Nydia Velázquez

Ms. VELAZQUEZ

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

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise to wish a very happy belated birthday to Eileen Counihan, born June 21, 1952, in New York City. Eileen celebrated her 50th birthday with family and friends in Yorkville and Margaretville in Upstate New York. Eileen is known for her loyalty to friends and her commitment to her family, a quick smile and a warm sense of humor. She is a dedicated, active member of her community, volunteering to distribute food to the homeless on Friday evenings and even Thanksgiving Day. On Earth Day this year she led a project that planted 100 trees. For these reasons and more I would like to extend the warmest best wishes to her and her family. Happy Belated Birthday, Eileen!

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I express my opposition to this sham bill that is a giveaway to the pharmaceutical industry at the expense of seniors and especially women in our country. Mr. Speaker, I rise today in opposition to this legislation. While we all agree that today's elderly need and deserve a prescription drug benefit, I am afraid this proposal is not the answer. If we are lucky enough, our parents are still with us. And we know how they can live longer and more active lives with the new medical treatments that exist today. Some of our parents already face--and some of us in the not so distant future may face--the issue of drug affordability--drugs that help us to live life to the fullest. We are in the middle of a health care crisis in this Nation. Drug prices rose 17 percent last year alone--after five years of double- digit spikes. The prices of popular and heavily-marketed drugs increased even more--an incredible 34 percent. No one doubts that something must be done--and fast. But passing legislation that makes two wrongs does not make a right. As Ranking member of the Small Business Committee, I want to point out how this plan fails in two critical ways. First, it fails our seniors. It does nothing to provide a comprehensive, affordable drug benefit with Medicare. Second, it fails small community pharmacists. These pharmacists serve a vital purpose in our communities. The corner drug stores anchor our neighborhoods and the local pharmacist counsels our seniors about their medications. Once again, through the lens of this proposal, we see who the Republicans care about most--big business--the pharmaceuticals, the health care companies. Not the little people--seniors citizens that give so much back to our communities and the corner drug stores they visit and depend on each and every day. Mr. Speaker, this is a bad plan. It enriches a handful of corporations at the expense of seniors and the small businesses across the country that serve them--without even delivering on the promise of comprehensive, affordable prescription drug coverage.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise today on behalf of a grateful Nation. Less than 3 months before the anniversary of the worst act of terrorism in our history, a small group of volunteer small business professionals from across the country completed replacement of more than an acre of hard slate roof over the Pentagon. Earlier this morning, many of us participated in a ceremony at the Pentagon to recognize the work of these selfless Americans, and we are here again to thank them for their patriotic generosity. Small businesses work for America. They anchor our communities and neighborhoods. They create three-fourths of all new jobs, employ half our workers and produce nearly half our GDP. They hauled us out of our last recession into the longest peacetime boom on record. They did it before, and they are doing it again. But that is not all. When they lock up for the night, small business owners are out in the community, volunteering in school, coaching little league, donating their time and expertise to neighborhood improvement. But even when it did not seem possible that small businesses could give any more, they did. When terrorists crashed American Airlines Flight 77 into the Pentagon on September 11, small businesses stepped forward to help. Leading the way were John and Kimberly Francis, owners of Northern Virginia Roofing in Falls Church, Virginia. After September 11, they joined millions of Americans in wanting to do something, to give something back. So when they learned of the extensive damage to the Pentagon's roof, they decided to volunteer their particular talents. They would give a new roof to the Pentagon. Soon roofing professionals from across the country came to volunteer their time, labor, and materials, rebuilding more than an acre and a half of hard slate roof over the Pentagon. They flew in from all across the country to northern Virginia, they drove, they even brought campers to work on this project. My colleagues might remember that this was not the best time if one was a small business to donate time on labor. The economy was in a recession and threatened to get worse. Americans feared for their security and their jobs. Yet these roofers knew that they had a patriotic imperative and an historic opportunity to help heal this breach by doing what they do best. In our darkest moment, they were among our brightest lights. Eight months later, $450,000 in donated material and labor have had their desired effect. A professional army of volunteers have given a roof to the Pentagon at no charge to the Federal Government or the American taxpayer. I hope every Member of this body is inspired by the story of these selfless professionals. Whenever they drive by the Pentagon and see the rapid rebuilding and the work crews on the job day and night, they will see a symbol standing for all that America's small businesses have done for this country. Small businesses not only rebuilt the Pentagon, they rebuilt our resolve. For that and for so much else, we thank them. I also want to take this opportunity to thank the staff for their hard work, not just on the resolution but giving small businesses the support they needed to accomplish this great fete: Staff Director Michael Day, Mary Ellen Ardonney, Wendy Belzer and James Snyder.