Claudia Tenney: “I thank Chairwoman Velazquez and Ranking Member Luetkemeyer, as well as Representative Phillips and Representative…”

“I thank Chairwoman Velazquez and Ranking Member Luetkemeyer, as well as Representative Phillips and Representative Meuser, the cosponsors of H.R. 4481, the Small Business 7(a) Loan Agent Transparency Act, for their work on this bill. The Small Business Administration's 7(a) loan program leverages the private sector and community banks to expand capital to small businesses at affordable rates. Throughout my district, this program has provided countless small businesses the resources they need to expand their operations and hire additional employees. Small businesses still dominate in my district. Today, these loans have taken on even more importance, allowing employers to stay solvent through the pandemic. Overwhelming bipartisan majorities in Congress have voted to increase the size and loan limit of the program because of its vital importance. {time} 1315 These past 2 years have also shown us there is still room for improvement. While the SBA can currently track loans originating from lenders, it cannot do the same for loans originating from loan brokers or agents. That lack of transparency must be addressed. That is why I support H.R. 4481, the 7(a) Loan Agent Transparency Act. The bill will correct this shortcoming and protect the 7(a) loan program and taxpayer funds. As an outspoken advocate for transparency and New York taxpayers, I am pleased to see this legislation move forward.…”