Nydia Velázquez

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and insert into the Record extraneous material on the bill to be considered.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Chairman, I yield myself as much time as I may consume. Mr. Chairman, venture capital is the life blood of our Nation's small businesses. Venture capital not only serves as the raw material for economic growth and job creation, but also acts as fuel for the pursuit of new ideas and innovation. Without it, businesses cannot expand, and even the best ideas wither and die in what has come to be known as the ``Valley of Death'' between setup and commercialization. Clearly, our Nation's 26 million entrepreneurs depend upon this resource, and yet despite its obvious importance, venture capital remains elusive to the vast majority of small businesses. The Small Business Investment Expansion Act of 2007 is a bipartisan effort introduced by Mr. Altmire and Mr. Graves. This legislation signifies our commitment to helping small businesses receive the venture capital that is vital to economic growth, innovation and job creation; and I rise in support of this bill. Perhaps no Federal agency is better positioned to meet the challenges of small business investment than the Small Business Administration. Since 1958, the SBA's investment programs have helped hundreds of small businesses and have contributed to the success of several of our Nation's notable companies, including Apple Computer, Federal Express, Staples, and Costco. Unfortunately, the SBA's programs have suffered the effects of mismanagement, flat funding and neglect in recent years. By the SBA's own estimates, the total unmet need for early-stage equity financing for small businesses is approximately $60 billion each year. Additionally, it has been identified that the greatest equity capital financing need of small businesses is financing in the amount of $250,000 to $5 million. While new investment strategies possess the potential to make a significant impact on unmet capital needs of start-up businesses, they have not been fully leveraged for the benefit of our Nation's entrepreneurs. The new market's venture capital program has also not achieved its full potential. And perhaps most notably, unreasonable and outdated policies are still in use, and they restrict the free flow of venture capital and other forms of investment to small firms. This policy has had an obvious impact on the ability of new businesses to access venture capital. Over the past 5 years, there has been a steady shift of venture capital away from newly formed businesses toward later-stage businesses. In 2002, the SBA licensed 41 new SBIC funds, more than half of which focus on investment in early- stage businesses. By contrast, in 2006, the SBA licensed only 10 new SBIC funds, none of which were for investment in early-stage businesses. The Small Business Investment Expansion Act of 2007 represents an important step toward revitalizing SBA's investment mission. This legislation features a renewed focus on providing equity capital to startup firms and businesses in low-income areas, two key sectors of the small business community that have continued to face particularly high barriers to securing venture capital. The bill will also establish a new Angel Investment Program to fill the gap in seed capital that was created by the elimination of the participating securities program. H.R. 3567 touches on all aspects of the SBA's investment mission, including the SBA's surety bonding program. This bill will provide much-needed updates to this program and will introduce initiatives aimed at increasing the number of businesses and bonding companies that participate in the program. Our small businesses have always been the incubators of innovation, and investment has been the fuel for this great engine of American economic development. As we continue to rely on entrepreneurs to spur economic growth and create jobs, the need for venture capital will only continue to grow. This legislation ensures that small businesses will have the resources they need to remain competitive and successful while ensuring that SBA's programs are the premier source for small business capital. For these reasons, H.R. 3567 has the support of the National Venture Capital Association, the Value Technology Industry Organization, the Surety and Fidelity Association of America and the American Insurance Association. Mr. Chairman, I strongly urge my colleagues to vote for the Small Business Expansion Act of 2007, and I reserve the balance of my time.

Ms. VELAZQUEZ. I yield 2 minutes to the gentleman from Washington (Mr. Inslee).

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, on that I demand the yeas and nays.