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, even though small businesses serve as the engine of the economy, the critical role they play is often overlooked during the development and implementation of Federal policies. This oversight often results in a myriad of problems and regulations that have little benefit, or, in some cases, negative impact on this Nation's small businesses. To make sure small business has a voice in the Federal Government, Congress created the Small Business Administration Office of Advocacy 25 years ago to defend, strengthen and represent small businesses in the legislative and executive rule-making process. To accomplish this, Advocacy, and in particular the chief counsel, has the unique power to take positions that are contrary to the administration. This ability to ``call them as he sees them'' allows Advocacy to put aside much of the partisan tone that all too often creeps into policy, and has just one standard: is it good for this Nation's small businesses? Under this charge, the Office of Advocacy works to reduce legal and regulatory mandates that disproportionately burden small businesses. By bringing together Federal agencies, small businesses and interest groups, Advocacy then attempts to reach a mutually beneficial consensus. The result is an improved regulation that reduces regulatory and paperwork burdens so that small businesses can get back to the work they do best. In addition, Advocacy highlights policies that support the development and growth of small businesses and produces studies and research aiding legislators and rule-makers in the decisions that affect small businesses. As the complexity of Federal regulations has increased, so has the need to ensure that Advocacy's independent voice is in no way muffled. To do its job and do it well, Advocacy must point out problems and shortcomings of administration policy, not a particularly popular job to have, but a critical one. This often pits them against agencies and many times opposes the Office of Management and Budget, the very agency that sets Advocacy's funding levels each year. Criticizing the very entity that holds its fate could compromise Advocacy's ability to be truly independent. Given the recent mishandling by OMB of such matters as the SBA loan program subsidy rates and size standards for disaster assistance, shielding Advocacy from OMB's heavy hand is more important than ever. To that end, the Committee on Small Business provided the Office of Advocacy the ability to submit its own budget to Congress in our original bill. Unfortunately, this critical guarantee of Advocacy's independence has been removed from the final version under consideration today. I find this curious. The Office of Advocacy already submits testimony, correspondence and reports to Congress without any vetting by the administration. It only makes sense that this independence should be extended to the budget it submits to Congress. The power of a subordinate agency to submit a budget item is not without precedent. Currently, FDIC and the International Trade Commission, among others, submit their budget without change. Testimony by experts before our hearings, committee reports and surveys of small business interest groups have all influenced the bipartisan proposal to secure Advocacy's independence. In fact, all the business groups supported the bill as it was reported by the committee, not as it was amended. We know that OMB's current budgetary power over the Office of Advocacy can hurt, co-opt or weaken the office, which will be less likely to raise issues with OMB that directly harm small businesses. We should have retained the original language of this bill. I am afraid today's proposal is not a step forward, but a step back, in the drive to protect small businesses from disproportionate government regulations and compliance burdens. The Office of Advocacy has been successful because we have given it the flexibility to work with agencies to find creative solutions to the problems facing this country's small businesses. Small businesses are powerful creators of growth and jobs, something to keep in mind as our unemployment rate peaks at 6 percent. The Office of Advocacy is a strong voice for small business, and we can make it stronger so that small businesses can get back to work. We should be strengthening it, not weakening it, as this legislation does today. Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise today to honor and give thanks to Latino veterans across the nation and in New York's 12th District-- those brave soldiers who served in our Armed Forces during times of turmoil and crisis in our nation's history. Today, the National Federation of Puerto Rican Pioneers, Inc., also known as Los Pioneros, of Williamsburg, Brooklyn celebrates another anniversary to honor the many Puerto Ricans who so bravely served in our Armed Services. Given the war against terrorism our great nation is now waging both here and overseas, I believe we must take time to honor and give thanks to a few of our nation's Latino veterans from the 12th District. Many of these men were young men, unaware of how war would change them when they enlisted in the Armed Forces during World War II, the Korean War, and the Vietnam War. They joined the service with hopes of strengthening our nation's security, fighting for the ideals of democracy and freedom, and ensuring a more peaceful world. Although many returned home with lasting wounds, their spirit was never broken. These Puerto Rican veterans answered the call to duty. That is why I have been a strong advocate for them during my service in the United States Congress. These soldiers did not disappoint this nation when we needed their service, and it is our solemn obligation to guarantee that they are remembered and cared for in their time of need. Therefore, it is with much appreciation that I honor my Puerto Ricans brothers in spirit on their special day: Luis A. Fantauzzi, 1941-49; Victor Garcia, 1952-58; Jesus Rivera, Sr., 1954-58; Jesus Rivera, Jr., 1954-58; Victor L. Robles, 1954-58; Jose R. Torres, 1954-56; Herbert Zayas, 1954-56; Israel Perez, 1954-56; Nelson Cora, 1954-56; Pedro Colon, Jr., 1960-64; Edward Elba, 1960-64; Robert Guilbe, 1960-62; Roberto Maldonado, 1966-68; Guillermo Martinez, 1966-68; Gilberto Mercardo, 1966-68; Felix Lopez, 1966-69; Hector L. Soto, 1975-78; Ismael Torres, Jr., 1975-78; Nelson Torres, 1975-78; Edison P. Rivera, 1975-78; Eugenio Maldonado, 1975-78; Gilbert Figueroa, 1979-82; Felix W. Ortiz, 1984-86; and Walter Figueroa, 1985-90.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise today in opposition to the Republican bill. I am deeply troubled by the terrible duplicity on display today. How can a Congress that speaks so eloquently on family values pass legislation that clearly threatens our neediest families? By increasing work requirements, this bill forces parents to be away from their children for longer hours without providing adequate funding for the day care. The authors of this bill claim it fosters respect and responsibility, then coerces women into abusive marriages based in fear and distrust. Furthermore, the President has been touting the important role immigrants play in both our economy and our culture. Yet this bill neither extends SSI eligibility for legal permanent residents nor ensures that adequate translation services will be provided for limited English proficient residents to advise them of what services they are eligible for. It is time that this Congress live up to its compassionate conservatism and provide not just the promise of responsibility, work and family, but the tools to achieve it.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise today to introduce the Small Business Enterprise Paperwork Reduction Act, a bill to relieve the burden of regulation compliance documentation. Federal regulations are set to ensure worker safety and to protect public health and the environment. This nation's small businesses-- representing 99 percent of all employers and constituting half our economic product--place a high value on compliance with regulations. Unfortunately, these requirements disproportionately burden small businesses, which spend millions of hours annually meeting federal paperwork and record-keeping requirements to prove that they have complied with regulations. The time and effort spent by businesses and taxpayers to meet paperwork demands are estimated to equal almost 10 percent of the nation's Gross Domestic Product. Clearly, this is a waste of time and resources better spent creating jobs and furnishing goods and services. Federal paperwork consistently ranks among the top 10 problems for small businesses. Time spent filling out forms, takes small business owners away from conducting our nation's business. It takes doctors away from patient care. It takes restaurant owners away from serving patrons. It takes your auto mechanic away from fixing your transmission. The Paperwork Reduction Act of 1980 (PRA), since amended, seeks to minimize the cost and burden imposed by federal paperwork requirements and to maximize the usefulness of the information collected. The PRA of 1995 required reduction of paperwork burdens government-wide. Unfortunately, the burden did not decrease since 1995--in fact, it has increased by nearly 180 million burden hours during Fiscal Year 2000. This is the second largest one-year increase since the act was passed. It is also an outrage. The PRA established the Office of Information and Regulatory Affairs (OIRA) within the Office of Management and Budget to review and clear agency information collection requirements. Unfortunately, OIRA has been diverted from its original mission by an Executive Order that makes it a central clearinghouse for agency rulemaking actions. Review of regulations now takes up most of OIRA's time and resources. This legislation seeks to bring OIRA back towards its original mission--to ensure that Federal