Nydia Velázquez

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise today to pay tribute to a friend, neighbor and activist who dedicated her life to improving South Brooklyn. On November 19, longtime neighborhood activist Bette Stoltz passed away. This Saturday, Brooklynites will come together to celebrate the life of this dedicated advocate and leader. Bette made countless contributions to South Brooklyn, helping bring vitality, energy and entrepreneurship to the area. She worked to sure- up small businesses at a time of disinvestment. She was instrumental to revitalizing Smith Street and helping organize the Merchants Association in the 1980s, which fostered so much cultural life and vibrancy in the area. She organized the Smith Street Festivals in the fall and the Bastille Day Petanque Tournament. She worked tirelessly to ensure Smith Street thrived, and most recently she was organizing to create a Business Improvement District on Smith and nearby Court Streets. Her efforts extended well beyond the commercial corridors. By starting the South Brooklyn Local Development Corporation and the Red Hook Chamber of Commerce, she worked steadfastly to defend industrial businesses in Red Hook and Gowanus and expand opportunity and commerce throughout Brooklyn. Bette helped organize Friends of Greater Gowanus and served on the EPA Gowanus Canal Community Advisory Group, working on multiple fronts to push to remediate and restore the Gowanus Canal in a green, sustainable manner. Bette created partnerships to connect low-income and public housing residents to businesses and jobs. She created internships for youth and a Culinary Arts Curriculum at the High School for International Studies on Baltic Street. Bette also helped develop adult training programs to better connect people to good-paying jobs in the trades, industry and with local merchants. For years, Bette served as a member of Community Board 6, ensuring her neighbors' voices were heard in development decisions shaping our area's physical, cultural and economic future. Ultimately, South Brooklyn would not be as vibrant, diverse and culturally rich without Bette's hard work and many endeavors. My thoughts and prayers are with her husband, Michael, her children and her beloved grandchildren. Mr. Speaker, New York City's communities and, indeed, our local neighborhoods throughout the country are only as strong as the local residents who are willing to put in personal time and effort to organize and improve the areas in which we live. Every community would be lucky to have a community leader as vocal, engaged, dedicated and personally warm as Bette. She leaves behind a proud legacy, one that we will honor by continuing to improve our community. I ask all my colleagues to join me in honoring her memory.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise to pay tribute to the Chinese- American Planning Council (CPC), which today celebrates 50 years of service to the Chinese-American, immigrant and low-income communities in New York City. CPC was founded at the grassroots level and its roots are deep in New York's Chinese American community. In the mid-1960s, as immigration from Asia began steadily growing, CPC was launched and began counseling families referred by local schools. As the agency developed, it began providing case management services to help recent arrivals adjust to their new homes. The organization grew rapidly and started providing important educational services to school-age children, including early child care. Shortly thereafter, CPC launched Project Reach, which provided programs for at-risk gang youth in Chinatown. Today that initiative offers services for youth of all backgrounds. Today, CPC has blossomed into a critical anchor in our community. Over 8,000 people are served every day through more than 50 programs in 33 locations throughout Manhattan, Brooklyn and Queens. Early childhood services provide a nurturing environment that offers young Chinese New Yorkers an environment to grow and learn. Workforce development initiatives create economic opportunity by providing our city's residents with training, new skills and employment placement. Through these efforts, over the past year, CPC assisted over 2,500 clients, enrolling more than 525 of them into English as a Second Language classes and training over 200 others in construction, hospitality and luxury retail. CPC has also become an important safety net for some of our city's seniors. Senior centers in Manhattan and Queens ensure we are caring for and honoring New York's elderly Chinese. The centers' meals provide a popular reason for seniors to come together, while food is brought to those who are homebound. Programs focused on music, art and entertainment help keep seniors culturally and intellectually stimulated and engaged. Mr. Speaker, since its founding five decades ago, the Chinese- American Planning Council (CPC) has become an invaluable and critical force for good in our city. Today, it helps some of our most vulnerable neighbors, while strengthening our community overall and making New York a better place to live. I would ask my colleagues to join me in saluting CPC as it celebrates half a century of service to New York's Chinese community and to our entire city.