Recognizing the 150th anniversary year of the founding of Macy's, Inc., as an American entrepreneurial success story and the role Macy's, Inc., plays in supporting America's small businesses and vendors, including those that are minority and women owned; celebrating the vision, innovativeness, and ingenuity of all of our Nation's small businesses that aspire to grow and prosper as Macy's, Inc., has over its 150-year history; and congratulating Macy's, Inc., as an American entrepreneurial success story.

Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 1473) recognizing the 150th anniversary year of the founding of Macy's, Inc., as an American entrepreneurial success story and the role Macy's, Inc., plays in supporting America's small businesses and vendors, including those that are minority and women owned; celebrating the vision, innovativeness, and ingenuity of all of our Nation's small businesses.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on the resolution under consideration.

Mr. Speaker, I yield myself as much time as I may consume.

I rise in support of this resolution in celebration of Macy's 150th anniversary. Both the City of New York and the small business community have benefited immensely from the success and generosity of this American icon.

As anyone within the small business community will tell you, the best entrepreneurs are more than just businessmen. While it is obviously important to have a head for numbers and risks, there is another, more critical, element involved. In order for an entrepreneur to make history, in order to be truly great, he or she must also be an innovator. Roland H. Macy was just that kind of man.

Today, we are saluting the business that Macy founded 150 years ago, a company that began small but, through hard work and enormous innovation, has come to stand as a symbol of the American Dream.

When Macy opened a small dry goods store in 1858, he probably never expected it to become a multi-billion dollar business. After all, he first reported sales added up to a grand total of $11.06. Still, it didn't take long for Macy's venture to become a success.

A century and a half after it first opened its door, that little dry goods shop has grown to become a national department store chain.

Macy's remarkable growth stands for more than just hard work and good business sense. R.H. Macy, like any successful entrepreneur, was a tireless innovator. As chairwoman of the Small Business Committee, I see that same sense of innovation in the entrepreneurs I work with. It is the spirit that drives people to start businesses in the first place.

Macy's small business success was largely rooted in its ability to innovate. Indeed, the department store pioneered many of their retail practices we now take for granted. For example, it was the first to adopt the one-price system through which every item is assigned a single fixed cost.

Macy's has also consistently outshone its competitors by offering new and novel products. Take, for instance, color bath towels, or the Idaho baked potato, or the tea bag. None of these commodities were available to the mainstream until Macy's brought them to market.

As with any industry, great success brings great change. Macy's has obviously outgrown its ``small business'' label and has become a major player in the retail world. Its flagship store in my home City of New York has become a shopping destination for Manhattanites and tourists alike. It attracts visitors from across the country and around the world. And yet despite being a multi-billion dollar corporation, Macy's has never forgotten its entrepreneurial roots.

The retailer still strives to support the small business community by purchasing many of its products from small firms. Through its Supplier Diversity Program, the company makes a point of buying from and nurturing women and minority entrepreneurs. In 2007, it held its first diversity supplier fair to target these groups specifically.

Macy's embodies the great American story of a small business that made it big. Roland H. Macy and his legendary venture represent the dream of every entrepreneur. After 150 years, the retailer stands as a shining example of two fundamental American values--hard work and innovation. Those are the values that have driven the department store's achievements throughout the years. And those are the values that we are celebrating this afternoon.

The Macy's story is a great American story. It is based on the premise that any small business owner can become a big business success. After all, Macy's began as a modest dry goods store on the corner of 14th Street and 6th Avenue in Manhattan. Today, it is a multibillion dollar corporation.

But while Macy's may be a Fortune 500 company, it has not forgotten its small business roots. Its Supplier Diversity Program, for example, nurtures women and minority entrepreneurs. Macy's clearly recognize the importance of giving back.

In celebrating Macy's, we are applauding its great achievements, and its dedication to invention. The company pioneered many practices and products that have since become American staples. For instance, the store first brought colored bath towels into the mainstream. But perhaps more importantly, we are also applauding Macy's commitment to small business development. It is a commitment to entrepreneurship. It is a commitment to innovation. It is a commitment to the American dream.

I would urge the adoption of this resolution.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I would like to inquire if the gentleman has any other further speakers.

Mr. Speaker, I yield back.

Mr. Speaker, I yield myself such time as I may consume.

As ranking member of the House Small Business Committee, I rise to support this resolution recognizing the 150th anniversary year of the founding of Macy's, Inc. I'm pleased to be joined by my good friend and distinguished chairwoman of the Small Business Committee, Nydia Velazquez of New York, in offering this legislation.

Mr. Speaker, American small business owners are the entrepreneurs who create the majority of American jobs, export American products, and generate America's economic growth. Small firms exhibit the best of American values: hard work, innovation, enthusiasm, and determination.

The story of Macy's is one of true entrepreneurship. Roland Hussey Macy started the small dry goods store in New York City in 1858 that would develop into one of the largest department store retailers in the world. It was Mr. Macy's perseverance, ingenuity, and determination that helped to spur that growth.

Many Cincinnatians remember the John Shillito Company--or Shillitos, as we called it--Cincinnati's first department store, which was founded in 1830. In 1929, Shillito's, F.&R. Lazarus in Columbus, Ohio, Brooklyn, New York-based Abraham & Straus and several other family- owned department stores formed a holding company called Federated Department Stores. In 1945, Federated moved its offices to Cincinnati, where Macy's primary headquarters operates today, and in 1994, Federated acquired Macy's.

Today Macy's operates over 810 stores in every major metropolitan area around the entire United States.

Small businesses are known for their ability to respond to the needs of the market. Macy's, which began as a small business, has always been innovative: it was the first American store with escalators, elaborate window displays, and an in-store Santa. Macy's also began what is now the Macy's Thanksgiving Day Parade. Macy's tenets that customers are paramount and that success comes from taking advantage of opportunity are principles that small firms still apply today.

I want to commend Macy's for its commitment to purchasing from small businesses, including women- and minority-owned enterprises, establishing supplier diversity initiatives, and encouraging its vendors to purchase from small firms. Macy's also has a strong history of corporate and foundation giving and encouraging employee community service.

Congratulations to Macy's on 150 years of growth, success, and philanthropy.

Finally, I want to again thank Chairwoman Velazquez for working in a bipartisan way on this issue as she has done consistently throughout the last 2 years that she served as the chairwoman of the Small Business Committee. I appreciate her leadership. I think she's done an extraordinarily good job. It's been an honor to work with her over the last 2 years.

At this point, I would like to reserve the balance of my time.

We have no further speakers.

I yield back.