Important challenge we have got in our lifetimes. It is always going to be the most important challenge. If we do not get this right, we have got nothing. It is education and it is climate. I have [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. Visit ncicap. Org] [captions Copyright National cable satellite corp. 2024] we will break away at this pointer for live coverage of the u. S. House. Lawmakers are considering a handful of bills today, including one that doubles u. S. Customs area of operation in coastal waters. Live coverage of the u. S. House is here on cspan. The clerk h. R. 53433, a bill to amend the Small Business investment act of 1958, to exclude from the limit on leverage certain amounts invested in Smaller Enterprises located in rural or lowincome areas and Small Businesses and Critical Technology areas and for other purposes. The speaker pro tempore pursuan t to the rule, the gentleman from texas, mr. Williams, and the gentlewoman from new york, ms. Velazquez, each will control 20 minutes. The chair recognizes the gentleman from texas. Mr. Williams i ask all members have five legislative days to revise and extend their remarks and include extraneous material on the bill. The speaker pro tempore so ordered. Mr. Williams i think think of no better way to pass h. R. 5333, the investing in all of america act. Small businesses are faced with could be stapbt challenges when it comes to constant challenges when it comes to accessing capital. With high Interest Rates pwa rpbgs are being forced to tighten their lending standards, forcing Small Business owners to pay higher prices for muchneeded funds. Unlike large corporations, Small Businesses dont share the luxury of utilizing debt and equity markets for financing. Main street america is instead forced to bridge the funding gap and return to resources like the sbic program which federal funding is matched with experienced private investors to invest in Small Businesses. The program has been successful in the early Stage Funding of several companies that have gone on to become threshold names, household names, rather, such as apple and tesla, among others. However, overoverlooked are investments in rural areas. This is where h. R. 5333 comes in, making the thoughtful improvements to ensure that the sbic Program Continues to be an essential part of helping Small Businesses in addition p navigate the current economic challenges and increase avenues to access capital. This program has never cost taxpayers any money and has always been seen as a positive return on tim the spkepro tee f wh purpose doe t ntleman i r ms. Velazque i a paso ere today ase crate more than 60 years ago, pridtnedyelebrated small besses and every year ncehen country has throughout cntry. Io osmall binel nation a andhey arefrk force,crs a local pmb orcontractor. And the state of our Small Business is growing stronger. We have seen more than 17 million new business starts since President Biden took office, with a 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 were 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 BusinessInvestment Company program to provide sbics with access to additional leverage when they invest in Small Businesses critical to National Security or located in a rural or underserved community. Due to their often capitalintensive nature, Small Businesses operating in americas Critical Technology sector need Institutional Investors with longterm 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 s. B. A. And d. O. D. 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 want to thank representative the representatives for their leadership on this bill. I reserve the balance of my time. The speaker pro tempore the gentlewoman reserves. The gentleman from texas is recognized. Mr. Williams thank you, mr. Speaker. At this time i would like to yield as much time as he may consume to mr. Meuser from the great state of pennsylvania. The speaker pro tempore the gentleman is recognized. Mr. Meuser thank you, mr. Chairman. And i want to thank our chairman, mr. Roger williams from the great state of texas, for yielding and for his leadership. Mr. Speaker, i rise today during Small Business week in support of h. R. 5333, the investing in all of america act of 2023, introduced by myself and representative scoalten. This administration aims to incentivize greater private Capital Investments in Small Businesses located in rural or lowincome areas, and those operating the National Security sector by providing additional bonus leverage for funds participating in the s. B. A. s sbic program. The Small BusinessInvestment Companies are privately owned companies that are licensed and regulated by the s. B. A. , sbics rise private capital that is matched with leverage by the s. B. A. Currently capped at 175 million. Sbics then deploy these private funds to vifnt directly in Small Businesses to invest directly in Small Businesses. The sbic operates at zero subsidy cost to the american taxpayer. In other words, taxpayer funds are not utilized for the credit extended in sbic investments. Throughout the last two decades, sbicbacked businesses have created five million new jobs, supported an additional 10. 5 10. 5 million new jobs. And last year alone, sbics invested over 8 billion in Small Businesses across america, including 412 million in Small Businesses located in my home state, the commonwealth of pennsylvania. Though the sbic program has been very successful in responsibly deploying capital Small Businesses, recent studies have shown that close to 20 of the sbic investment reach only 20 only 20 reaches low to middle income communities, but with this legislation, this number will significantly increase. The investing in all of america act would intent vietz the deployment of incentivize the deployment of Additional Capital to Small Businesses located in rural or low income areas, as well as Small Businesses, again, in the National Security technology sector. Dollars invested in these areas will not count against the individual sbics 175 million leverage cap. And by again creating this incentive, the investing in all of america act will increase investment for these underserved communities. It is important to note that the bonus leverage included in this legislation does not change the cost or risks of the sbic program. And the existing successful private capital ratio to s. B. A. Lafn raj that has kept the leverage that has kept the Program Operating at no subsidy and this will remain the same. This legislation would adjust the sbic leverage caps to account for inflation. Sbic leverage caps have not been adjusted since 2015 for single licensees and since 2018 for family of funds. Since the last adjustments, as we know, inflation has risen rapidly. Soond as we continue to and so as we continue to deal with inflation, readjusting the inflation for the cap is necessary to ensure the investment power of the sbics remains consistent with the broader markets and ensure the program can continue to provide Small Businesses with the capital