FRANKFORT, Ky. – State Rep. Chris Harris presented details of his proposed Kentucky Rural Jobs Act before the Kentucky General Assembly’s recent meeting of the Subcommittee on Economic Development Task Force at Shelby Valley High School in Pike County.
Rep. Harris, D-Pike County, told legislators gathered for the September 15th meeting that he will introduce legislation to encourage more access to investment capital for outside investors, entrepreneurs and business owners in the state’s rural areas during the 2017 session of the Kentucky General Assembly.
“It’s critical that we encourage investment in struggling areas of our state, especially here in Eastern Kentucky where the decline in the coal industry has led to staggering job losses, “Rep. Harris said. “The Kentucky Rural Jobs Act focuses on job creation and retention by promoting increased access to capital in 107 of the Commonwealth’s 120 counties, from the coal fields of Eastern Kentucky to the corn fields of Western Kentucky.”
Since the passage of the Dodd-Frank Act in 2010, federal banking regulations intended to reign in big banks and reform the financial industry to protect consumers have had a crippling effect on smaller community banks which historically offered financing opportunities in our rural areas. Community banks across the nation have been forced to sell to larger banks, merge or simply close their doors because they are simply unable to meet the stringent regulatory compliance requirements contained in Dodd-Frank.
The Kentucky Rural Jobs Act will raise pools of affordable capital for small business that are not project specific. It also includes provisions that follow an established federal certification process and relies on private sector decision-making for choosing investments. Rep. Harris said the legislation will include important safeguards to ensure that the funds invested will result in job creation and a positive economic impact.
“As the legislation continues to take form, I want to ensure that it not only increases access to capital, but allows us to promote Kentucky’s greatest natural resource – our people,” Rep. Harris said.
Rep. Harris represents the state’s 93rd House District in Pike and Martin Counties.Constituents with questions or concerns can contact Rep. Harris by calling the Legislative Message Line toll-free at 1-800-372-7181.