On Wednesday, February 22, a small group of middle market executives and stakeholders met with Congressman Tom MacArthur of New Jersey. The Congressman, a former business owner himself, shared a high-level update of activity in Washington, D.C., and provided some insight into the role of the Congressional Caucus for Middle Market Growth, of which he is a Co-Chair. Attendees had the opportunity to share issues that are top-of-mind for their middle market businesses and clients.
One element that resonated throughout the conversation was enhanced visibility to regulations. Executives of middle market companies and those stakeholders who support these businesses have a difficult time executing long-term strategic planning if there isn’t clear visibility around regulatory changes and their status in the long-term. Many middle market companies are not large enough to have capacity or resources in-house to manage ever-changing regulations and would benefit from more simplicity and predictability, not necessarily fewer in number.
Other areas the conversation touched upon include: government support to keep capital access flowing, high-skilled immigration and a tax environment that encourages investment.
The Bipartisan Congressional Caucus for Middle Market Growth was established in 2014 with the intent to further educate and inform elected officials on the middle market’s role in our national economy. The Caucus has held Congressional briefings on tax and trade policies, as well as the capital access landscape.
Congressman MacArthur serves on the House Committee of Financial Services and the Subcommittees on Housing and Insurance; and Capital Markets, Securities and Investments. Before running for office, the Congressman built a successful 30-year career in the insurance industry, culminating in serving as Chairman and CEO of York Risk Services Group, Inc. It was under his dynamic leadership that the company grew from a small local firm to a multi-national company with thousands of employees.
The Chamber’s Middle Market Action Team, chaired by Michael Araten, President & CEO of K’NEX Brands, recently released its report: Mobilizing Greater Philadelphia’s Middle Market, and looks forward to continuing conversations with Congressman MacArthur in order to collaborate when possible with the Congressional Caucus for Middle Market Growth to further support opportunities for sustainable and accelerated growth for the middle market in our region.
If you are interested in learning more about the work of the Chamber’s Middle Market Action Team (MMAT) or becoming an Action Team member, please contact Erin Plawecki. Members of MMAT have the opportunity to collaborate on activities that impact the region’s middle market sector.