Nydia Velázquez

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise today to recognize and celebrate Neir's Tavern, a beloved establishment located in the heart of Woodhaven, Queens. From its inception in 1829, Neir's Tavern has contributed to New York City's rich cultural history. Today, I am marking the momentous occasion of Neir's Tavern receiving the Queensmark Historical Designation award from the Queens Historical Society of New York. This designation is not only meaningful for the Woodhaven, Queens community, it also highlights the significant contributions of Loycent Gordon, the current owner of Neir's Tavern. A public servant who dedicated more than two decades as a New York City firefighter and was one of the first African American Lieutenant's in the FDNY Hazmat Division. In 2009, he courageously stepped up and purchased the establishment when it was set to shutter its doors. Loycent is the embodiment of the American dream, immigrating at the age of 10 from the island of Jamaica to Jamaica, Queens. His business acumen and sense of community has contributed greatly to the social, cultural, and economic fabric of Woodhaven. As we commemorate this milestone in the history of Neir's Tavern, let us reaffirm our commitment to preserving and celebrating the cultural landmarks that make our communities unique as well as the small businesses that are the backbone of our economy. Mr. Speaker, I urge my colleagues to join me in congratulating Neir's Tavern on its well-deserved Queensmark historical designation and in wishing Loycent Gordon many more years of success.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I am pleased to be here today as we celebrate National Small Business Week. More than 60 years ago, President John F. Kennedy first enacted a proclamation to celebrate small businesses, and every year since then our country has honored the contributions of small business owners all throughout the country. Small businesses employ roughly half of the private workforce, create the majority of new jobs, and generate almost half of our Nation's economic activity. They are the heart and soul of communities. Whether it is our local plumber or contractor, a chef launching a restaurant, or a medical professional, they are creating neighborhood jobs and reinvesting in the local economies. The state of our small business is growing stronger. We have seen more than 17 million new businesses start since President Biden took office, with the vast majority of those being filled by women, including women of color. That is good news and gives us a reason to celebrate. But more work needs to be done, and today we are considering four bipartisan bills that will create additional opportunities for entrepreneurs. Turning to our first bill, H.R. 5333, as amended, makes statutory improvements to the Small Business Investment Company program to provide SBICs access to additional leverage when they invest in a small business critical to national security or located in a rural or underserved community. Due to their often capital intensive nature, small businesses operating in America's critical technology sector need institutional investors with long-term time horizons to raise capital. Yet, due to statutory constraints, these investors are often limited in their ability to participate in the SBIC program, making it an unsuitable option for critical technology innovators to raise capital. By providing SBICs with additional leverage flexibility, H.R. 5333 more appropriately matches the SBIC program with the capital needs of this industry. Doing so will enable the SBA and DOD to successfully carry out the joint SBIC Critical Technology Initiative. At the same time, the evidence demonstrates there continues to be a significant lack of private investment in small businesses in rural and underserved communities. By providing SBICs with additional bonus leverage, we are encouraging investment in our communities that need it the most. I thank Representatives Scholten and Meuser for their leadership on this bill. Mr. Speaker, I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield such time as she may consume to the gentlewoman from Michigan (Ms. Scholten), the ranking member of the Contracting and Infrastructure Subcommittee.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, today, under President Biden's leadership, the SBIC program is making historic investments. In fiscal year 2023, the SBIC program provided a record-high $8 billion in investment and collectively financed more than 1,200 small businesses and startups resulting in over 130,000 jobs. H.R. 5333 will build on this monumental success and unleash even further investment in America's small firms. Innovation is the cornerstone of economic growth and U.S. global competitiveness. Most often, the most innovative and disruptive R&D is happening in our small business community. H.R. 5333 will encourage more SBIC investment in small businesses operating in our innovative sector and in rural and underserved areas all over the country. Mr. Speaker, I, again, thank Representatives Scholten and Meuser for leading this effort. I encourage Members to vote ``yes,'' 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, I thank my colleagues, Mr. Stauber and Mr. McGarvey, for their work to bring this bipartisan bill to the floor today. In an effort to ensure that small firms can participate in the Federal marketplace on a level playing field, Congress sets a goal for Federal agencies of annually awarding at least 23 percent of prime contracting dollars to small businesses. These goals have helped millions of small businesses compete and have helped the government leverage their creativity and innovation. Many Federal agencies regularly meet or even exceed their individual goals, but some do not, and they are not formally penalized for this failure. This legislation would apply additional pressure to Federal agencies to meet their small business goals by requiring them to testify before us when they fail. It is a productive step that will add additional congressional oversight to maximize contracting opportunities for small government contractors. Mr. Speaker, I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield such time as he may consume to the gentleman from Kentucky (Mr. McGarvey), the ranking member of the Innovation, Entrepreneurship, and Workforce Development Subcommittee.