Ms. VELAZQUEZ. Mr. Speaker, I want to thank the ranking member for introducing this important piece of legislation, and I also want to thank the staff that worked on this legislation, from the minority staff, Barbara Pineles; from the majority staff, Ross Orban, Michael Day, Adam Minehardt and Andy Jimenez. I strongly urge my colleagues to support the Microloan Program. Mr. Speaker, I yield back the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself as much time as I may consume. Small businesses create three out of four new jobs and account for almost half of our country's income. But that is only part of the story. The opportunities through business ownership are limited only by our own imagination and ability. Each year, 700,000 men, women and children follow the dream of entrepreneurship. The vast majority of our businesses are very small. Over 50 percent of all businesses are home based. Most get started without a single employee. But with hard work, that changes. Ultimately, half the people who work in this country now work for small businesses. Small businesses are flexible and more likely to adapt to changes in the economy. They have to be nimble to survive. So if there is one thing we have learned, it is that helping these small businesses start up and grow provides a significant benefit for our local and national economy. One of the best methods devised to encourage start-up small businesses is the small microcredit loan. The SBA Microloan Program makes funds available to nonprofit community-based lenders. In turn, these lenders make small loans to eligible borrowers who are often individual fledgling entrepreneurs that live in the same community where they work. The Microloan Amendments and Modernization Act introduced by my colleague, the ranking member on our committee, Mr. Chabot, improves an already strong program. It will increase the number of lenders and borrowers that will be able to get involved in creating new businesses and help put people in their communities to work. It also encourages credit reporting so that the excellent repayment history of its participants is recorded to their benefit. Finally, the bill takes steps to strengthen the PRIME program, a key initiative that provides counseling to low-income entrepreneurs. Since its inception in 1992, the Microloan Program has been reaching many that otherwise would not be served by the private sector or even the SBA's traditional loan programs. The type of people that use the Microloan Program are borrowers that may be unable to get a loan from traditional sources due to no credit rating or a lack of business experience. By filling this void, microloans have become an important source of assistance for groups who traditionally have had more difficulty accessing capital. These loans fulfill the goal of widely distributing resources, as roughly one third are made in rural areas. It is for these reasons that the program complements the successes of President Clinton's New Market Initiative. Microloans are a low-cost effective way to move people off welfare and turn them into business owners and even employers. There have been only two defaults to the government since the program's inception, and tens of thousands of jobs retained and created. This is a great bargain for the taxpayers. With that, I urge the House to vote for the Microloan Program and this legislation. Mr. Speaker, I reserve the balance of 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 include extraneous material on the bill under consideration.

Ms. VELAZQUEZ. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3020) to amend the Small Business Act to improve the Microloan program, and for other purposes, as amended.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. International trade is a key part of our economic future, and competition in the global marketplace will only increase in the years to come. Consequently, our country is facing many decisions concerning how we will engage in transnational commerce. To utilize resources effectively and secure our industry's leadership, it is critical that the Nation's trade strategy incorporates a key source of innovation in world markets, small businesses. I want to thank Representative Hall for introducing this legislation. He has been a strong supporter of trade policies that will benefit all Americans. Small businesses that generate and develop new products have shown that they can lead the way in building entire industries. They represent virtually all of the country's exporting firms, improving our trade balance and introducing U.S. products to consumers across the world. With all of their success, these firms still face barriers to maintaining domestic and international markets. As a result, although the entrepreneurs are nearly 100 percent of export firms, they generate less than one-third of revenues from these activities. Given their contributions, it is critical that entrepreneurs are considered in the Nation's trade strategy and that obstacles to their competitiveness are removed. By enhancing the Small Business Administration's focus to reflect the international-oriented demands of small businesses, H.R. 2992 will ensure that entrepreneurs are able to effectively incorporate trade into their business strategy. The SBA Trade Programs Act of 2007 will provide small firms with a comprehensive set of tools to thrive in a marketplace without borders. It will assist them to overcome trade barriers by enhancing their access to export financing, counseling and technical assistance programs. The SBA's mandate is also expanded to ensure entrepreneurs participate on a level playing field as they face global competition. To make certain that small businesses have access to newly opened world markets, H.R. 2992 requires the agencies to incorporate entrepreneurs' interests into trade policies and plans. The bill increases trade finance resources and the size of international trade loans which will facilitate small exporters' overseas transactions. These improvements will help to ensure that the Nation's trade promotion strategy supports, and benefits from, U.S. small businesses. Small firms play a crucial role in promoting the global competitiveness of our country's industries. Including them in the development of the U.S. trade policy will support the growth of the Nation's economy, as well as to reduce the trade deficit. Effective trade strategies, enforcement assistance, and export promotion resources will ensure small businesses contribute to maintaining the Nation's global leadership. Doing so will guarantee that benefits of free trade are more widely distributed to not only businesses but also more of our Nation's communities. I strongly urge support of this legislation. Mr. Speaker, I reserve the balance of 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 include extraneous material on the bill under consideration.

