Nydia Velázquez

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Chairman, I yield myself such time as I may consume. (Ms. Velazquez asked and was given permission to revise and extend her remarks.)

Ms. VELAZQUEZ. I rise in support of the American Recovery and Reinvestment Act of 2009, which will help restore stability to our weakened economy and drive growth within the small business community. Mr. Chairman, in a recent hearing my committee met an entrepreneur, Thomas Rankin, whose 83-year-old family business, Ramer Lumber, had managed to weather the great Depression but wasn't able to survive the current downturn. This past November, his business closed its door for good. All across the country, countless small business firms are facing the same fate. Recovery efforts enacted last fall have not trickled down to Main Street. From Mom and Pop restaurants to technology startups, small firms of every kind are suffering. What we need now are solutions that work for entrepreneurs. After all, they are the ones that are promoting growth and they are the ones with a proven track record of creating jobs. But, unfortunately, a combination of restrictive lending and tightening credit has stunted small business growth, preventing entrepreneurs from playing their historic role of economic catalyst. The Recovery and Reinvestment Act will help turn the tide. To begin with, $30 billion in targeted tax measures would allow struggling startups to stay afloat. For example, the bill will repeal the burdensome 3 percent withholding requirement for government contractors and allow for enhanced expensing for small businesses' purchases. For cash-strapped entrepreneurs, these initiatives could make the difference between meeting payroll and making layoffs. The Recovery and Reinvestment Act also promises to thaw frozen small business lending and increase guaranties for new loans. At the same time, it will reopen the secondary market which has ground to a halt. Taken all together, these initiatives will put $13 billion into the hands of small businesses immediately, allowing entrepreneurs to do what they do best, create jobs. Small business lending provisions within the Recovery and Reinvestment Act will keep and create over 400,000 jobs. And at the end of the day, that is what small businesses do best, create jobs. With unemployment at a 16-year high, let's not kid ourselves. There can be no recovery without job creation. That is why it is so critical that entrepreneurs have the resources they need to not just survive the downturn but to emerge from it stronger and ready to bring our economy back on track. Mr. Chairman, I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Chairman, I yield 1 minute to the gentlelady from Illinois (Mrs. Halvorson).

Ms. VELAZQUEZ. Mr. Chairman, as a result of restricting lending and vanishing credit, small firms spanning every sector are folding at alarming rates. This is particularly troubling because they comprise 95 percent of American industry and employ half of the private sector workforce. When these businesses disappear, so do many millions of American jobs. The American Recovery and Reinvestment Act offers an opportunity to keep the jobs we still have and to create hundreds of thousands more. Just as importantly, it is an investment in our Nation's entrepreneurs, the people creating jobs, driving innovation and strengthening the backbone of our economy. I urge the adoption of this bill. I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, let me just say that small businesses are the innovators in this country and that for the last 7 years, this administration's failed policies have not provided the tools and resources for small businesses to be part of the energy solution and make this country energy independent. We passed H.R. 6 last year. Let's get the White House and the administration to implement those provisions that will allow for small businesses to be part of innovation in relation to energy independence in this country. I yield back the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself as much time as I consume. Mr. Speaker, I rise in support of this bill which would help entrepreneurs gain access to vital capital. Even before the recent troubles on Wall Street began, securing funding was an uphill battle for small businesses. Today, it is even more challenging than ever. The effects of the current lending slump have been taxing. Liquidity challenges have caused lenders to cut lines of credit and recall loans to small firms. As these crucial sources of investment dry up, entrepreneurs have few places left to turn. Venture capital investors, who have historically fueled the startup community, are becoming more and more cautious in doing so. At the same time, commercial banks have raised the bar for lending criteria on interest rates. While the Small Business Administration has historically helped entrepreneurs during economic downturns, it is also failing to meet funding needs. In fact, the Small Business Administration lending is down 25 percent this year. Most small businesses rely on some form of loans or credit in order to meet their daily needs. Not surprisingly, the consequences of today's downturn in funding have had a crippling effect on their community. The Small Business Financing Improvement Act of 2008 will help in small but important ways in part by enhancing the Small Business Administration lending programs. For example, it will improve the administration's 7(a) initiative, which is its most frequently used line of small business credit. It would also ease the flow of investments from venture capitalists. This will be particularly helpful as venture capital funding has a history of sparking innovation. Furthermore, the bill I am proposing today will encourage lending from commercial banks. It will also do this by reducing the regulatory burden for financiers looking to fund small firms. In light of their current reluctance to make small business loans, this will be a tremendous incentive for banks to assist entrepreneurs. This act will help thousands of small firms maintain and grow their companies. It will do this by allowing them to access the funds they need to go about their daily business and do everything from meet payroll to stock their shelves. Capital is the most basic and essential building block for small business ownership. After all, it is what allows entrepreneurs to start companies in the first place. For this reason, the bill has won full approval from the Small Business Administration. I should also add that this provision has at one point or another been passed in the House. Small businesses employ half of this Nation's workforce, and entire local economies depend on their success. The bill we're considering here today will be an important first step in ensuring that America's entrepreneurs can achieve their success. With this in mind, I urge my colleagues to support its passage. I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 7175) to amend the Small Business Act to improve the section 7(a) lending program, and for other purposes.