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Chairman, I rise in strong opposition to H.R. 1737. Mr. Chairman, this legislation is yet another attempt to obstruct the most important watchdog working on behalf of U.S. consumers, the CFPB. Since its creation, the agency has returned over $11 billion to more than 25 million consumers harmed by unfair and deceptive practices. Its work is absolutely essential for everyday Americans, giving them the security of knowing that there is someone on their side. One area where the CFPB's role is increasingly important is auto finance, where outstanding car and truck loan balances now reach $1 trillion, the highest in history. Unfortunately, discrimination is still alive and well in the indirect auto lending marketplace. In the three settlements to date against Ally Financial, Fifth Third Bank, and Honda, the CFPB secured nearly $140 million in borrower relief and penalties. It found that minority borrowers paid $200 more over the life of a car loan than White borrowers, even when controlling for borrowers' creditworthiness. The CFPB's findings are consistent with decades of litigation and research that confirm that discretionary markups in indirect auto lending cause millions of dollars in overpayments from minority borrowers. To further their work in this area, the CFPB issued specific guidance regarding auto lending practices. Unfortunately, H.R. 1737 will repeal this guidance and place absurd restrictions on the reissuance of any new guidance. These new restrictions would be unique to the CFPB and would place an unprecedented burden on the agency's issuance of guidance designed to help lenders comply with Federal fair lending laws. This undermines the basic role of the CFPB and will create uncertainty regarding the application of Federal lending laws in the auto finance sector.

Ms. VELAZQUEZ. Doing so is a raw deal for car buyers, especially minorities, who continue to fall victim to deceptive and unfair practices. Let's let the CFPB do what it is supposed to do--protect the millions of consumers that will buy cars this year--and reject H.R. 1737. I urge a ``no'' vote on this misguided legislation.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, when Hurricane Sandy made landfall in 2012, New York City was one of the hardest hit areas. Thousands of homes suffered damage, infrastructure was disrupted, and our city's small businesses were impacted physically and economically. After a disaster like this, it is not uncommon for as many as 40 percent of impacted small businesses to fail, depressing commerce and slowing the community's recovery. The Small Business Administration's disaster lending functions are meant to provide quick credit to small businesses and homeowners that have been impacted by catastrophes. With entrepreneurs' and homeowners' livelihoods at stake, it is vital that the SBA's disaster programs operate effectively. That is why in 2008, after Katrina, Congress passed reforms meant to improve SBA's disaster response. It became evident following Hurricane Sandy that there is still much work to be done. The Government Accountability Office, the inspector general, and Small Business Committee Democrats have all documented shortcomings in SBA's administration of the disaster loan program. Our committee found, for instance, that small businesses waited 46 days to get their application processed by SBA, a threefold increase over previous Atlantic storms. The IG found the agency lacked clear guidance which resulted in confusion for borrowers, inconsistent application of underwriting criteria, and loans going to ineligible entities. H.R. 208 addresses these shortcomings and ensures those affected by Hurricane Sandy are treated fairly. To begin, the bill would allow businesses to apply again for loans. As SBA was so unprepared for a disaster of this scale, it is important that those impacted have another chance at securing assistance. This bill would also correct many of the problems identified by the IG. SBA will be required to provide up-front notification to borrowers on necessary documentation as well as establish clear written policies for loan officers. By clearing up confusion for both borrowers and SBA staff, H.R. 208 will ensure funds flow more swiftly to businesses after future catastrophes. Lastly, the measure incorporates a number of bipartisan reforms from our Senate colleagues. Under these provisions, for instance, businesses would no longer be prohibited from posting their assets as collateral. This is important as, previously, many entrepreneurs have had to use personal assets for loan collateral. Mr. Speaker, this is a truly bipartisan, bicameral effort that focuses on better assisting small businesses impacted by natural disasters. I want to thank Chairman Chabot for his leadership and support on this legislation. I also wanted to thank Chairman Vitter, Ranking Member Shaheen, and Senators Menendez and Booker for their hard work in crafting this bill. I urge my colleagues to support it. I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time. When