Political Quotes

“And rise in support of H.R. 4531, the 7(a) Loan Agent Oversight Act. On October 15, 2021, the SBA's inspector general published a report titled ``Top Management and Performance Challenges Facing the Small Business Administration in Fiscal Year 2022.'' In this report, the inspector general listed increased risks introduced by loan agents as one of the top issues the agency faces. Specifically, the report outlines approximately $335 million in documented and confirmed loan agent fraud within the program. This is unacceptable, Mr. Speaker, and Members of Congress must have more visibility into this program. H.R. 4531, the 7(a) Loan Agent Oversight Act, requires the SBA to perform a portfolio risk analysis on loans associated with agents. When this risk analysis is completed, Members will have more visibility into how loan agents interact with a government guaranteed loan program. American tax dollars must be protected, and H.R. 4531 makes important improvements to be able to do just that. I thank the gentleman from Pennsylvania (Mr. Meuser) and the gentleman from Minnesota (Mr. Phillips) for tackling this legislation head on. With my support and the Chair's support, H.R. 4531 was favorably reported out of our committee, and I encourage all Members to support this legislation. Mr. Speaker, I reserve the balance of my time.”