Ms. VELAZQUEZ. Mr. Speaker, I have no further speakers. I reserve my time.

Ms. VELAZQUEZ. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and to include extraneous materials on the bill under consideration.

Ms. VELAZQUEZ. Mr. Speaker, I have no further speakers on this side, and I'm prepared to close.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself as much time as I may consume. I rise in support of this resolution in celebration of Macy's 150th anniversary. Both the City of New York and the small business community have benefited immensely from the success and generosity of this American icon. As anyone within the small business community will tell you, the best entrepreneurs are more than just businessmen. While it is obviously important to have a head for numbers and risks, there is another, more critical, element involved. In order for an entrepreneur to make history, in order to be truly great, he or she must also be an innovator. Roland H. Macy was just that kind of man. Today, we are saluting the business that Macy founded 150 years ago, a company that began small but, through hard work and enormous innovation, has come to stand as a symbol of the American Dream. When Macy opened a small dry goods store in 1858, he probably never expected it to become a multi-billion dollar business. After all, he first reported sales added up to a grand total of $11.06. Still, it didn't take long for Macy's venture to become a success. A century and a half after it first opened its door, that little dry goods shop has grown to become a national department store chain. Macy's remarkable growth stands for more than just hard work and good business sense. R.H. Macy, like any successful entrepreneur, was a tireless innovator. As chairwoman of the Small Business Committee, I see that same sense of innovation in the entrepreneurs I work with. It is the spirit that drives people to start businesses in the first place. Macy's small business success was largely rooted in its ability to innovate. Indeed, the department store pioneered many of their retail practices we now take for granted. For example, it was the first to adopt the one-price system through which every item is assigned a single fixed cost. Macy's has also consistently outshone its competitors by offering new and novel products. Take, for instance, color bath towels, or the Idaho baked potato, or the tea bag. None of these commodities were available to the mainstream until Macy's brought them to market. As with any industry, great success brings great change. Macy's has obviously outgrown its ``small business'' label and has become a major player in the retail world. Its flagship store in my home City of New York has become a shopping destination for Manhattanites and tourists alike. It attracts visitors from across the country and around the world. And yet despite being a multi-billion dollar corporation, Macy's has never forgotten its entrepreneurial roots. The retailer still strives to support the small business community by purchasing many of its products from small firms. Through its Supplier Diversity Program, the company makes a point of buying from and nurturing women and minority entrepreneurs. In 2007, it held its first diversity supplier fair to target these groups specifically. Macy's embodies the great American story of a small business that made it big. Roland H. Macy and his legendary venture represent the dream of every entrepreneur. After 150 years, the retailer stands as a shining example of two fundamental American values--hard work and innovation. Those are the values that have driven the department store's achievements throughout the years. And those are the values that we are celebrating this afternoon. The Macy's story is a great American story. It is based on the premise that any small business owner can become a big business success. After all, Macy's began as a modest dry goods store on the corner of 14th Street and 6th Avenue in Manhattan. Today, it is a multibillion dollar corporation. But while Macy's may be a Fortune 500 company, it has not forgotten its small business roots. Its Supplier Diversity Program, for example, nurtures women and minority entrepreneurs. Macy's clearly recognize the importance of giving back. In celebrating Macy's, we are applauding its great achievements, and its dedication to invention. The company pioneered many practices and products that have since become American staples. For instance, the store first brought colored bath towels into the mainstream. But perhaps more importantly, we are also applauding Macy's commitment to small business development. It is a commitment to entrepreneurship. It is a commitment to innovation. It is a commitment to the American dream. I would urge the adoption of this resolution. Mr. Speaker, I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 1473) recognizing the 150th anniversary year of the founding of Macy's, Inc., as an American entrepreneurial success story and the role Macy's, Inc., plays in supporting America's small businesses and vendors, including those that are minority and women owned; celebrating the vision, innovativeness, and ingenuity of all of our Nation's small businesses.

