To amend the Internal Revenue Code of 1986 to increase the contribution limits applicable to simple retirement accounts.

Mr. Speaker, I rise to recognize the Small Business Administration, its employees all over the nation and its resource partners during ``National Small Business Week.''

Mr. Speaker, small businesses play a vital role in our nation's economy. Many people have heard the phrase that small business is ``the engine of our nation's economy,'' and perhaps no truer words have ever been used to describe how important the entrepreneurial spirit and dedication of the approximately 23 million small businesses are to the continued health and welfare of America.

Small businesses represent 99.7 percent of all employers, employ half of all private sector employees, generate 60 to 80 percent of net new jobs annually, and make up 97 percent of all exporting firms.

American small businesses are extremely diverse, and despite the current economic climate, some are thriving. In particular, female participation in business ownership has been climbing in recent years. Women now own around 40 percent of all small businesses and are growing at twice the rate of other small firms. In fact, the 9.1 million women- owned small businesses in this country employ 27.5 million people and add $3.6 trillion to the economy.

About 5.8 percent of small businesses are owned by Hispanic Americans, 4.4 percent by Asian Americans, and 4 percent by African Americans.

As the Ranking Member of the Subcommittee on Tax, Finance and Exports, I have long been an advocate for a level playing field for small businesses.

I have introduced legislation, HR 2374, which would allow minority small business owners participating in the Small Business Administration's 8(a) minority contracting program into teaming, leader-follow arrangements and joint ventures.

I have also authored legislation, HR 2375, that would change the IRS Code to allow small business owners to offer their employees greater savings opportunities under SIMPLE (Savings Incentive Match Plan for Employees) IRAs.

Finally, I have introduced HR 3099, legislation that would give the SBA authority to make loans to nonprofit day-care centers. This bipartisan measure helps not only non-profit small businesses, but gives parents a viable daycare option as they work during the day.

Mr. Speaker, small businesses are indeed the engine that makes our economy run smoothly, and I urge all my colleagues to take a moment this week and reflect on the hard work of our nation's entrepreneurs, the financial and regulatory hurdles they face everyday, and the measures I have proposed to make the full-time job of running a small business easier.