agencies do not over-burden businesses and the public with requests for information and documentation. The Office of Management and Budget listed a total of 710 PRA violations for Fiscal Year 2000. This legislation will strengthen the PRA by requiring OMB to do more to enforce the law on paperwork burden violations. In addition, by making violations of the Paperwork Reduction Act a more public matter, it will increase public awareness and force agencies to focus on the burdens they impose on small business. Lastly, this legislation requires federal agencies and OMB to track the paperwork burdens on small businesses by industry type. Congress and the public should be aware of what burdens are being placed on our small businesses by Federal agencies. Small businesses create 75 percent of the new jobs in America. To protect this economic dynamo, we must be careful about the burdens we place on these firms. If the burden of government paperwork becomes too great, it will stall the very engine of economic growth that has made America strong. This legislation is designed to tighten the load, so that small businesses can get back to work providing jobs, goods and services in their communities.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Chairman, I rise in support of H.R. 2871, the Export-Import Bank Reauthorization act of 2001. When people think of American exports, most think of the cars, computers, machinery and agricultural products made by major American corporations. But this perception is only part of the reality. Just as small businesses set the pace for the American economy, they also are pioneers in international trade. In fact, 88 percent of American exporters are small businesses with fewer than 100 employees. That statistic, while impressive, does not tell the whole story. The Department of Commerce also estimates that only 2 percent of small manufacturers with export potential actually engage in trade. Clearly, a great potential for expanding trade opportunities exists with the many small businesses that may want to export but are intimidated by those prospects. The Export-Import Bank is one of the most powerful tools that we have for growing the number of small business exporters. The export loans and insurance programs provided by the Ex-Im Bank help to reduce both anxiety and economic risk for potential small business exporters. Since the Bank was established in 1945, it has supported billions of dollars in small business exports. Last year, the Bank supported $1.6 billion in small business exports in 2,124 transactions. This represented almost 18 percent of the total export loan volume and over 90 percent of total trade transactions. More importantly, the Bank supported over $32 million in exports by women-owned businesses and $34 million in exports by minority-owned businesses. While these are impressive achievements, more can--and should--be done. The bill that we are considering this afternoon is a step in the right direction. It would increase the target for small business loan volume from 10 percent to 20 percent and create an office within the Bank that is dedicated to making small business loans. Lastly, H.R. 2871 would authorize an additional $1 million to increase its small business marketing activities. Ex-Im Bank has had great success marketing its programs to small businesses. This bill will go even further by recognizing those gains while providing the Bank with a renewed small business emphasis and additional resources to expand this mission. While this bill will go a long way to increasing the Bank's focus on small business exporters, it is only one step in the right direction. We need to work with the Bank to improve service on small business transactions. Small businesses are particularly sensitive to delays in closing deals. A three-week delay in obtaining transaction financing can be the difference between a successful sale and a missed opportunity. Through the creation of a small business office in the Bank, we will need to continue to monitor how well small business needs are met. To this end, we will need to harmonize the Capital Guarantee programs of both the Ex-Im Bank and the Small Business Administration. There is no reason that these programs, which can operate as one, should be crushed by the weight of different rules, applications, uses, and lenders. Two similar but competing programs only will confuse the small business exporter. In the coming year, I hope to resolve the twin problems of expedited service and harmonization of the capital guarantee programs. I appreciate the opportunity to speak in favor of this important legislation. It is hard to underestimate the impact that small businesses have in both the domestic and international marketplace, and this bill is a huge leap in the right direction toward supporting further small business participation in the global marketplace.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, first and foremost, I would like to commend and congratulate the chairmen and ranking members of the Committee on the Judiciary and the Subcommittee on Immigration for all of their hard work on the bill we have before us today, which takes the long overdue step of restructuring the INS. Mr. Chairman, H.R. 3231 holds tremendous potential to improve an agency that has long been a source of frustration for Congress, consumers, and agency employees alike.