disasters strike, getting small businesses back on their feet quickly can help local economies recover. For that to happen, the SBA's disaster lending initiatives must work as intended, providing emergency capital to firms that have suffered physical and economical damage. H.R. 208 would allow businesses that encounter delays to reapply for assistance and be made whole. It also improves how the agency functions going forward, speeding help to small businesses and homeowners when they are most in need. This is a bipartisan bill, and it will do much good for entrepreneurs impacted by Sandy and for businesses impacted by future disasters. I want to thank Chairman Vitter, Ranking Member Shaheen, Senators Menendez and Booker, and especially Chairman Chabot for working in a bipartisan manner to get this bill to the President. I also would like to take this opportunity to thank the staff for the Senate Small Business Committee and our staff for the House Small Business Committee: Adam Minehardt, Justin Pelletier, Emily Murphy, Barry Pinelas, and Corey Cooke. I encourage my colleagues to vote ``yes.'' I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise today to recognize St. Nicks Alliance, a community based non-profit organization created in North Brooklyn during the fiscal crisis of New York City in the 1970s. This year it celebrates its 40th Anniversary on November 9, 2015. St. Nicks Alliance, formerly known as the St. Nicholas Neighborhood Preservation Corp., emerged in 1975 at the height of a nationwide grassroots movement to preserve and improve urban neighborhoods in decline. In Williamsburg, Brooklyn, a group of concerned and determined residents and business owners, and Msgr. Walter J. Vetro, pastor of St. Nicholas R. C. Church, came together and initiated neighborhood-based efforts to improve the community's physical and economic conditions. This led to the incorporation of the organization. As we know, some groups are formed to address an issue on their block; Msgr. Vetro and the volunteers mobilized to address the issues of the greater neighborhood. The organization launched an action plan that aimed to address a range of issues and concerns that included public safety, crime, and drugs; tenants' rights, abandoned housing, and housing discrimination; environmental and public health issues, such as toxic waste dumping, lead paint, and pollution; community reinvestment, redlining, and related matters; economic development, job training, and manufacturing closings; youth, education, and recreation; and municipal services delivery. Today, forty years later, St. Nicks Alliance has created 1,700 units of affordable housing for low income families, seniors and persons with disabilities and manages more than 1,000 units of housing in North Brooklyn. It has helped residents secure federal assistance ranging from Section 8 housing assistance, weatherization programs, to new market tax credits, which serve as resources to fuel job creation and development. It has collaborated with the public and private sector to deliver comprehensive programming to the community. This includes summer and after-school enrichment services to 2,500 young people; elder care and adult health and fitness programs, onsite service coordination; homeownership training, small business development and business retention assistance. Its workforce development program, like the federally funded Environmental Response & Remediation Technician Program successfully trained, certified and placed local residents to work the field of environmental response and remediation services. It is recognized for the comprehensive ready to work service it delivers. St. Nicks Alliance is a part of the fabric of the Williamsburg and Greenpoint community. My district is enriched and indebted to them for their service to advance the betterment of the North Brooklyn community. The outstanding accomplishments made by St. Nicks Alliance during its proud, 40-year history are a testament to the excellent work of so many dedicated professional employees and partners and leadership of Michael Rochford, Executive Director and Board Members, past and present. Mr. Speaker, I would like to congratulate the St. Nicks Alliance in Brooklyn, New York for its commendable and exemplary work and wish it many years of continued success.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, today I extend a heartfelt appreciation of Joan Millman for her tireless work for the residents of the 52nd Assembly District over the last two decades. ``Brownstone Joan'' has represented us in Albany as a reformer to challenge the establishment. She has lent her voice to those who too often are neglected or ignored in the political process. Joan has been a trailblazer like our beloved Eileen Dugan before her, and today our new Assemblywoman Jo Anne Simon continues that tradition. Joan Millman has been a steadfast and dedicated champion of seniors, children and the most vulnerable among us. Among her many achievements, she has been critical to making the dream of Brooklyn Bridge Park a reality. She has advocated for affordable housing, street safety and access to quality education and parental engagement. My friends, Joan has a long public service record that speaks for itself. She is a leader with great integrity who has led our assembly district with distinction and honor. Not only is Joan a fine public servant, she is also a very good friend. Joan Millman's tireless efforts over the last 17 years on behalf of all Brooklyn residents are an inspiration to all of us in public service and I salute her.