Reese aims for creating jobs through small businesses
Columbus-based attorney Jim Reese will focus on creating jobs through small businesses if elected to the 12th District of the U.S. Congress.
Reese, 33, squares off against fellow Democrat and Mansfield native Doug Litt in the March 6 primary in an effort to take 12-year incumbent Pat Tiberi’s seat.
An attorney with Bogart and Reese, a small law office, Reese is a newcomer to the political scene, as he has been working and practicing law since 2008, he said. His office deals with consumer bankruptcy, Americans with Disabilities Act discrimination and employment law.
“I have an economic plan that will only work if implemented at the federal level,” Reese said. “It’s for specific and narrowly-focused legislation to increase the available credit to small businesses and create jobs. My plan will do so without raising the deficit or raising taxes.”
Reese’s plan deals with the $700 billion bank bailout in 2008 and lending out that money to small businesses, so they can expand, innovate and hire local workers on Main Street, he said.
While some of the bailout money was used to pay out bonuses, some of it was allocated to purchase U.S. treasury bonds, Reese said.
“So we, as citizens, are paying banks interest on the zero-percent interest loan that we gave them,” he said. “That is a travesty, so my plan forces those banks to lend that money, instead of hoarding it.”
Reese’s plan would invoke the acceleration clause in the bailout loan documents, which would give the banks the option of paying off the loan or allowing the interest rate to increase, much like a credit card bill or lending out the money to small businesses with a reasonable credit score, he said.
“Small businesses revitalize the economy,” Reese said. “They pay local taxes, local rent and hire one, two or three people, even if it’s just pushing a broom. We can overcome the recession helping small businesses hire people one, two or three at a time … By lending out money to small businesses, we ensure that jobs are not outsourced and that products are made in local economies throughout the district and the country.”
Reese also doesn’t believe that American manufacturing is gone, he said.
“We keep hearing that American manufacturing is gone,” Reese said. “I believe that’s a lie. We did not become No. 1 in the world because we shuffled around other people’s money well. We invent and make the best stuff. I am singularly focused on bringing that back — innovation and manufacturing in American hometowns.”
Reese is a graduate of Hillsdale College in Michigan with a degree in American studies (a double major of American history and political economics) and a minor in music. He worked his way through Capital University Law School, graduating in 2004.
Reese is married to Nancy, and they have a 5-year-old son and are expecting another baby.