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

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

Ms. VELAZQUEZ. Mr. Chairman, reclaiming my time, I thank the gentleman. The bill before us takes bold action regarding the structure of the INS. We should also seize this opportunity to take bold action with regard to the application backlog as well, and that is what my amendment proposes to do. Specifically, my amendment will enable the Associate Attorney General for Immigration Affairs to explore new and innovative ways of addressing the backlog by authorizing the director of the Bureau of Citizenship and Immigration Services to implement pilot programs in areas with large backlogs to efficiently and effectively dispense with pending applications and prevent the backlog of future applications. It will encourage initiatives such as increasing or transferring personnel to areas with ongoing backlog problems, streamlining regulations and paperwork, and providing incentives for efficient and high-quality work. This amendment recognizes that there is not a one-size-fits-all approach to eliminating existing backlog and, therefore, encourages flexibility at the local level by enabling district offices to utilize new strategies to deal with all problems. Finally, the amendment establishes the goal of eliminating the current backlog not later than one year after the enactment of the act. My amendment will allow the new Associate Attorney General for Immigration Affairs to think and pursue new solutions to old problems. It will enable the newly-formed Bureau of Citizenship and Immigration Services to get to a point where all immigration applications are processed quickly and expeditiously, and it represents an important step in the process of turning immigration into a policy and process of which we can all, Congress, consumers and agency employees alike, be proud. Mr. Chairman, I urge my colleagues to support it. Mr. Chairman, I reserve the balance of my time.

Ms. VELAZQUEZ. I yield to the gentleman from Wisconsin.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I am honored to rise today to commemorate the 5th Anniversary of the Ming Pao Daily News, a source of information to the Chinatown community in New York's 12th district and to Chinese Americans in major cities across the country. Ming Pao Dally News provided vital coverage of the September 11 terrorist attacks, the aftermath of which deeply affected Chinatown. In addition, the newspaper covered other news of interest to the Chinese American community, including the democratic elections in Taiwan last December. Ming Pao not only produces news of interest, it is thoroughly committed to improving the community. Through charity fundraising, educational seminars, and sponsorships of cultural events, the newspaper is dedicated to showcasing the best the community has to offer. I am pleased to mark Ming Pao's five years this month. I wish the organization the best of luck and success for many more years. Thank you, Mr. Speaker.