Ms. VELAZQUEZ. Mr. Speaker, I yield back the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time. I just would like to say that Representative Hall's legislation, the SBA Trade Programs Act of 2007, promotes the competitiveness of small businesses in the global economy, assists them in adjusting to economic dislocations, and makes certain their needs are represented in U.S. trade policies. Due to the increasing global pressures upon small businesses, this modernization initiative has been widely supported. The legislation has been endorsed by the U.S. Hispanic Chamber of Commerce, the National Black Chamber of Commerce, the Small Business Exporter Association, the National Small Business Association, and the Precision Metalforming Association. I would like to conclude by thanking the staff that worked on this legislation, from the Small Business Committee, Nicole Witenstein, Michael Day, and Adam Minehardt; and from Mr. Sestak's staff, Clarence Tong. In conclusion, I would like to thank Congressman Hall and the cosponsors for this timely bill. I strongly urge my colleagues to vote for the SBA Trade Programs Act of 2007.

Ms. VELAZQUEZ. Mr. Speaker, I have no additional speakers.

Ms. VELAZQUEZ. Mr. Speaker, I yield to the gentlewoman from Ohio (Ms. Sutton) as much time as she may consume. (Ms. SUTTON asked and was given permission to revise and extend her remarks.)

Ms. VELAZQUEZ. Mr. Speaker, I yield to one of the bill's original cosponsors, the gentleman from Pennsylvania (Mr. Sestak), who is also the vice-Chair of the Small Business Committee, as much time as he may consume. (Mr. SESTAK asked and was given permission to revise and extend his remarks.)

Ms. VELAZQUEZ. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2992) to amend the Small Business Act to improve trade programs, and for other purposes, as amended.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. I yield back the balance of my time.

Ms. VELAZQUEZ. I yield myself such time as I may consume. Mr. Chairman, I rise today in support of H.R. 3221. I am proud to sponsor this legislation as it moves this country closer toward energy independence amidst the needs of this Nation's entrepreneurs. Small businesses are dramatically impacted by rising energy costs. According to a recent study conducted by the National Small Business Association, 93 percent of small business owners anticipate negative consequences to their businesses because of higher energy prices. This bill includes numerous measures to help small businesses cope with these challenges. Many of these provisions offered by Mr. Shuler of our committee were designed to address the entrepreneurs' role not only as consumers but also as suppliers of energy. It contains key initiatives to increase energy efficiency. With enhanced loan guarantees and lower fees on Small Business Administration loans, more small businesses will be able to purchase energy efficient technology. The bill also requires the SBA to develop a national strategy for educating small firms about energy efficiency. H.R. 3221 will encourage the creation of new energy efficient technologies and increase production of renewable fuels. Small businesses are the primary leaders in renewable fuels sectors, already making up more than 75 percent of biofuel producers. It creates private equity investment companies specifically for the purpose of funding renewable fuel production. This legislation is the giant step forward in increasing the supply of energy while also creating smart usage. By voting for this bill, we can reduce energy usage and greenhouse gas emissions, all while making sure our economy is moving in the right direction. I commend the leadership on this important bill, and I urge its immediate passage. I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Chairman, I reserve the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Chairman, I thank the chairman for doing that. That is important not only to provide fresh fruit and produce, but also to fight obesity and other diseases in our country.

