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Dear Friend,

The House of Representatives has been busy at work with a jam-packed calendar to pass much-needed legislation. This includes a variety of resolutions that roll back harmful regulations on individual states and small businesses that ultimately impact the livelihood of American families.

I chaired the Subcommittee on Economic Growth, Tax, and Capital Access for the first time on Thursday, February 16, 2017, and I couldn't be more excited to get back to work for the American people. You can watch the full subcommittee hearing by clicking the picture below:

Helping American Families Save
On February 7th, I introduced H.R. 937, the Universal Savings Account (USA) Act. Nearly half of American families cannot cover an emergency expense of $400 without selling an asset or borrowing. My legislation would allow Americans to open a tax-free savings account and contribute up to $5,500 after-tax each year. An individual could also make withdrawals for any reason at any time. The funds in these accounts could be invested in bonds and equities, and those earnings will grow tax free. Any withdrawal would also be tax-free and could be recontributed to the account. This legislation would help reduce double-taxation when saving, and encourage Americans to save for a rainy day or any of life's unexpected expenses.

Rolling Back Burdensome Regulations
The House passed 13 resolutions over the past few weeks to help return power to the states and provide regulatory relief for small businesses that employ Americans all around the country. These are just a snapshot of the numerous rules and regulations that have been imposed by the Executive Branch under the previous administration. These regulations threaten the United States economy and the American tradition of federalism. I look forward to continue working to pass legislation that spurs economic growth and returns power to the people.

So far, two resolutions have successfully passed in both the House and Senate and have been signed into law:

1. H.J.Res. 38 will help keep thousands of jobs in the energy industry, especially in the Appalachian region where their communities are being crushed by costly regulations. The Stream Protection Rule rewrote more than 400 regulations, threatening one-third of the nation's coal mining workforce. I am proud to cosponsor this legislation that protects American jobs and the United States economy.

2. H.J.Res. 41 will nullify a rule that was issued by the SEC, which requires resource extraction companies to disclose payments in connection to foreign governments. However, this rule did not apply to state-owned companies which account for 75% of the world's oil reserves, putting American companies at a major disadvantage as they try to compete around the world.

President Trump has also put a 60-day freeze on new regulations, withdrew 24 significant rules that were soon to be published, and delayed another 250 rules for further review. The President has also instructed the Director of the Office of Management and Budget to eliminate two regulations for every new regulation as a mechanism to limit executive overreach. He has also required that any associated costs for new regulations must be offset by eliminating prior regulations of equivalent costs. These actions will return the authority to write laws and the power of the purse under Article I of the Constitution to the United States Congress.

Economic Growth
The stock market has taken off since the November election, increasing by over 10%. This in turn has added $2 trillion to Americans' investments. I am optimistic that this economic growth will continue as Congress gets to work on tax reform, which will help American companies compete around the world, and help American families keep their hard-earned money to invest or spend where they see fit.

In Case You Missed It
On February 14th, I hosted a Facebook Live Town Hall. If you were not able to participate, you can still watch the event in its entirety by clicking here.

Contact Me
I am always interested in hearing your thoughts. If you have any comments, questions, or concerns, you can contact me directly by clicking here or by calling my office at (202) 225-2815.

You can also follow me on Twitter, Facebook, or YouTube for updates on my work in Congress.

Thank you,

(signed)

Congressman Dave Brat
                                           
Washington DC Office
1628 Longworth HOB
Washington, DC 20515
Phone: (202) 225-2815
Glen Allen Office
4201 Dominion Blvd, Suite 110
Glen Allen, VA 23060
Phone: (804) 747-4073
Spotsylvania Office
9104 Courthouse Rd. #249
Spotsylvania, VA 22553
Phone: (540) 507-7216
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