Ms. VELAZQUEZ

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

Ms. VELAZQUEZ. Mr. Chairman, no one doubts the importance of the information and communications technology revolution in shaping our economy today. Many small businesses led the changes that put a PC in half of our homes and the Internet in almost every office. Their impact has been great. Internet usage and presence has grown at an astonishing rate of 50 percent each year. Today there are almost 2.1 billion different Web sites on the Internet, and e-commerce is the fastest growing sector of the Internet. Americans now spend $3.5 billion on line. That averages out to 13.5 million households spending $263 dollars per person per year. And it is estimated that the Internet commercial activity could reach $3 trillion by the year 2003. It is clear that if small businesses are not part of the new digital economy they will soon be out of business. But despite small business leadership in this sector, far more small businesses are hampered in their effort to expand into the digital marketplace by a great and growing dearth in high-tech workers to help them. Less than half of the 900,000 information technology jobs created last year were actually filled. Since American small businesses create 75 percent of all new jobs, we should focus the legislation before us in order to benefit these dynamos of our economy. This bill is designed to grow the high-tech workplace. But our amendment will ensure that small businesses fully participate in that growth. After all, small businesses make up half of our economy. They employ almost half of our workers. They create three-fourths of all new jobs, and are an entryway to the workforce of 6 of every 10 working Americans. However, they do not fully participate in the digital economy. According to the Department of Commerce, small businesses on average invest far less in information technology than their corporate counterparts. They are far less likely to buy or sell merchandise over the Internet, and their employees are less likely to use a computer regularly. I am convinced one of the great contributing factors to this digital divide is that the small businesses simply cannot attract and retain skilled high-tech labor. If they cannot get the workers to build and maintain a company Web site, they will be unable to enjoy the benefits of e-commerce. The Velazquez-Manzullo amendment proposes to bridge this small business tech gap by requiring that 20 percent of Federal employees detailed to the private sector under the provision of H.R. 2935 are detailed to small businesses across the country. With 99 percent of all American enterprise comprised of small businesses, I believe this is the reasonable proposal to help the great majority of them benefit from high tech and e-commerce. This amendment is designed with another goal in mind as well. Through this placement program we want to help small businesses contract with the Federal Government. By learning more about how the Federal Government operates through Federal workers detailed to them, we want to encourage greater contracting opportunities with the government. This is a very important goal, given the fact that in the year 2000 the Federal Government failed for the first time to meet any of its statutorily set goals for contracting with small businesses. Mr. Chairman, I urge my colleagues to support the Velazquez-Manzullo amendment. It has received strong support from the 65,000 members of National Small Business United, the oldest small business group in the country, and thousands of small businesses like them. We know small businesses want to reap the benefit of this great technological revolution with skilled people working for them and showing them the way. They also want and deserve a fair shot at Federal contracts. Put together in this amendment, we can be assured that the company we help today could be the Intel of tomorrow. Vote ``yes'' on the Velazquez-Manzullo amendment.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, later today I will introduce legislation, the Deferred Annuitant Fairness Act of 2001, to correct a glaring inequity in Federal retirement law. At a time when we are considering legislation to protect the hard-earned retirement benefits of working men and women--and give them more control and responsibility over their income in retirement, at least one class of federal government retirees find themselves at an unfair disadvantage and their retirement benefits eroded through no action of their own. I speak of deferred annuitants of the federal government--employees who work for the Federal Government for at least five years, vest in the retirement program, and who separate from service before becoming eligible for immediate retirement. When these individuals claim their retirement annuity in later years, the pension benefit they have financed is eroded by inflation and they are put at a financial disadvantage which they cannot overcome. Under current law and practice, the Civil Service Retirement and Disability Fund invests employee contributions but gives no added value to a retiree for the time his or her money was invested before the deferred annuity starts to be paid out. As a consequence, if two employees gave identical service, with the first retiring in 1970 and the second in 2000 with annuities for each starting in 2000, the second retiree receives nearly five times the annuity of the first. In addition, the spouse of a CSRS retiree is not protected during the deferral period. (This protection is already afforded to FERS spouses and spouses of Members of Congress participating in CSRS.) This legislation will make two primary changes in current law to correct this inequity. First, it will compensate deferred annuitants for the added value generated over the deferred period from investing what was deposited into the trust fund on behalf of the employee up to the time of separation from service is compensated. Second, it will eliminate the disparity in spousal protection for deferred annuitants covered under CSRS and FERS. Mr. Speaker, fairness and equity should be the watchword when it comes to the treatment of our federal workforce--the hundreds of thousands of men and women who dedicate their lives to service to this nation and our people. With the changes proposed in the legislation I introduce today, federal employees who take a hiatus from their federal service before retiring will be protected from inflation and the erosion of their pension benefit available upon retirement. I urge my colleagues to join me in support of these changes. This measure is endorsed by the National Association of Retired Federal Employees.

Ms. VELAZQUEZ

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

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, this has been a long process and I want to thank my staff, particularly Mr. Michael Day, and Mr. Manzullo's staff for their tremendous effort in getting this bill done. Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I rise in strong support of S. 1196, the Small Business Technical Correction Act of 2001. This legislation will make much needed improvement here to the Small Business Investment Company Program, the Small Business Administration's General Loan Program, and the Certified Development Company Program to ensure that they are able to meet the new challenges facing this Nation's small businesses. Mr. Speaker, recent reports reflect that the economy is heading into a recession and small businesses now more than ever need access to capital at an affordable rate. Surveys of senior loan officers have reported tightening of credit. No one sector of the economy is hurt more by this restriction than small business. Today, through changes to the SBIC program, we will expand the programs size and volume to include an entirely new array of opportunities for small business to receive equity investment. The SBIC program has invested nearly $15 billion in more than 90,000 small businesses. And more importantly, $600 million in businesses in low and moderate income areas throughout the Nation. Thanks to the SBIC program, such successes like Intel, FedEx, America Online and Staples launched themselves into the universe of Fortune 500 companies. While this does raise the fees on the SBIC program, it also puts the program on a footing where no Federal subsidies are going to be required. This has created some concern that these changes will put equity investment out of reach for many small business. To offset this we have included a reduction in the fee of the SBA general loan program. This will bring some equity into a program that has according to Congressional Budget Office estimates overcharged both lenders and small businesses by at least a billion dollars. Today with the passage of S. 1196 we will make the SBA 7(a) loan program more accessible and affordable to small businesses by drastically reducing the cost of the program. These changes will immediately free up millions of dollars for more lending spuring much needed economic revitalization. I strongly encourage my colleagues to support this legislation. Mr. Speaker, I yield such time as he may consume to the gentleman from Illinois (Mr. Davis).

