Floor Statements

Would the gentleman from Massachusetts yield?

Mr. Chairman, I didn't know that the other side liked TARP so much that you want to keep it going. We have put safeguards, penalties, restrictions, oversight in place. This is another bureaucratic layer that will hinder the needs of small businesses to access capital.

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

Small businesses, which represent 99.7 percent of firms, are key to the recovery of the U.S. economy. Through innovation and hard work, they are able to not only create jobs but to also build the foundation for future growth. We saw this after the recession of the early 1990s. As we emerge from the latest downturn, small firms will again lead the way.

This downturn has affected every facet of the global economy. Most of the focus has been on repairing the residential housing market and homeowners in particular. It is important to note that this has greatly impacted small businesses as well. Through the Recovery Act, we were able to help them, providing more than $28 billion in assistance through the SBA. H.R. 5297 builds on this by establishing additional lending initiatives that will give small businesses even greater financing options.

This legislation, Mr. Chairman, also recognizes that capital markets are changing dramatically. Credit standards are stricter, and small businesses are now looking not only to loans and to credit cards to finance their operations, but they are also looking to equity investment to turn their ideas into reality. This has become even more pronounced as asset values have declined, leaving entrepreneurs with less collateral to borrow against.

Unfortunately, small firms' access to venture capital and to equity investment has declined. Last year, such investments plummeted from $28 billion in 2008 to only $17 billion last year. This is due, in part, to the previous administration's decision to terminate the SBA's largest pure equity financing program--the Small Business Investment Company Participating Securities program. This has left many entrepreneurs who need equity investment to fulfill their business plans without a source of such financing.

As a result, it has become more difficult to start a new business and to create the jobs that come with such activity. This is seen in data from the Bureau of Labor Statistics, which show that self-employment declined by 7.5 percent between 2007 and 2009. Less entrepreneurship is never a good thing, but during a recession, it is particularly problematic as small firms generate two-thirds of net new jobs.

In order to address this, title III creates a $2 billion investment fund at the SBA. Under this program, the agency will provide matching funds to qualified privately managed investment companies, which will, in turn, invest in small companies. To ensure that the public and private sectors' interests are aligned, the SBA's funding would be provided at a 1-to-1 ratio of private investment capital.

Funds from the program will only be given to investment companies that have a proven record of returning a profit to its investors. These managers must have experience in investing in small, early-stage companies. They must have the ability to provide leadership as these entrepreneurial endeavors grow. In selecting investment firms to participate in the program, the SBA will give a special preference to Small Business Investment Companies, which already have substantial experience in financing small firms. In exchange for receiving funds, participating investment funds must convey an equity interest to the SBA, similar to that of which individual investors will receive.

The equity interest shall entitle the SBA to a repayment of its investment and a proportion of any profits made by the investment company. As a result, the government is on a level playing field with private-sector investors, and the taxpayer stands to benefit from the growth and success of these small companies.

By giving entrepreneurs access to $2 billion in equity investment, we will provide them the resources to grow and create the types of long- term employment gains we need. It goes without saying that the groundbreaking, innovative firms that rely on such investment tend to be some of our most prolific job creators. Between 2006 and 2008, these companies created eight times more jobs than other businesses. That is exactly the kind of job growth Americans need right now.

Mr. Chairman, I support this legislation.

I reserve the balance of my time.

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

I want to use this time to respond to those who are making the assessment that this money, that there are not safeguards into this legislation to make sure that the money goes to small businesses. First, banks must apply to the Treasury to receive funds, with a detailed plan on how to increase small business lending at their institution. This language was included at my insistence that we need to make sure that small businesses will get the benefit of this legislation.

Second, this capital, repayment of the government loans will be at a dividend rate starting at 5 percent per year. This rate will be lowered by 1 percent for every 2.5 percent increase in small business lending over 2009 levels. It can go as low as a total dividend rate of just 1 percent if the bank increases its business lending by 10 percent or more, incentivizing banks to do the right thing. To ensure that banks actually use the funding they receive, the rate will increase--and there are penalties--to 7 percent if the bank fails to increase its small business lending at their institution within 2 years. To ensure that all federal funds are paid back within 5 years, the dividend rate will increase to 9 percent for all banks, irrespective of their small business lending, after 4\1/2\ years.

Let me just make it clear: What the CBO estimates through what they provided to the Congress and telling us, CBO estimates that this provision will save taxpayers $1 billion over 10 years, as banks are expected to pay back this loan over 10 years, with interest.

I reserve the balance of my time.

Mr. Chairman, I yield myself the balance of my time.

