Nydia Velázquez

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I thank Representatives Luetkemeyer, Carter, and Mfume for their work on this bill that will give small businesses a strong voice in the international regulatory arena. All too often, small businesses' views are drowned out by larger companies with sophisticated legal departments and armies of lobbyists. SBA's Office of Advocacy works tirelessly to ensure that small business interests are heard at all levels of government. Now that the world is more connected, more and more small businesses are participating in the global economy. Looking ahead, they will need a strong voice advocating on their behalf in international discussions and trade negotiations. The Office of Advocacy is ready, willing, and able to assume this responsibility. Mr. Speaker, I yield 2 minutes to the gentleman from Louisiana (Mr. Carter).

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

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of the bill before us today, H.R. 449, the Microloan Transparency and Accountability Act, which will improve SBA's data reporting with respect to the microloan program. Congress created the microloan program in 1991 to make funds available to nonprofit, community-based lenders who, in turn, make small-dollar loans to eligible borrowers. Many of these borrowers are unable to get a traditional loan due to poor credit, no credit history, or a lack of business experience. This program reaches various demographic groups that will otherwise not be served by the private sector or even the SBA's 7(a) program, especially businesses located in underserved communities. In fact, in fiscal year 2021, the program delivered more than 4,500 loans to small businesses in these communities, totaling almost $75 million. This fiscal year, the SBA estimates it will assist over 5,700 small businesses, supporting approximately 24,000 jobs. The bill we are considering today will help Congress and the public better evaluate the program and its impact on underserved communities. Despite the program's record of success, many participating intermediaries report being restricted in their lending activity as a result of numerous rules governing the program being outdated. The information received from these reports will assist Congress and the agency in developing policies to continue the strong performance of the program. I applaud the bipartisanship shown by Mr. Burchett and Mr. Kim, the sponsors of this bill. Mr. Speaker, I urge all of my colleagues to vote ``yes,'' and I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentleman from New Jersey (Mr. Kim).

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. This bill will greatly increase the publicly available information about the microloan program's performance and impact. If we intend to continue to support the smallest of small businesses, especially women- and minority-owned businesses, we need to make sure the programs targeting them are operating at their best. That starts with improving the data and information available about where the loans are going, how affordable they are, and where the gaps in coverage are. With more data, Congress will be able to monitor the program and identify areas for improvement. I thank the gentlemen from Tennessee and New Jersey for their hard work and collaboration in bringing this bill to the floor today. I urge my colleagues to vote ``yes,'' and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentlewoman from Texas (Ms. Jackson Lee).

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of the bill before us today, H.R. 400, the Investing in Main Street Act of 2023. The SBA's Small Business Investment Company program is a multi- billion-dollar investment program designed to bridge the gap between a small business owner's need for capital and traditional sources of financing. It achieves this purpose by partnering private and public investments in early-stage startup businesses. It also gives America's small, high-growth companies an opportunity to fund and grow their innovative ideas and create jobs. The success of this program can be seen with companies like Apple, Intel, and FedEx, which all received early stage financing from the SBICs. In fiscal year 2021, the combined private capital and SBA-backed funds totaled $34 billion, which was the highest in program history, and helped support more than 126,000 jobs. The number of financings to women-owned, minority-owned, and veteran-owned small businesses increased by 36 percent. Yet, we can do more to ensure the program continues to meet demand. The Investing in Main Street Act, introduced by my colleagues, Representatives Chu and Garbarino, will strengthen and grow the SBIC program by allowing banks and Federal savings associations to invest up to 15 percent of their capital and surplus into SBICs. This change brings the Small Business Investment Act of 1958 in line with the Office of the Comptroller of the Currency's national bank charter percentage requirements. It will increase the investment capital available to SBICs and allow them to invest more in small businesses. I applaud Representatives Chu and Garbarino's continued work on this issue and this bill, and I ask all my colleagues to support this bill. Mr. Speaker, I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentlewoman from California (Ms. Chu).

Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, the SBIC program fills the gap between the availability of venture and private equity capital and the needs of small businesses in startup and growth situations. For decades, this program has channeled capital to leading-edge, high-growth companies. Without it, some of the Nation's most successful corporations would not be the companies they are today. H.R. 400 raises the investment cap for banks and Federal savings associations from 5 percent to 15 percent. This will lead to significant small business investment by SBICs, which will result in economic growth in our local communities and job creation. I applaud Ms. Chu and Mr. Garbarino for their bipartisan work on this bill. Mr. Speaker, I encourage all of my colleagues to vote ``yes,'' and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Madam Speaker, I rise today in opposition to H. Con. Res. 3. This resolution is further proof of my colleagues' hypocrisy and their obsession with controlling a woman's inherent right to bodily autonomy. This resolution ignores the long-documented history of violence against abortion providers, their staff, and their patients. Violence is what Amanda Eid from Texas suffered when doctors could not induce labor after her amniotic fluid was leaking. Her doctors were prohibited from providing the treatment she urgently needed because of Texas' anti-abortion laws. Amanda's life will forever be changed, and that is the real violence. The American people are overwhelmingly in support of protecting reproductive freedom. Women and the American people across this Nation have spoken loud and clear. They do not want the government interfering with their reproductive healthcare. On behalf of all women in my district and across this country, I oppose this extreme resolution.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Madam Speaker, for 124 years Puerto Rico, the nation where I was born and raised, has been a colony of the United States. Invaded by the United States during the 1898 Spanish-American War, Puerto Rico has remained in a state of colonial limbo that flies in the face of the anticolonial values upon which the American Republic was founded. Congress' unlimited plenary powers over Puerto Rico are reminiscent of the monarchical powers enjoyed by King George III against which the Founders of the American Republic so bravely fought. If Hamilton and Madison were alive today, they would be shocked to see how the anticolonial Constitution they drafted in 1787 is currently used to legitimize colonialism in Puerto Rico over 300 years later. Advocating now for the continuation of the status quo on the island is the height of hypocrisy. Colonialism has destroyed the Puerto Rican economy. Colonialism has divided the Puerto Rican people. Colonialism has eaten away our people's sense of dignity and self- worth. Colonialism has made the people of Puerto Rico both psychologically and economically dependent on the United States. Colonialism is not only humiliating for Puerto Rico, but it is an embarrassment to the United States--the United States that holds itself out as a leader of the free world and that stands up to imperialist tyrants abroad while keeping colonies in the Caribbean and the Pacific. Puerto Rico's colonial crisis is not a simple domestic issue as some erroneously believe. Make no mistake, Madam Speaker, this is an international issue that directly affects America's standing and image around the world, which is why this double-talk must come to an end. The time has come to fully decolonize Puerto Rico. It has been 100 years since the U.S. Supreme Court's decision in Balzac--the last Insular Case--and 70 years after the ratification of the territorial constitution of 1952. History calls upon us to put politics aside and do right by the people of Puerto Rico. For the last 2 years, I have been tirelessly fighting to craft a bill for Puerto Rico that is anticolonial, fair, and transparent. A bill that will, first and foremost, put the people of Puerto Rico who--since the days of the 1898 invasion--have remained on the sideline front and center. From Puerto Rico to Florida, and, yes, to the barrios of New York-- the ones I am proud to represent--the voices of Boricuas are now finally being heard. Let us not forget that it is thanks to the vibrant Puerto Rican diaspora from Brooklyn, Queens, and the Bronx that my colleague, Alexandria Ocasio-Cortez, and I are able to walk these Halls of Congress today. Today, I stand on the shoulders of millions of Puerto Ricans who had to flee Puerto Rico because its colonial condition has not allowed them to live on the island where they were born. But Puerto Ricans are strong. They have been kicked out of their home and yet have managed to succeed and flourish in cold and foreign places and have graced us with the likes of Lola Rodriguez de Tio, Maria Libertad Gomez, Nilita Vientos Gaston, Justice Sonia Sotomayor, Rita Moreno, Julia de Burgos, and Mari Carmen Aponte, among many others. I feel so honored to be here standing today on the shoulders of all these women and many others who have paved the way. More importantly, we are here today for the people on the island: those who suffer every day because the prices they pay for necessities like electricity and food are sky-high thanks to the Jones Act. We are here for those who have lost all their appliances time and time again because we have failed in helping the island to keep the lights on.

Ms. VELAZQUEZ. Madam Speaker, we are here for those who have lost loved ones after Maria, the earthquakes, COVID-19, and, most recently, Fiona. We are here today because we must move towards decolonization. The current status is unsustainable, fundamentally unfair, and un-American. The process that has led us to this moment has been contentious, complex, and full of debate. It is no secret that Members advocating for this bill, including myself, hold differing opinions on which noncolonial option is the best for the people of Puerto Rico. The consensus bill before us today clearly defines Puerto Rico's non- territorial status options; namely, free association, independence, and statehood. It is the first time Congress recognizes free association as a separate decolonizing formula. More importantly, this bill includes dual citizenship rights under both the independence and free association options like we have in the Marshall Islands or Palau.

Ms. VELAZQUEZ. Madam Speaker, I fought hard for the incorporation of these provisions because Congress has the moral obligation to offer Puerto Rico the necessary tools to transition to a new postcolonial order. And, yes, that includes financial resources to make Puerto Rico whole after 124 years of exploitation of natural resources and environmental degradation. Madam Speaker, I want to take this time to thank Chairman Grijalva; the Resident Commissioner of Puerto Rico (Miss Gonzalez-Colon); Alexandria Ocasio-Cortez, who has made incredible contributions to make this bill better and transparent; Congressman Soto; and the staff who worked day in and day out. Madam Speaker, I ask my colleagues to support this bill.