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise in strong support of H.R. 2538, the Native American Small Business Development Act. This is an important piece of legislation which we need now more than ever. I thank the gentleman from New Mexico for his hard work on this issue, and I congratulate him for bringing it to the floor today. In the past decade, our economy has created more than 15 million new jobs and the greatest boom time on record. American small business has been an integral part of this growth. Small companies and entrepreneurs employ half our workers, create jobs 75 percent faster than large firms, and make up nearly half our gross domestic product. They are the key to our success and will be the key to our economic recovery. But the prosperity many Americans have enjoyed failed to reach some places in our country. Certain regions and communities peer over an ever-widening canyon that separates them from those better off. These areas deserve our attention and our help to fill that gap. Nowhere in America is poverty more persistent than on and near Native American reservations where citizens suffer a staggering average unemployment rate of 45 percent. Over a third of reservation inhabitants live below the poverty line. But one of the bright spots on many reservations during the past decade has been the growth of small business. From 1992 to 1997, the number of businesses owned by Native Americans grew by 84 percent. Their gross receipts also grew during that time by 179 percent. Those rates dwarf national figures for small business. Clearly, Native American enterprise is a powerful engine for renewal. While such spirit is innate, success is learned. We know from consistent and incontrovertible evidence that technical assistance helps small companies. Entrepreneurs who learn business skills are twice as likely to succeed. The gentleman from New Mexico (Mr. Udall), my good friend, understands this principle, which is why he introduced his innovative and valuable legislation. I commend him for his leadership and stewardship of this bill. The Native American Small Business Development Act will provide the technical assistance and aid needed to spur and perpetuate an extraordinary burst of enterprise. It ensures that those seeking to develop small businesses will have full access to counseling and technical assistance provided by the SBA's Small Business Development Program. With the economy in a downturn, we need this bill now more than ever, because enterprise is the engine of recovery. These hardworking entrepreneurs deserve the best service available to build and grow. This legislation will ensure they receive that aid which will help spread and sustain prosperity to every corner of our country. Mr. Speaker, I urge all of my colleagues to support this legislation.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise in strong opposition to this rule. It is absolutely outrageous that the Committee on Rules, at the direction of the House leadership and the administration, is preventing this body from voting on an amendment that provides already-promised assistance to New York City. No one denies that New York bore the brunt of the assault of our Nation on September 11. And although the terrible loss of lives was contained to that single day, for millions of New Yorkers the struggle continues. Families and friends continue to search for the remains of loved ones, small businesses teeter on the brink of bankruptcy. Unemployed workers wait in line for aid, all while the wreckage of the World Trade Center still burns. New Yorkers are hurting; yet the administration and this leadership are about to renege on their promise to help the residents of my city. If this rule passes, New Yorkers will continue to go without help. I am tired hearing that the Mayor of the City of New York said that $9.6 billion is enough; but Members forget to mention the other side, that he also instructed all city agencies to cut 50 percent of their budget for New York City because of the financial constraints. This is morally wrong, and I urge my colleagues to vote down this rule.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. I yield to the gentleman from Illinois.

Ms. VELAZQUEZ. Mr. Speaker, reserving the right to object, and I do not intend to object, I ask the gentleman from Illinois (Mr. Manzullo) to explain his request.