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. I thank the gentlewoman for yielding. Mr. Speaker, I rise in opposition to H.R. 3192 to protect Americans' investment in their homes. The new TILA-RESPA disclosure rules are critical consumer protections that will provide consumers with expanded information before buying a home. What we are doing today with this legislation is to use dilatory tactics to prevent CFPB from doing their job in protecting consumers. This legislation, however, is a solution in search of a problem. Just last week, before a Financial Services Committee hearing, Consumer Financial Protection Bureau Director Cordray indicated that the agency will implement a hold harmless period so that the industry could implement rules without risk of enforcement. H.R. 3192, which will further extend the grace period, is, therefore, unnecessary. The Consumer Financial Protection Bureau has already indicated a willingness to work hand in hand with the industry. But I guess that is not enough. If this bill is enacted, the private right of action will be blocked, denying consumers their basic right to a day in court. That is not right, and this body should not stand for it. This will undermine the intent of the Integrated Disclosure, which is to provide clear, straightforward information to consumers regarding their mortgage. How could you call this piece of legislation ``Protect Americans' Investment in Their Homes'' and, yet, use all these dilatory tactics to prevent consumers from having their right in court and from having the information that they need in order to make a wise decision? We are trying to make the process better for consumers, and there is already a path before us that strikes a balance between the needs of industry and millions of homebuyers. I am confident that CFPB Director Cordray will not deviate from this course. If he does, then we can hold the agency accountable. For these reasons, I urge the Members of this House to oppose this bill.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Madam Speaker, I rise in opposition to this brazen assault on women's health, which would harm lower income women around this nation. The legislation we are debating today would mean that women with limited health options will find it harder to secure lifesaving services--like breast exams and pap tests. In New York alone, cutting Planned Parenthood funding would mean that nearly 50,000 fewer breast exams would occur. 37,000 women would no longer receive pap tests. Millions of women nationwide would no longer have access to STI screenings and treatments, to say nothing of additional unplanned pregnancies. These are just some of the critical treatments and procedures Planned Parenthood provides--some of which save women's lives. If you want to proclaim yourself ``pro-life'' then you should care about women's lives--not focus on depriving them of health care services and contraception. Today, we have just a few legislative days left before another Republican-fueled government shutdown. We know this misguided bill we are debating is going nowhere. It will not pass the Senate. If it did, the President would veto it. Yet, House Republicans remain obsessed with attacking Planned Parenthood and reducing women's healthcare options--to the point where they are ready to engender another government shutdown. We need to reject this legislation so we get back to the serious business of governing. Support women's health care, vote no on the bill.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, an Iran with a nuclear weapon would present an existential threat to Israel, destabilize the region and undermine U.S. security interests. This agreement is our best option for avoiding such a scenario. If Congress rejects this agreement, there is a high probability Iran will continue developing weapons grade plutonium and uranium. That could result in American military action--something I believe we should avoid--and that the American people oppose. A U.S. strike would be costly, causing loss of life on both sides--and could lead to attacks on Israel. Yet, it would only postpone Iran's nuclear weapons development by a few years. Clearly, a strong, enforceable diplomatic solution is superior. Let's be clear--this agreement is enforceable. The monitoring and inspection provisions are more intrusive than any previous agreement. Most importantly, they will prevent Iran from producing fissionable material without the international community knowing. There are some who suggest that even with this agreement Iran might still acquire nuclear weapons in the long term. While some provisions of this agreement are indeed time limited and the world will need to revisit this issue, this agreement remains our best chance of thwarting the immediate threat. Many estimates suggest Iran is two to three months away from acquiring a nuclear weapon--and this agreement addresses that very imminent threat. Mr. Speaker, I have heard from constituents on all sides of the issue. I respect the opinions of those who do not support it. However, I believe this agreement is our best option. Support the agreement. Vote yes.