Young Oak Kim: “I thank Ranking Member Luetkemeyer for yielding. I rise in strong support of H.R. 1482, the 504 Credit Risk Management…”

“I thank Ranking Member Luetkemeyer for yielding. I rise in strong support of H.R. 1482, the 504 Credit Risk Management Improvement Act of 2021. I am proud to have joined my colleagues, Representatives Angie Craig, Dan Bishop, and Sharice Davids, to introduce this important bipartisan bill. The Small Business Administration's 504 loan program provides small businesses with affordable long-term financing to purchase major fixed assets, such as machinery and real estate. This bill would ensure that our taxpayers' hard-earned dollars are spent effectively by enhancing oversight responsibilities of the SBA Office of Credit Risk Management. Our bill will provide the SBA with the tools to enforce penalties for any violation of rules and regulations. By providing the SBA with these tools, we look to strengthen the 504 loan program for many years to come. Additionally, this bill provides consistent and clear guidance when requiring certain environmental certifications. This change will provide small businesses with certainty about requirements and uniform regulations across the country. For any Federal program to be successful, Congress and the executive branch must work together to ensure that we have a regulatory framework that is efficient and able to prevent fraud and abuse of taxpayer dollars. I commend my colleagues from both sides of the aisle for their leadership on this important issue.…”