they need. So recently the subcommittee on Economic Growth, tax and Capital Access which i chair, held a hearing examining the sbic program. In addition to discussing the positive effects of the program, we discussed the improvements that could be made. Im happy to say a number of reforms suggested by the witnesses are included in this legislation. While theres more work to do, this legislation would make a very positive impact on those participating in the sbic program and assist them in deploying even more capital onto these worthy Small Businesses. I would like to thank very much representative scoalton for her partnership on this legislation and the Bipartisan Group of 14 members who have cosponsored it and, again, i want to thank chairman williams and the Ranking Member for his leadership and the ladys leadership respectfully and support of this legislation and i encourage a yes vote and i yield back. The speaker pro tempore the gentleman yields back. The gentleman from Texas Reserves. Mr. Williams i reserve. The speaker pro tempore the gentlelady from new york is recognized. Ms. Velazquez thank you, mr. Speaker. I yield as much time as she may consume to the gentlelady from michigan, ms. Scoalten, the Ranking Member of the contracting and infrastructure subcommittee. The speaker pro tempore the gentlelady is recognized. Ms. Scholten thank you, mr. Speaker. And thank you so much to chairman williams and to Ranking Member velazquez for holding this really important hearing during Small Business week. 99. 6 . Thats the number of Small Businesses in michigan that are considered Small Businesses. Thats nearly one million Small Businesses that call our state home. As diverse as these businesses are, there is one thing that binds them all together. These Small Business owners consistently tell me that access to capital is the number one thing that they need and rely on to keep their doors open. And this is especially true for our Small Businesses in low income and rural communities. Thats why this bipartisan bill with my colleague, dan meuser, the investing in all of america act, is so important. It will build on the success of the Small BusinessInvestment Companies program to ensure that more capital can reach the Small Businesses that need it most. Our legislation will incentivize deployment of Additional Capital by changing how investments are counted against the sbics leverage cap. In doing so, Small Businesses will be able to access more capital than before. Especially those in underserved communities and again, as my colleague noted, without costing the taxpayers additional dollars. Recent studiesy shown that less than 20 of sbic funds reach low income and rural communities. That disparity is unacceptable. And if we pass this bill and we change the statistic, its incumbent on this body to invest in the people who are investing in our communities. Im known to say back home, were bringing boring back to congress. Thats what i set out to do every time when i come here. Oftentimes this body is not known for that, but it is essential that we do this type of bipartisan, unglamorous work that corrects errors in our laws that so disproportionately impact the people who need it most. This bipartisan solution will address an urgent need in every corner of our nation. And i urge my colleagues to support this muchneeded bill. I yield back. The speaker pro tempore the boring lady yields back. The gentlelady from new york reservings. The gentleman from texas is recognized. Mr. Williams mr. Speaker, we have no further speakers and im prepared to close and reserve the balance of my time. The speaker pro tempore the gentleman reserves the balance of his time. The gentlelady from new york is recognized. Ms. Velazquez i have no further speakers and im prepared to close. The speaker pro tempore the gentlelady is recognized. Ms. Velazquez thank you. Today under President Bidens leadership, the sbic program is making historic investments. In f. Y. 2023, the sbic program provided a record high 8 billion in investment and collective 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 americas small firms. Innovation is the cornerstone of Economic Growth and u. S. Global competitiveness. And 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. I again want to thank representative scholten and meuser for leading this effort. I encourage members to vote yes and i yield back the remainder of my time. The speaker pro tempore the gentlelady from new york yields back. The gentleman from texas is recognized. Mr. Williams thank you, mr. Speaker. I urge my colleagues to support this commonsense legislation that will provide more opportunities for our nations i thank them for bringing this and i yield back. The speaker pro tempore will the house suspend the rules and pass h. R. 5333 as amended. Those in favor, say aye. Those opposed, no. In the opinion of the chair, 2 3 being in the affirmative the rules are suspend pennedded and without objection, the bill is passed and the motion to reconsider is laid on the table. For what purpose does the gentleman from texas seek recognition . Mr. Williams i move to suspend the rules and pass the bill the Agency Accountability act of 2024 as reported. The clerk Union Calendar number 325, h. R. 7103, a bill to amend the Small Business act to require federal agencies to testify and report on scores received under the Scorecard Program for evaluating federal Agency Compliance with Small Business contracting goals, to testify for failure to meet governmentwide contracting goals, and for other purposes. Pursuant to the rule, the gentleman from texas, mr. Williams and the gentlewoman from new york, each will control 20 minutes. The chair recognizes the gentleman from texas. Mr. Williams i ask unanimous consent that all members may have five legislative days to exclude extraneous material on the bill. I yield myself such time as i may consume. I rise in support of h. R. 7103 Agency Accountability act introduced by representatives stauber and mcgarvey. It holds federal agencies accountable for failing Small Businesses. The federal government is one of the largest customers. To ensure Small Businesses to have access, a goal for federal agencies to award a certain percentage of contracts to Small Businesses. This hasnt opened the federal marketplace but a strong and resilient base. Unfortunately not every federal agency is meeting to contract with the little guys. Worse than that, when an agency misses its contracting goals, they face no consequences. The Agency Accountability act will solve these agencies. They will testify to congress and explain why they arent meeting Small Business goals and what they will do to rectify these issues. I reserve the balance of my time. The speaker pro tempore the gentleman reserves. The gentlewoman from new york is recognized. Ms. Velazquez i yield myself such time as i may consume. I would like to thank my colleagues, mr. Stauber and mr. Mcgarvey to bring this bipartisan bill to the floor today. In an effort to ensure small firms can pla