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Lawmakers say bipartisan legislation key to economic recovery

The economy will quickly pick up once vaccinations become more widespread, Rep. Blaine LuetkemeyerWilliam (Blaine) Blaine LuetkemeyerWall Street spent .9B on campaigns, lobbying in 2020 election: study Bipartisan House members reach deal to extend loan program for small businesses Financial regulators home in on climate risks MORE (R-Mo.) said Wednesday at an event hosted by The Hill.

“The people are ready to get out, they've got the money to spend, the businesses just have to be open to accept their business,” he said at The Hill’s “Relief to Recovery: What’s Next for Small Business?” event.

Luetkemeyer is a member of the House Financial Service Committee and also serves as the ranking member of the consumer protection and financial institutions subcommittee.

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The Missouri Republican warned, however, that President Biden — who has signed a number of sweeping executive orders in his first week in the White House — must not impose excessive regulations or tax hikes and must work with Congress.

“We showed in the first three years of the Trump administration until the pandemic hit that lower taxes, lower regulations were very helpful to get entrepreneurs engaged, for them to be willing to take the risks it takes to start a new business and continue to grow that business,” Luetkemeyer told The Hill’s Steve Clemons.

Sen. Ben CardinBenjamin (Ben) Louis CardinSenators in the dark on parliamentarian's decision When it comes to the Iran nuclear deal, what's a moderate Democrat to do? Battle lines drawn on Biden's infrastructure plan MORE (D-Md.), who also attended the Wednesday event, also said any policy change must be bipartisan and should be done legislatively, rather than executively, to ensure the policy changes have staying power.

Cardin, the top Democrat on the Senate Small Business and Entrepreneurship Committee, emphasized paying close attention to minority-owned small businesses and those in underserved and underbanked communities.

“The first important thing for small business owners is to get COVID-19 behind us, get the virus under control. The second thing is to get our economy back on track because if families don't have money to spend they're not going to patronize any business, particularly small businesses. President Biden’s plan does both of those,” Cardin said at the event sponsored by Wells Fargo.

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Both Cardin and Luetkemeyer emphasized the importance of the success of the coronavirus relief package and continued rollout of small business loans in the coming year.