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People, Not Government, Should Be Investing: Rep. Bachus

The American people, not the federal government, should be the ones investing in the new businesses that will create jobs, Rep. Spencer Bachus told CNBC Wednesday.

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"Who is earning the money today? It’s the American people," said the Alabama Republican, chairman of the House Financial Services Committee. "Should the government invest it for them in ventures that turn sour and ventures that are entered into for political reasons?"

He added that "the government has no right to invest your money in all these make-work programs."

Bachus said Americans are concerned about the economy, but "they are spending, and I do believe that the economy is showing signs of coming back."

About "70 percent of small business owners say that if they had more financing they would hire more people," said Bachus, who did not say where he got that figure. "We also know that small businesses create most of your innovations, and most of your new technologies, and supply a good deal of competition."

He said any part of President Barack Obama's jobs bill that would "continue to fund local governments and state government jobs" will not be taken up in Congress. Last week, the Senate rejected a version of the bill that would have helped state and local governments avoid employee layoffs.

"The states and the local governments need to continue to reduce their work force," Bachus said.

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