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time to close. Mr. Speaker, I emphasize that this bill specifies that agencies that have not met two or more of their subcategory goals must also testify before our committee. Each of the categories, including and especially the WOSB program, continue to need additional focus to ensure that the government's acquisition professionals are maximizing contracting opportunities for those small businesses. Again, I thank the sponsors of 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, today we are considering H.R. 7985, which would require the SBA to submit a report to Congress on the challenges facing entrepreneurs with disabilities. Despite progress to increase employment rates, only 26 percent of people with disabilities participate in the labor force. That is why we need a comprehensive study to assess the resources that are available to people with disabilities, examine their effectiveness, and determine what actions need to be taken to support entrepreneurs with disabilities. Mr. Speaker, I appreciate the efforts of Mr. McGarvey and Mr. Molinaro to increase opportunities for people with disabilities. I urge my colleagues to support H.R. 7985. I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield such time as he may consume to the gentleman from Kentucky (Mr. McGarvey).

Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time. Entrepreneurship provides people with disabilities a viable option to participate in the labor force and improve their quality of life. SBA's entrepreneurial ecosystem, comprised of nearly 1,000 resource partners across the country, can provide individuals with free counseling and training to launch and grow their small businesses. We do not know how well SBA and its resource partners are meeting their needs and what more could be done to better serve these individuals. This bill will go a long way in assessing the outreach and engagement provided by SBA and make legislative recommendations to address any deficiencies in the services provided to people with disabilities. Mr. Speaker, I applaud Mr. McGarvey and Mr. Molinaro for their bipartisan efforts, 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, I thank my colleagues for their work on this bill, which states that certain contracting documents should be written in a way that is ``clear, concise, and accessible'' for small businesses. This bill is an attempt to reduce confusion and add clarity for some small firms that contract with or are looking to contract with the Federal Government. While we have concerns about how elements of this legislation could be implemented, simplifying the contracting process and recruiting new entrants into the Federal marketplace are priorities that we share. There are certainly ways for the government to improve in both of those areas. Mr. Speaker, I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield such time as he may consume to the gentleman from Michigan (Mr. Thanedar).

Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time to close. Again, I thank the sponsors for their work on this bill, and I believe that the goals are laudable. It is a mandate of our committee to regularly review the processes that SBA and Federal agencies put in place to recruit, retain, and contract with small businesses--and do so with the goal of making it easier for them to compete for and win Federal awards. Given that small businesses are leaving the Federal market at a record pace, and fewer small businesses are choosing to work with the government to begin with, we must use the tools available to us to provide remedies where we can. In closing, I thank the chairman and the sponsors of the legislation for their commitment and dedication to our Nation's small business owners. National Small Business Week is a good reminder that we need to work together in a bipartisan way to create more opportunities for our Nation's 33 million entrepreneurs. Mr. Speaker, I would be remiss if I didn't mention there are a sizeable number of Democratic bills that have been reported favorably from the committee but have not been scheduled for the floor. In a spirit of bipartisanship, which is what National Small Business Week showcases to our constituents, I look forward to the chairman bringing more of these bills to the floor soon. Mr. Speaker, I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I thank the gentlewoman for yielding. Mr. Speaker, if Republicans were really interested in fixing our broken immigration system, why are we wasting our time debating this nonbinding resolution? Republicans claim that all President Biden needs to do to fix our immigration system is to unconstitutionally shut down the border and return to the draconian policies of the Trump administration. Immigration in our country has been broken for decades, and enforcement-only immigration solutions do not work, and they know that. We must also recognize the positive benefits of immigration. According to the CBO, increased immigration will help bolster our economy by about $7 trillion over the next decade. If Republicans really cared about addressing the problems of our immigration system, they would join with Democrats to pass thoughtful and bipartisan legislation to actually address the problem at the border. Nonetheless, Mr. Speaker, they are not interested in doing that. All they need is a political talking point. Instead, we are debating a resolution that will do nothing and help no one. Mr. Speaker, I urge my colleagues to oppose this resolution.