Ms. VELAZQUEZ. Mr. Speaker, I yield back.

Ms. VELAZQUEZ. Mr. Speaker, I would like to inquire if the gentleman has any other further speakers.

Ms. VELAZQUEZ. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on the resolution under consideration.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Madam Speaker, I would like to take this moment to offer my congratulations to the Borinquen Plaza Senior Center on its 31st anniversary. New York's 12th Congressional District is enriched by this institution serving our seniors during their golden years. Located within the Borinquen Plaza Public Houses in Williamsburg, Brooklyn, this senior center was founded on July 22, 1977, by Los Pioneros Puertorriquenos, an organization focused on social and economic justice. Since its inception, the center has served as a safe haven from everyday struggles for countless senior citizens. Thanks to the leadership of its sponsor, board members, executive director, and staff, senior residents of Borinquen Plaza Public Houses and the surrounding community benefit from a facility dedicated to meeting their needs. The center works to promote nutritional, emotional, and physical wellness. On a daily basis, more than 230 congregate meals are provided, as well as approximately 200 meals-on-wheels to homebound seniors. Further enhancing residents' lives, daily recreational activities are planned, special events and holiday festivities. It is through these programs and the unwavering commitment of the Borinquen Plaza Senior Center that our elderly neighbors have experienced meaningful benefits. In closing, I ask my colleagues to join me in congratulating the Borinquen Plaza Senior Center for its dedication to the seniors of Williamsburg, Brooklyn. The residents of our community and I look forward to many years of continued service.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I want to thank Chairman Frank, Ms. Waters and the members of the minority who have worked in this important bipartisan bill. Mr. Speaker, right now, this country needs swift effective action, and this legislation will do just that. Neighborhoods across the Nation are feeling the effects the growing number of abandoned and foreclosed properties. In my district alone, there are almost 700 homes in foreclosure. Home owners, even in strong housing markets, are watching their financial security disappear. What was once a robust growing market is now at the core of the current economic downturn. H.R. 3221 will help reverse this, stabilize neighborhoods, and convert foreclosed properties into stable rental and home ownership opportunities for working families. Most importantly, Mr. Speaker, it protects a basic need for millions of Americans, affordable housing. With the magnitude of the housing crisis and number of people struggling to keep their homes, the time to act is now. When a family goes into foreclosure, they lose their economic stability and strain our already struggling economy. H.R. 3221 will restore investor confidence in the housing finance market while securing the American dream for working families. It not only addresses the immediate needs but installs safeguards so we can prevent a future housing downturn. While access is essential, equally critical to the housing recovery is the ability of sound mortgages.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Madam Speaker, I rise today to recognize the remarkable life achievements of a beloved Puerto Rican sports icon and long-time distinguished New Yorker. Jose ``Chegui'' Torres is an example to us all, both for his accomplishments as an athlete and his dedication to his community and Nation. Chegui was born on May 3, 1936 in Ponce, Puerto Rico. By his late teens, he had shown such prowess in the ring, that he was invited to join the U.S. Olympic Boxing Team. As an Olympian, he won a silver medal in the junior middleweight division at the 1956 Melbourne Summer Games. Subsequently--still as an amateur boxer--he won the 1958 Inter-City Golden Gloves Championship. Later that year, Chegui chose to join the ranks of boxing professionals. He debuted with a first round knockout of George Hamilton in New York, and followed that impressive professional victory with 12 wins--10 of them by knockout. On March 30, 1965, the Brooklyn resident became world light-heavyweight boxing champion before thousands of adoring fans at Madison Square Garden. He is one of the first three Puerto Ricans to earn a world title, and the first Hispanic ever to win the world's light heavyweight championship. The notoriety that came from his 1965 triumph brought him considerable national attention. It even led to such highlights as an appearance--and singing performance--on the Ed Sullivan Show. Not one to rest on his laurels, however, Chegui successfully defended his championship belt three times. In fact he did not retire from the sport until 1969, doing so with an impressive 41-3-1 record. In more recent years, Chegui has distinguished himself as a leader of New York's Puerto Rican community. He is a familiar face to city residents, and a tireless advocate of the less fortunate among us. From 1984 to 1988, he also served as New York State Athletic Commissioner. And, from 1990 to 1995, he was named President of the World Boxing Organization. Having traded his boxing gloves for the might of the written word, Chegui is now also an accomplished author. He has written several books, among them: Sting Like a Bee, about Muhammad Ali and Fire and Fear, about Mike Tyson. He is also a highly regarded sports columnist for ESPNdeportes.com and a commentator for ESPN Deportes and ESPN International. Jose ``Chegui'' Torres has lived a remarkable life. He has accomplished tremendous victories inside the ring, and--on behalf of Puerto Ricans everywhere--outside of it. He has shown himself to be a leader, a fierce representative of his Nation, and a tireless supporter of his community. After four decades of living in New York, ``Chegui'' returned with his wife of more than 46 years, Ramona Ortiz Rodriguez, to his beloved Puerto Rico. He takes with him a lifetime of memories, our best wishes, and the respect of a people who will forever see him as their champion.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, let me first commend Chairman Frank and Chairman Rangel for their leadership in moving the American Housing Rescue and Foreclosure Prevention Act of 2008 forward. This is an intelligent and measured piece that addresses the devastating effects of the mortgage crisis. For years, Washington was asleep at the switch. But now, this Congress is addressing and preventing foreclosures. Nearly 650,000 foreclosure filings were issued in the first quarter of 2008, which represents 1 of every 194 households. Every day that goes by without action means more families are at risk of losing their homes. This crisis--like so many other components of the current recession-- hit low-income and minority neighborhoods the hardest. Each home lost to foreclosure affects entire neighborhoods. Chairwoman Waters' bill H.R. 5818--of which I am an original cosponsor--allows homeowners to fight back. I want to particularly highlight a provision I pushed to get added to this fine legislation. Many homeowners ended up in foreclosure because they didn't get sound mortgage advice. They need someone on their side--we all know the bank will be well represented. I am proud to have worked with Chairman Frank and several of my Financial Services Committee colleagues to ensure that low-income homeowners and veterans in high foreclosure areas have access to professional counseling. Many distressed homeowners need sound advice now more than at any other time in their lives. Our legislation provides the help they need. When a family loses a home to foreclosure, they lose more than four walls and a roof--they lose their economic stability. The housing package we are debating not only addresses immediate needs but is a solid strategy for preventing a future housing downturn. I urge a ``yes'' vote on the American Housing Rescue and Foreclosure Prevention Act.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. You know why? Because your President, our President refuses to implement the provisions, at least the one that would lower the cost of loans for small businesses.