Mr. Chairman, the face of American small business is changing--and rapidly. Twenty years ago, entrepreneurs were likely to rely on loans and credit cards to start up or expand their businesses. This met the needs of most entrepreneurs, but today's startup costs have grown dramatically. This has caused many small companies to turn to equity investment, particularly those in high-growth, technology-based sectors which show the greatest promise to create new jobs. For these firms, their assets are not buildings or machinery; they are people, ideas and skills. For this new generation, the old method of securing capital, through debt, is no longer sufficient by itself.

In a world where revolutionary new products are conceived in dorm rooms, and companies are launched in garages, new ways of meeting businesses' capital needs are needed. Through the Small Business Early Stage Investment program, this bill recognizes this fundamental shift and takes steps to meet the capital needs of our new businesses. Our Nation's entrepreneurs have led us out of every previous recession, and they can do so again, but only if we give them the right tools. This legislation will make loans more affordable for existing businesses so they can grow and add to their payrolls. And for the enterprises just getting off the ground, it will reinvigorate investment in cutting-edge startups.

A vote for this bill is a vote in favor of the American traditions of innovation and entrepreneurship. I urge my colleagues to vote with the small businesses in their district; vote ``yes.''

I yield back the balance of my time.

I thank the gentleman for yielding.

Mr. Chairman, since the financial crisis struck in 2007, much has already been done to help banks and financial institutions stay solvent. Those steps were necessary. I firmly believe that without them, the financial crisis would deepened, unemployment would have been higher, more Americans would have suffered, and our economic recovery may have been delayed for many years.

Despite these efforts, our entrepreneurs are still struggling to tap into the credit they need. As we revisit this problem once more, it is vital that we ensure that the benefits of this bill reach small businesses. That is the intent of this legislation. But without the right safeguards, this will be another attempt that fails to address the underlying problem of small business access to capital.

If this measure is not crafted properly, loans which go to large businesses could qualify under the program. Mr. Chairman, I support this amendment.

Madam Chair, while I am not opposed to the amendment, I rise to claim the time in opposition.

America's small businesses have always pioneered new economic fields and sectors. Today, small businesses continue to be some of our most creative innovators. As our Nation shifts away from the fossil fuels and seeks clean sources of energy, entrepreneurs are leading the way. Today, small businesses represent 90 percent of those companies operating in the renewable and energy efficiency industries.

Small firms are also making important contributions in the realm of life sciences and biomedicine, uncovering groundbreaking therapies and medicines. Technologies used in our national defense have also been advanced by small businesses. Components of the Predator drone, for instance, were developed by small firms. And small businesses are helping develop new information technology and digital media services that better connect our world.

The United States must continue to lead in all these areas if our economy is to remain strong in the long term. This type of innovation creates good-paying, highly skilled jobs. However, before these businesses can develop the next game-changing defense technology, unearth the next medical breakthrough, or discover a new source of clean energy, they need capital. The amendment before us simply ensures that the Small Business Early-Stage Investment program is targeted to fields like these, where there will be the biggest payoff for economic growth and job creation.

Madam Chair, this is a good amendment. It will ensure the industries of tomorrow and future companies can secure financing to get off the ground. I urge my colleagues to vote ``yes.''

I yield the balance of my time to the gentleman from Missouri (Mr. Graves).

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

Let me just say that the gentleman from West Virginia, my colleague and friend, the chairman of the Natural Resources, is right. This is, Mr. Chairman, about process. It's about the fact that this is a flawed process. Not only was this bill drafted unilaterally, but it was prepared in a biased manner, with a predetermined outcome in mind.

Let us be clear. This legislation is designed to push the statehood agenda, regardless of whether that agenda is the best solution for the island or even among the people. The chairman of the Natural Resources Committee also mentioned that four plebiscites have been held in Puerto Rico. Yes, he is correct. In the past three plebiscites, the men and women of Puerto Rico have consistently voted in favor of Commonwealth status and against statehood.

I tell you that this legislation has no business being on the floor today. It raises a host of questions. It has zero probability of becoming law. However, it does place Members in the awkward position of explaining why they are meddling in Puerto Rico when a request from Puerto Rico has not even been made.

There are economic issues that we must address first. The President has ordered his White House Task Force on Puerto Rico to advise him and Congress on policies and initiatives that promote job creation, education, clean energy, and health care. Instead of dealing first with the very real concerns of how the people of Puerto Rico survive day by day, we are telling them our priority is to debate a status bill that will not become law. This is a disgrace. It is baffling that the statehood question, which lost in 1967, 1993, and again in 1998, is now allowed to scheme its way to victory. It is at the urging of this losing side that House Members have cosponsored a bill that would push for yet another electoral process. Except this time, the proposal that was previously rejected has been put in a privileged position. Those who drafted

this legislation will exclude Commonwealth status in the planned plebiscite by developing a shell game--with a first-round process to legitimize it.

The process that enabled the creation of the Commonwealth was adopted by Congress. The Puerto Rico Constitution was ratified by Congress. This form of government has been upheld by our U.S. courts. That is why it's so appalling, deceitful, and shameful that the people of Puerto Rico will be denied this option. No matter how much statehood supporters complain about Commonwealth, it's the law of the land.