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, on Monday, three New Yorkers--Morris and Beth Faitelewicz, who celebrated their 33rd wedding anniversary in June, and Yehuda Bayme, fiance to their only daughter--lost their lives in a Sullivan County car accident. This tragedy is being felt deeply in the Lower East Side. Not only were they respected community members, but Morris and Beth had been involved in response and recovery efforts on 9/11. Morris served as vice chair of Manhattan's Community Board 3, was citywide coordinator and deputy inspector of NYPD's Auxiliary Volunteer Emergency Services Rescue Unit in the World Trade Center area, and was a dedicated Hatzolah member. He was among the first to rush to the World Trade Center. For his efforts, he earned a Port Authority exceptional service award and a city council proclamation. Beth, an ER nurse, also served with distinction after the towers collapsed. I ask my colleagues to join me in honoring their memories. Rest in peace.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise today on behalf of Anna Teresa Narvaez Bou in celebration of her 100th birthday. She was born in Corozal, Puerto Rico on July 26, 1915. She married Ramon Narvaez Ferrer and had two children, Ramond Luis Narvaez Bou and Carmen Lourdes Narvaez Bou. Dona Teresa, as she is affectionately known, came to New York in 1952 during the great migration from Puerto Rico to the States. The Great Depression of the 1930s and the impact of World War II in the 1940s on the island doubly effected poverty and the prospect of employment for many Puerto Ricans. This combined with the launch of commercial air travel influenced her and her family to come to New York. She settled at 25 McKibbin Street in Williamsburg, Brooklyn. A few years later they were displaced due to the city's urban renewal development project in the area. Housing discrimination patterns and the language barrier resulted in further displacement for the family in the years that followed. In spite of the challenges faced by living in a new city and learning a new language and culture, Dona Teresa persevered. She earned her living working at a factory and lived her life, then and now, selflessly with honor and pride. She raised her children and instilled the values of integrity, fairness, service, faith and community. Her determination motivated her to triumph during difficult times. Her experiences compelled her to advocate for safe, decent and affordable housing for the growing Puerto Rican community in Williamsburg, Brooklyn. Today, Dona Teresa continues to exemplify a love for her family and friends. She is proud of her children and grandchildren who embody a life of service whether in the community or serving the nation. Her sense of humor, generosity, and perseverance has served her well for 100 years. Mr. Speaker, it is women like Dona Teresa that embody the heart of our great nation as well as the spirit of the proud Puerto Rican woman and mother who dreamed of a better life for her family and community. Therefore, I join with the residents of the entire 7th Congressional District of New York in wishing Anna Teresa Narvaez-Bou a very happy 100th birthday.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. For the past 4 years, our Nation has faced economic headwinds, but was able to break through and strengthen considerably. In that time, over 12 million jobs have been created, the stock market has come roaring back, and optimism in the small business sector has returned to prerecession levels. As we all know, small businesses are the driving force in our Nation's economy, creating two out of three new jobs and producing roughly 50 percent of our GDP. In order to fulfill that role, they need capital. One option is SBA's 7(a) Loan Program, which has been very popular over the past 2 years. In 2014, the program made over 52,000 loans, totaling $19 billion, one of its best years since 2007. SBA carried that momentum into 2015, growing another 20 percent overall, which brings us to today. Due to this unexpected robust lending activity, SBA learned it will reach its $18.75 billion lending cap before the end of the year, cutting off thousands of borrowers. The chairman is totally correct when he talks about the issue of SBA not notifying Congress in the proper time. Last week I introduced H.R. 3132 to raise the cap to $23.5 billion, giving SBA over $4 billion in additional authority to provide capital to deserving small businesses. Unfortunately, the cap was reached on Thursday before we could get that bill to the floor. Today's bill includes my language to raise the lending cap to $23.5 billion. It will mean a significant capital infusion into the economy. With these types of loans flowing again, small