On the recordNovember 2, 2021
I thank Chairwoman Velazquez and Ranking Member Luetkemeyer for giving me the opportunity to support H.R. 4256, the Investing in Main Street Act of 2021. The members of the House Small Business Committee, both Republican and Democrat, often talk about small businesses being the backbone of the U.S. economy. This is not just a talking point but a simple statement of fact. Small businesses are major contributors to our Nation's success and prosperity. As we face economic uncertainty due to the pandemic, we look to our small businesses to be leaders in the private sector and to help revitalize our communities. For 63 years, the SBIC program has injected capital into small businesses by allowing financial institutions or Federal savings associations to invest in SBICs up to 5 percent. But times change, programs need updating, and now, more than ever, small businesses in the SBIC program need access to additional capital. The increase from 5 percent to 15 percent investment stipulated in this bill is a necessary reform that will help small businesses get back on their feet. Mr. Speaker, I want to thank my colleague Congresswoman Chu for her leadership on this issue, and I urge my colleagues to support this bill.