Ms. VELAZQUEZ

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

Ms. VELAZQUEZ. Mr. Speaker, I move to suspend the rules and concur in the Senate amendment to the bill (H.R. 3462) to require an annual report on the cybersecurity of the Small Business Administration, and for other purposes.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I thank all the members of the Small Business Committee for their hard work this Congress on behalf of our Nation's 32 million small business owners. These bills will help small firms in a number of areas: strengthen cybersecurity and broadband access, improve exporting, and enhance recovery assistance from natural disasters. They are the product of the bipartisan and bicameral work of the House and Senate Small Business Committees. I hope that we can come together today and approve these bills. First, we will consider H.R. 3462, the SBA Cyber Awareness Act, as amended and passed by the Senate. For more than 20 years, the SBA's IG has listed IT security as one of the most serious management and performance challenges for SBA. These vulnerabilities were exposed during the rollout of the SBA COVID-19 relief programs. The unprecedented demand for programs like PPP and the COVID EIDL overwhelmed the SBA's legacy system, leading to back-end crashes, slow portal operations, and a breach that exposed applicants' personal information. SBA failed to make any public announcement about the data breach, and it took weeks for the agency to send paper notifications to affected individuals. H.R. 3462 would require the SBA to assess its cybersecurity procedures and submit a cybersecurity report to Congress within 180 days of passage and annually thereafter. SBA possesses sensitive information belonging to countless American small business owners. We must ensure this data is protected from bad actors in cyberspace. The Senate-passed version we are voting on today reinforces reporting requirements established by the Federal Information Security Management Act of 2002. I support the changes and thank the Senate for improving this legislation. I thank Mr. Crow of Colorado and Mrs. Kim of California for introducing and championing this bill. Their relentless efforts on this issue is why we are here today. Mr. Speaker, I urge my colleagues to support H.R. 3462, as amended by the Senate, and I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield 3 minutes to the gentleman from Colorado (Mr. Crow).

Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, the average cost of a data breach in the United States is over $9 million. For small businesses operating on razor-thin margins, an event like this can be catastrophic. Small businesses must be confident that SBA systems are fully operational and capable of protecting their sensitive data. H.R. 3462 will go a long way toward rebuilding trust in the agency's IT infrastructure. I thank my colleagues, Mr. Crow of Colorado and Mrs. Kim of California, for their leadership on this issue. Mr. Speaker, I urge my colleagues to concur with the Senate amendment to the bill, H.R. 3462, and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 8844) to reauthorize the State Trade Expansion Program of the Small Business Administration, and for other purposes.

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

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in support of H.R. 8844, the STEP Improvement Act of 2022. This bill reauthorizes the SBA's State Trade Expansion Program, or STEP, as we call it. This program is a proven and effective program that gives small businesses the tools they need to enter and thrive in the global marketplace. Since its inception in 2010, STEP has helped firms access new markets and support $832 million in export sales in fiscal year 2021 alone. The program offers grants to all 50 States, U.S. territories, and D.C. This financial assistance aids export-related activities such as developing e-commerce capabilities, participating in export trade shows and foreign trade missions, creating international marketing materials and website globalization. Our committee held two hearings on STEP this Congress where we heard that demand for the program continues to increase across the country, and improvements could be made to streamline the program. To that end, the STEP Improvement Act of 2022 authorizes $30 million per year through fiscal year 2026, and mandates a standardized application process, increases grant spending flexibility, improves communication between the SBA and States, and enhances reporting requirements. The legislation allows businesses less than 1 year old to participate in the program, which would allow STEP to provide services to the most innovative small businesses that are exporting faster than ever before. The legislation has the strong support of the State International Development Organizations. I thank the bill's sponsors, Mr. Evans, Mrs. Kim of California, Ms. Newman, and Mr. Flood for their continued bipartisan work to improve STEP. Mr. Speaker, I urge my colleagues to support H.R. 8844, and I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield such time as he may consume to the gentleman from Pennsylvania (Mr. Evans), the author of the bill.

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

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, small businesses are truly the bedrock of the American economy, and exporting is one sure way for them to expand their profits at home and their presence overseas. H.R. 8844 will go a long way in ensuring small employers and entrepreneurs at any stage in their business journey can grow and open the doors to the global marketplace. By reauthorizing STEP, this legislation ensures that States and their small businesses will face fewer hurdles to participation and greater opportunities. Once again, I commend my colleagues, Representatives Evans, Kim, and Flood for their hard work on this legislation. Mr. Speaker, I urge my colleagues to vote ``yes,'' and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I move to suspend the rules and pass the bill (S. 1687) to amend section 21 of the Small Business Act to require cyber certification for small business development center counselors, and for other purposes, as amended.