companies will have more resources to expand their facilities, reinvest in their operations, and create jobs. When a small manufacturer can access these loans, they can build additional warehouse space, creating both short-term and long-term employment opportunities. Restaurants and retailers can use this capital to pay vendors, freeing up funding to keep employees on their payrolls, and potentially hire more workers. This bill does require additional reporting requirements and other changes at SBA. While I would have liked to have seen a clean increase in the authorization level, we all recognize the critical role the 7(a) program plays. This compromise will turn the spigot back on, helping entrepreneurs grow and create jobs. I want to thank Senators Vitter and Shaheen, Leader Pelosi, Ranking Serrano, and especially Chairman Chabot for working in a bipartisan manner to bring this bill to the floor. I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield 3 minutes to the gentlewoman from Michigan (Mrs. Lawrence).

Ms. VELAZQUEZ. Mr. Speaker, I yield 3 minutes to the gentleman from Hawaii (Mr. Takai), the ranking member on the Contracting and Workforce Subcommittee.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time. Evidence points to an economy that is slowly but surely on the mend. The Federal Reserve reports banks are more willing to lend and small business demand is clearly picking up at an accelerated pace. This month alone, SBA has guaranteed over $3 billion in the 7(a) program--an all-time record. Providing the Agency with additional lending authority will ensure creditworthy firms will continue to have access to low cost capital for the rest of the fiscal year. I want to again thank Chairman Chabot for working with me to bring this bill to the floor. I ask my colleagues to support this bill, and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, since 1991, the SBA microloan program has provided millions of dollars in financing and technical assistance to small businesses and entrepreneurs. By providing loans to nonprofit intermediaries, who in turn lend funds to the smallest of small businesses, the program helps borrowers streamline their operations, grow to profitability, and create new jobs. However, the program remains substantially the same as when it was first enacted. Over the years, we have identified a number of the program elements that could be updated to better deploy capital. With that goal in mind, I want to thank Congressman Moulton for introducing this important legislation. The Microloan Modernization Act of 2015 will make a number of targeted improvements to assist small businesses. For borrowers, SBA set the maximum term of a microloan at 6 years. Particularly for larger microloans, this has caused financial strain due to higher monthly payments and is impeding some businesses from growing. Today's bill would allow a repayment period of up to 10 years for loans greater than $10,000, providing borrowers with the flexibility to better manage cash flow, improve operations, and create more jobs. Similarly, SBA has prohibited lines of credit; yet not all businesses need a fixed-rate term loan. A line of credit is sometimes the better product for a microbusiness that has cyclic or uneven cash flow. Today's bill will give borrowers and lenders the flexibility to get them in the right loan product for their needs. For intermediary lenders, today's bill would create a new waiver to the 25-75 rule that restricts the use of technical assistance grants. This waiver process will help intermediaries more efficiently deploy technical assistance funding. Additionally, the legislation will raise the lending cap by 20 percent. By giving successful intermediaries access to an additional $1 million in SBA funding, they will be able to serve more borrowers in high-demand areas. The microloan program fills a critical gap in the capital markets, helping underserved businesses that are too small for the banking sector yet too big to finance with a credit card or loans from friends and family. Again, Mr. Speaker, I would like to thank Mr. Moulton for introducing this bill. It will go a long way toward increasing access to capital for our Nation's small businesses. Mr. Speaker, I just would like to point out the fact that 62 percent of microborrowers are women and minorities, and so this is filling an important gap that exists for these groups to access capital. I thank the gentleman for introducing this important piece of legislation, and I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield such time as he may consume to the gentleman from Massachusetts (Mr. Moulton), the sponsor of the legislation.