Ms. VELAZQUEZ. Mr. Chairman, Chairman Peterson and I agreed that I would not offer an amendment based on our mutual support for the amendment's purpose. I want to thank Chairman Peterson for his leadership on H.R. 2419, and I would like to enter into a short colloquy with Chairman Peterson. This farm bill is critical for our economy, good nutrition, our small businesses, and it does a lot for underserved populations too. Low- income and minority communities suffer disproportionately from the lack of fresh fruits and vegetables. In many neighborhoods of New York and across the country where farmers markets are scarce, corner stores are the only place residents shop for their weekly groceries. Unfortunately, due to the limitation of space and many obstacles, many of these stores cannot offer fresh produce and other healthy foods. Farmers markets and other non-conventional fruit retail sites are essential and play a large role in bringing our communities nutritious food. But without simple and critical technologies, farmers markets are unable to serve low-income consumers. That is why I strongly support expanding wireless electronic benefit transfers. These EBT debit machines allow food stamp consumers to use their resources for fresher, healthier foods. Wireless EBTs are especially crucial for low-income consumers to use.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Madam Chairman, I yield myself as much time as I may consume. Madam Chairman, let me first commend Chairman Frank and Chairwoman Waters for their leadership in moving this necessary reform forward. They led the Financial Services Committee through a healthy but complicated series of issues and produced a bill that truly improves the section 8 program. Section 8 is the Nation's largest low-income housing program. It currently enables more than 2 million low-income families to fulfill the basic needs of shelter. We should strive to help more people find safe and decent housing. That is why this bill includes 100,000 new vouchers over the next 5 years. It is critical that we support this bipartisan work that transitions people out of poverty. Keeping people safe is at the heart of my amendment, which may seem minor, but provides important eviction and privacy protection for victims of domestic violence who live in section 8 housing. Let us not allow domestic violence victims to fall through the cracks. It does this by ensuring that residents are not evicted simply because they are victims of domestic violence. While it is hard to believe, under current law, if a resident is visited by a former spouse, a stalker or domestic abuser, and he breaks down the door, the very noise and property damage caused by the dispute could be grounds for her to be evicted. Being abused should not be cause for terminating a lease. My amendment changes that by protecting section 8 tenants from wrongful eviction. It is fundamentally wrong to evict a resident because they have been victimized. The individuals and their families deserve our respect and understanding. This provision ensures that domestic violence victims have a safe home for them and their families. Second, my amendment protects the record of domestic violence victims. If certain identifying characteristics are made public, even to a prospective landlord, abusers could use the information to locate their victims. This goes beyond just name and Social Security number. The key is making sure that their information is protected so that victims move forward without the fear of being found. Their safety must be first and foremost. Let's give section 8 tenants basic protections to ensure they can find and keep a safe home away from violence. Madam Chairwoman, I support the improvements to the section 8 program that H.R. 1851 makes and want to thank Chairman Frank and Chairwoman Waters again for their diligence on this bill. I think it is important that we remember that finding a home entails feeling safe, not just securing shelter. In 2005, we fought in unison to protect domestic violence victims through VAWA; 415 Members of the 109th Congress supported these provisions back then. Today I am asking you to close a potential loophole for section 8 housing residents who are victims of domestic violence. I urge a ``yes'' vote on my amendment and the underlying bill. Madam Chairman, I reserve the balance of my time.

Ms. VELAZQUEZ. Madam Chairman, I offer an amendment.

Ms. VELAZQUEZ. I thank the gentlelady for supporting my amendment. I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise in strong support of H.R. 2956. We must support and protect our troops, and the best way to do that is to bring them home. The American people want the troops out of harm's way. The White House has not met its own benchmarks, and with this resolution, the Iraqi leaders, for once, will know that we mean business. Mr. Speaker, the pain and suffering felt because of this war is unconscionable. New York has lost over a 150 brave young souls; yet, for this President, there's no ending to this war. There is a smarter way. Under H.R. 2956, our troops start to come home in 120 days. Over 70 percent of Americans want us out of Iraq. Democracy is about elected officials listening to the people. Democracy is what we are trying to teach Iraqis, how to run their own democracy. By voting to bring our troops home, we can show them. The American people want this war to be over. Put your faith and trust in them. Choose democracy. Choose a way forward. Vote for this resolution.