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Chairman, I rise in opposition to H.R. 2799. As ranking member of the House Small Business Committee, I know that small businesses are the driving force of the American economy. Access to capital is the lifeblood of our Nation's small firms. It is what allows them to expand and hire more workers. A key method for small businesses to raise capital is seeking investors through our Nation's capital markets. It is a method I support. However, raising funds through capital markets cannot come at the expense of retail investors, employees, and independent contractors. This bill fails to strike an appropriate balance and significantly weakens investor protections while dramatically expanding the number of exempt offerings. When we created new exemptions in the JOBS Act, they were designed for smaller firms. Today, large private companies and private equity funds have misused these exemptions to create an opaque lending market that is now bigger than our public markets. The lack of transparency associated with these funds isn't beneficial for small businesses seeking financing from these funds or retail investors investing in them. Private securities offerings are generally deemed as riskier than public offerings. The lack of disclosures and transparency in this bill allows retail investors to participate in these offerings without adequately understanding the dangers, creating the potential for significant financial loss for working-class investors and retirees. President Biden has already signaled his opposition to this bill. If the majority were serious about helping small businesses raise capital through our private markets, they would pull this bill and work with us to craft a bipartisan solution that helps small businesses and protects investors. Mr. Chair, I encourage my colleagues to vote ``no.''

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, today we are considering eight bills, six sponsored by Republicans and two by Democrats. I look forward to working with the chairman to bring the additional five Democratic bills to the floor that were unanimously approved by the committee in a timely manner. I thank my colleagues, Representatives LaLota and McGovern, for their work to bring this bill to the floor today. In fiscal year 2022, Federal agencies awarded 4.57 percent of contract dollars and a record of just over $28 billion to service- disabled veteran-owned small businesses, but this number does not tell the whole story. Every year, a handful of agencies do not meet their individual agency goals, showing that there is more that can be done. This legislation will require SBA to issue guidance and to provide training for agencies when they come up short. It is also important to highlight that Congress has raised the service-disabled veteran-owned small businesses' goal to 5 percent of Federal contracting dollars moving forward, so additional guidance and training will be timely. Mr. Speaker, I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield such time as he may consume to the gentleman from Kentucky (Mr. McGarvey), the ranking member of the Innovation, Entrepreneurship, and Workforce Development Subcommittee.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time for the purpose of closing. Mr. Speaker, the Federal procurement goals are one way that Congress helps to ensure that small business government contractors can enter, compete, and remain in the Federal marketplace and that they receive a fair share of contracting dollars when doing so. This bill will provide agencies with additional tools and training to maximize awards to firms owned by service-disabled veterans and meet their small business goals. Mr. Speaker, I appreciate the work of my colleagues on 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, I rise today in support of H.R. 4669, as amended. This legislation would allow SBA and the Department of Energy to enter into an MOU to formalize the research and development activities that are currently under way. Investments in R&D are critical to providing high-paying jobs for Americans, increasing small business innovation, and ensuring our country remains competitive. Mr. Speaker, I thank Mr. LaLota and Mr. Thanedar for their bipartisan work, and I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time to close. Mr. Speaker, small businesses produce more than 14 times more patents than large businesses and universities and employ nearly 40 percent of scientists and engineers. Enhancing coordination between the Small Business Administration and the Department of Energy will hopefully increase opportunities for small businesses. Mr. Speaker, I thank the sponsors for their work, 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, empowering female entrepreneurs has long been a top priority of mine and enhancing the programs that impact the success of women-owned small businesses continues to guide my work on our committee. That is why I am pleased we are considering my legislation, the WOSB Certification and Opportunity Expansion Act, which, as amended, will improve and enhance the SBA's women-owned small business contracting program. The WOSB program is a valuable tool for Federal agencies to contract with small businesses that are owned by women. However, a number of factors hinder the program's effectiveness. These