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. The microloan program provides very small loans to start-up, newly established, or growing small businesses. Many of these businessowners come from traditionally underserved markets, where personal and commercial credit is hard to come by. As a result, the SBA's microloan program is a critical resource that not only injects much-needed capital, but provides the necessary business training that ensures borrowers are equipped with the knowledge needed to succeed. Since the end of the recession, microlending is up 25 percent nationwide. By the way, for the last couple of years, the default rate on microloans is going down. In fact, SBA requested an additional $10 million for next year to handle demand. I can think of no better time to make long-sought changes to improve the program's efficiency and capital deployment. I wanted to thank the gentleman from Massachusetts for introducing the Microloan Modernization Act of 2015. It will give borrowers new repayment flexibility and loan choices, provide more flexibility to intermediaries, and inject additional capital in high-demand areas. I urge a ``yes'' vote, and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, in closing, the 7(a) loan program provides a critical source of capital for our veterans. This year the SBA lending to veteran-owned firms is on track to exceed $1 billion for the first time ever. Today's bill will save veterans millions of dollars every year at no cost to the taxpayers. That means that veteran-owned businesses can invest or reinvest this money into their businesses. Our Nation's veterans are some of the most prolific small business creators, establishing thousands of firms every year. I would like to thank Chairman Chabot for taking steps to expand access to capital for this important group of job creators. I look forward to working with him and our colleagues in the Senate to move this legislation forward. I would also like to take this opportunity to thank all of the staff of the Small Business Committee for their hard work, especially a staff member on my side, Justin Pelletier. I urge a ``yes'' vote. I yield back the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Veterans play a significant role in the U.S. economy. They own 2.4 million businesses, employ 5.8 million people, and have generated well over $1 trillion in receipts. Like most small businesses, access to capital is still hard to come by, yet is vital to their existence, paving the way for growth and continued job creation. As the Federal Government's main provider of small business assistance, the SBA guarantees loans to veteran-owned businesses through a number of lending programs. In 2013, the agency's 7(a) program provided over 2,000 veterans with loans, totaling $600 million. This, however, represented only 4 percent overall. In an effort to increase veteran lending volume, the SBA has waived the borrower fees paid by veterans on small-dollar and SBA Express loans. In 2014, the impact of the waiver was a mixed bag. While veterans saw a 23 percent increase in loans of $150,000 or less, the program experienced an 8 percent decrease in veteran loans overall. The initiative has had more success this year with veteran lending seeing a 20 percent increase, which is outpacing the 7(a) program's overall growth. To build on that trend, H.R. 2499 will make the fee waiver permanent for veterans who are seeking an SBA Express loan. It will reduce costs, spur more veterans to borrow, and, in turn, will grow businesses and create jobs. I want to thank Chairman Chabot for introducing this bill to keep more dollars in veteran entrepreneurs' hands. We know that every little bit counts when trying to start or to grow a small business, and I cannot think of a group that is more deserving than that of our veterans. I reserve the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I am prepared to close, and I yield myself the balance of my time. Since its creation in 1958, the SBIC program has injected billions of dollars into promising startups and small businesses. With the help of the SBIC, some of these small businesses grow into Fortune 500 companies. Apple, Inc., was once an SBIC client. Today it is one of the largest companies in the world by market capitalization. By providing businesses with capital to grow, the SBIC program has also been a driver of job creation. In 2014 alone, the program helped create or retain 113,000 jobs. I look forward to working with the chairman and our colleagues in the Senate on this legislation. I urge a ``yes'' vote. I yield back the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself as much time as I may consume. I, too, want to thank the chairman of the Small Business Committee for working in a bipartisan way to craft this legislation. Indeed, Ileana Ros-Lehtinen is a good friend of mine from Florida. So I don't take any offense. Small business investment companies have assisted thousands of high- growth companies over the years, providing nearly $75 billion in capital. By design, the program fills the gap in the capital markets for business that has outgrown the SBA's 7(a) guaranteed loan program, but remain too small or too risky for traditional private equity markets to bear. SBICs operate in a unique public-private partnership with SBA. Once managers raise enough private capital, the agency provides matching funds, which are pooled together and invested in high-growth small businesses. To maximize the impact of the program, the most successful fund managers are permitted to hold more than one SBIC license at a time, known as a family of funds, with the benefit