Ms. VELAZQUEZ. Madam Speaker, I move to suspend the rules and pass the Senate bill (S. 3029) to provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958, and for other purposes.

Ms. VELAZQUEZ. Madam Speaker, let me just say in closing that I, too, am concerned and outraged about the fact that we are dealing with an energy crisis that is impacting small businesses, but more important is the fact that we passed an energy bill that has provisions that will provide low-cost loans for small businesses to be able to cope with energy and the gas prices, and yet the President refuses to implement the program. So I would ask the gentleman, Mr. Shimkus, to join with me in asking the administration and asking the President to implement this provision contained in a bill that was overwhelmingly supported, a bipartisan bill, the energy bill. And then the gentleman comes here and gives this great speech about energy prices, and yet whenever there is an opportunity for the gentleman to support legislation that would provide relief to small businesses and consumers, he votes against it. Even today on the Gas Price Relief for Consumers Act, Mr. Shimkus voted against it.

Ms. VELAZQUEZ. Not on this point. I will not yield.

Ms. VELAZQUEZ. I will not yield at this time. So, Madam Speaker, I will ask that the Members of this House support the reauthorization of the Small Business Administration, and I will invite everyone who is concerned about energy prices to come and support the bills that we pass that would provide relief to consumers and to small businesses. You should put your money where your mouth is. I yield back the balance of my time.

Ms. VELAZQUEZ. Reclaiming my time. You had a lot of time. You claimed a lot of time. The gentleman voted against this bill.