limitations then translate into reduced contracting opportunities. As a result, the data continues to show that women-owned small businesses are not seeing the contracting opportunities that should accompany the level of participation in the Federal marketplace. My bill will move away from self-certification and require Federal agencies to only count contracts awarded to certified WOSBs toward their procurement goals. This bill will help address a major concern that I regularly hear from WOSBs: that the program is more difficult to use than the other SBA programs, and that it is in part because WOSBs are not SBA certified. Stakeholders highlight that when combined with other confusing and cumbersome WOSB-specific requirements, the lack of SBA certification creates a risk that disincentivizes use of the authorities by contracting officers. It is my hope that by moving more WOSBs through the SBA certification process, we will see Federal agencies more confidently and frequently set aside sole source contracts to women-owned small businesses. That has always been the goal of the WOSB program: to level the playing field for women in industries where they are underrepresented. My bill helps to do just that, and I urge all Members to support it. Mr. Speaker, I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I have no further speakers, and I yield myself the balance of my time to close. Mr. Speaker, I have drafted this bill in a way that I believe ensures women-owned small businesses will not be harmed during the transition away from self-certification and that Congress has the tools necessary to conduct oversight of that transition. There are sufficient protections built into the legislation so that women-owned firms are not penalized and specifically will not lose contracts if issues arise during implementation. Utilizing WOSBs in our Federal marketplace is critical for their success and the success of our national economy. Mr. Speaker, I urge all of my colleagues to support this important bill to enhance the WOSB program, bolster its use, and provide female entrepreneurs with additional opportunities for success. I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Today, we are considering H.R. 5265, the Small Business Administration Rural Performance Report Act, which, as amended, requires an annual performance report and budget justification for the Office of Rural Affairs. Mr. Golden has worked relentlessly to increase SBA outreach to rural small businesses and make sure the Office of Rural Affairs remains active. I commend Mr. Golden for his efforts, and I am quite disappointed we are not considering his legislation today, which would have enhanced the Office of Rural Affairs and was unanimously approved by the committee in September. I look forward to its speedy consideration. Today, we are considering legislation that would require a performance report and budget updates from the Office of Rural Affairs so that we can stay apprised of its activities. Currently, we get this information by simply asking the agency for an update, but this bill would now statutorily mandate that it is provided. Mr. Speaker, I thank Mr. Pappas for joining Mr. Alford in sponsoring this legislation, and I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time to close. Mr. Speaker, small businesses are powerful drivers of economic growth across the United States, employing 46 percent of the workforce and generating two-thirds of new jobs. In rural areas, self-employment tends to be higher than in urban and suburban areas, but the challenges they face are much greater. Rural small businesses have a harder time securing affordable capital, finding talented workers, and making ends meet. Administrator Guzman is increasing SBA's commitment to rural America by appointing a new director to the office and improving the outreach and engagement with rural small businesses. She recognizes the importance of ensuring rural small businesses have access to SBA's vital programs. With this type of assistance, rural small businesses can thrive and, in turn, create good-paying jobs and lift up communities. Mr. Speaker, I again thank Mr. Alford, Mr. Pappas, and Mr. Golden for their leadership on this issue, 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, I thank my colleagues, Representatives Ellzey and Thanedar, for their work on this bill, the Encouraging Success Act. The 8(a) program is one of the most effective tools for minority businessowners to get their foot in the door of the Federal marketplace. The program is critical for entrepreneurs who have faced discrimination. This bill requires the SBA to regularly assess, and, when necessary, update the economic threshold for program participation. I share the sponsors' concerns that the lack of reassessment or readjustment can penalize growth and that a regular assessment will ensure that the program keeps pace with changing economic environments. Mr. Speaker, the National Minority Supplier Development Council has said that this legislation will enhance the effectiveness of SBA programs, including the esteemed 8(a) program, ensuring they continue to serve as powerful catalysts for community wealth building and inclusive economic development. The 8(a) program remains a win-win for the government and for communities across the country. It has led to a more diverse Federal market and supply chain, provided billions of dollars annually through streamlined contracting processes for minority businessowners, and continues to work to help minority businessowners overcome the real and ongoing discrimination that would otherwise hold them back. Keeping 8(a) intact and relevant must remain a top priority. I appreciate the sponsors for their work, and I reserve the balance of my time.