Tennessee Governor Phil Bredesen joined NCF and the Tennessee Chamber of Commerce and Industry today in the first in a regional series of roundtable discussions on the importance of free enterprise to economic growth and job creation.

The Tennessean reports:

The idea is to call attention to (and champion) the low-tax, minimal regulation agenda of the U.S. Chamber, a pro-business lobbying group. The chamber's stop in Nashville also comes after the release of its recent report on state economic policies and jobs, which praises Tennessee among others for cutting through confusing red tape that can often thwart new business development."The 50 little Republics" — all the state governments — matter a lot when it comes to achieving economic growth, the study says. In fact, state policies probably influence where companies build offices, factories and warehouses more so than all the politicians in Washington could ever hope to do, it concludes.

The report — "Enterprising States: Creating Jobs in Challenging Times" — puts Tennessee firmly in the top tier of "low-tax, lightly regulated" states that give corporate America a straightforward, let's-do-business message. The chamber says Tennessee has done an outstanding job luring new corporate investments even in a down economy. The state has attracted at least 49 corporate headquarters and $32 billion in capital investment since 2003. And two-thirds of that has come from expansions of companies already operating here, the national study says.

Looking ahead, Bredesen has at least one suggestion for whoever takes office as Tennessee's next governor. Business owners want to see a close, cooperative working relationship between the state's Economic and Community Development agency and the Department of Revenue. "What businesspeople have told me is that in a lot of states the economic development agency gives and the state tax department takes away," Bredesen said. Here, ECD and Revenue have tried to work hand in glove to interpret state policy in a way that promotes business growth. "I plan to tell the next governor how important that connection is, and how it can have a powerful financial impact," he said.

The bottom line is this: Common sense pays off, said [Margaret] Spellings of the U.S. Chamber. "What we have learned … is that the states growing jobs are those that take a light hand and a prudent hand when it comes to taxes and regulatory policy. The high-spending, high-taxing states have suffered the most during the recession," Spellings said. "They have the most problems, the bigger budget gaps and the bigger pension problems."

See the expanded Tennessee profile and the complete Enterprising States report for more info.