of drawing additional SBA leverage. The current leverage caps, implemented in 2010, allow single licensees to draw $175 million and family-of-fund licensees to draw $225 million. H.R. 1023, the Small Business Investment Company Capital Act of 2015, would increase that cap by an additional 55 percent to $350 million. According to SBA data, only seven SBICs would be able to take advantage of the increase, limiting the actual amount of capital that will reach our small business community. The roughly 150 other SBIC families are unlikely to ever need this increase. Similarly, concentrating additional taxpayer-backed leverage in just a few asset managers necessitates the need for more oversight. I look forward to working with the chairman to strike the right balance ensuring this capital is deployed efficiently, but with less risk. The SBIC program has done a lot of good for the small business community over the years. In fact, since 2010, SBICs have quadrupled their output to over $3.4 billion last year alone, but it is still coming up short in its assistance to women, minorities, and veterans. These groups receive just 6 percent of total SBIC capital. It is my hope, as we work with the Senate on finalized language, steps can be taken to address this inequity. Providing ways to get more capital into the hands of small business owners is a top priority for both sides of the aisle in this committee. I want to thank Chairman Chabot for introducing this legislation, and I am hopeful the increase in leverage will provide new capital opportunities to entrepreneurs from every walk of life. Mr. Speaker, I reserve the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, when Hurricane Sandy made landfall in 2012, New York City was one of the hardest hit areas. Thousands of homes suffered damage, infrastructure was disrupted, and our city's small businesses were impacted physically and economically. Mr. Speaker, 32,000 New Yorkers lost their jobs that November, losses many economists attribute to the storm's economic impact. After disasters like these, it is not uncommon for as many as 40 percent of impacted small businesses to fail, depressing commerce and slowing the overall community's recovery. The Small Business Administration's disaster lending functions are meant to provide quick credit to small firms and homeowners that have been impacted by catastrophes. With entrepreneurs' and homeowners' livelihoods at stake, it is vital that the SBA's disaster programs operate effectively. That is why, in 2008, after Katrina, Congress passed reforms meant to improve SBA's disaster response. It became evident after Hurricane Sandy that there is still more work to be done. The Government Accountability Office, the inspector general, and reports from Small Business Committee Democrats have all documented long delays in the processing and disbursement of loans. Our committee found, for instance, that small businesses waited 46 days to get their application processed by SBA, a threefold increase over previous Atlantic storms. Mr. Speaker, H.R. 208 takes steps to address these shortcomings and ensure those affected by Hurricane Sandy are treated fairly. To begin, the bill would allow small businesses to apply again for loans. As SBA was so unprepared for a disaster of this scale, it is important that those impacted have another chance at securing assistance. The bill would also correct a number of the shortcomings that have held back the SBA's programs from functioning smoothly. Businesses will no longer be prohibited from posting their assets as collateral. This is important as, previously, many entrepreneurs have had to use personal assets for loan collateral. By reducing closing and disbursement delays, H.R. 208 would ensure funds flow more swiftly to businesses after future catastrophes. Lastly, the measure takes steps to require SBA to implement reforms Congress passed following Katrina. The fact is the agency has been woefully slow in making these changes, and this law will help hold it accountable. Mr. Speaker, our small businesses are counting on the SBA in times of crises to provide badly needed help so they can recover quickly and continue supporting our local economies. This legislation, which enjoys bipartisan support, will help improve that process, and I urge my colleagues to support it. Mr. Speaker, when disasters strike, getting small businesses back on their feet quickly can help local economies recover. For that to happen, the SBA's disaster lending initiatives must work as intended, providing American capital to firms that have suffered physical and economic damage. The legislation we are considering would allow businesses that encountered delays to reapply for assistance and be made whole. It will improve how the agency functions in the future, speeding help to small businesses and homeowners when they are most in need. Mr. Speaker, this is a bipartisan bill, and it will do much good for entrepreneurs impacted by Sandy and for businesses impacted by future disasters. I thank Chairman Chabot for his support on this legislation. I encourage my colleagues to vote ``yes,'' and I yield back the balance of my time.