new jobs in the u.s. so this can have a measurable impact. this can really move the needle in the right direction. i think that the time is now for us to work on this. again, i encourage my colleagues on both sides of the aisle to read the legislation if they're interested. i'd love to visit with you about it.

Mark Pryor

3:30:39 to 3:30:59( Edit History Discussion )

Mark Pryor: i'd love to get the bill moving through the system as quickly as mr. president, with that, i yield the floor. thank you. the presiding officer: the senator from oklahoma is recognized. mr. inhofe: mr. president, there's been some confusion moving around of time, so while i was supposed to be earlier, let me just ask unanimous consent that i be allowed to speak as if in morning business for such time as i would consume.

Mark Pryor

3:31:00 to 3:31:11( Edit History Discussion )

Mark Pryor: the presiding officer: without without objection, so ordered. mr. inhofe: i would say to my friend from arkansas, who just spoke, that i know a little bit about the program you have. in fact, you're fully aware -- the senator is fully aware that

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