Congress should not be in the business of picking winners and losers for this kind of referendum. It is not our job to create artificial conditions that will enable statehood to win a popular vote in Puerto Rico. Becoming a State of the Union is something that people must embrace knowingly, voluntarily, and openly. If the people of Puerto Rico want to become a State, the statehood option should stand on its own. Why are you so afraid? There should be no need to hide behind process or petty politics.

In a matter so fundamentally important to over 4 million Puerto Ricans, you would think that a public hearing could have been convened to listen to their views. But, no. The Committee on Natural Resources and this Congress know better than the people of Puerto Rico. It is, after all, their future that it is at stake. It is an outrage that a congressional hearing on the status issue has not been held in Puerto Rico since the 1990s. As many know, I have advocated for a constitutional convention to begin the process of determining Puerto Rico's status. Certainly, this is not the only option for going forward. But a sham of a process is definitely not a valid democratic option for choosing Puerto Rico's future.

Mr. Chairman, the concept of self-determination is fundamental to democracy. Sadly, H.R. 2499 turns its back on this very principle. We must not allow politics to undermine our democratic values nor be swayed by arguments that make no sense. If you truly want to honor the contributions of Puerto Ricans and the fabric of the Puerto Rican community, vote ``no'' on this bill. Stand up for what is truly right. Choose principles over politics. Let Puerto Ricans decide their own destiny without undue--undue--congressional demands. Vote ``no'' on

Mr. Chairman, I would like to inquire as to how much time is remaining on each side.

Mr. Chairman, I yield 5 minutes to the gentleman from New York (Mr. Rangel).

(Mr. RANGEL asked and was given permission to revise and extend his remarks.)

Mr. Chairman, that is correct.

Mr. Chairman, I yield 10 minutes to the gentleman from Illinois (Mr. Gutierrez).

Mr. Chairman, may I inquire as to how much time remains on every side.

I reserve the balance of my time.

Mr. Chairman, I yield 2 additional minutes to the gentleman from Tennessee (Mr. Duncan).

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

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

I just want to ask the gentleman from California a question: So, basically, in listening to your argument, you are clearly stating that this is a pro-statehood bill, aren't you?

Reclaiming my time, Mr. Chairman, I would like to inquire how much time remains.

I reserve the balance of my time.

Mr. Chairman, I yield 4 minutes to the gentleman from Illinois (Mr. Gutierrez).

I yield myself the balance of my time.

Mr. Chairman, there is a reason why two of the three main political parties in Puerto Rico are opposed to this bill. They have been shut out of the legislative process. That is the reason. Here we are facing one of the largest deficits in the history of this country because we have been paying for two wars where we are committed to promote democracy, and yet in our own backyard we are denying 8 million Puerto Rican Americans the right to self-determination.

As I stated before and I state it again, this is shameful and it is a disgrace. So let me just say that this bill is not ready for prime time. Let's treat Puerto Ricans with the same respect as we did to Alaskans, Hawaii, and other States. They decided by themselves what was better for them. This bill doesn't do that. For all these reasons, I ask my colleagues to vote ``no.''

I yield back the balance of my time.

Mr. Chairman, I rise in support of this amendment.

Mr. Chairman, this amendment is a commendable effort to try and improve a deeply flawed piece of legislation, and I really thank the gentlewoman for being so committed to providing for a process of self-determination for the people of Puerto Rico. Elections are only democratic if the people are not blocked from choosing between all the options potentially available to them. One of the many shortcomings of this bill is that under the scheme it establishes, the second ballot will not include commonwealth as an option for voters.

Again, because what they want is for the people of Puerto Rico to vote for statehood instead of providing a fair, democratic process. That is undemocratic. It is un-American. That defies imagination. That is essentially telling the people of Puerto Rico that the system of government under which they currently live is not even an option for them to consider.

This approach ignores the fact that the Commonwealth is what the majority of the people of Puerto Rico have selected in the last three previous popular votes. The amendment offered by the gentlelady will take a good first step forward, and I am wholeheartedly in support of that amendment.

Mr. Chairman, this is a straightforward amendment, and it is very important that Congress needs to be certain that the people of Puerto Rico understand what is at stake and the options before them. This amendment will make sure that the ballots for these processes are available in both Spanish and English. Through this amendment, Puerto Rico's overwhelmingly Spanish-speaking population will be able to understand the ballot and exercise their vote. Those who reside on the island but are not fluent in Spanish will still have the opportunity to cast their ballot. They simply need to request one in English.

Mr. Chairman, this is a simple amendment, and it will provide for everyone to understand such an important process that is going to have such an incredible impact on the many people who live in Puerto Rico and those who do not live in Puerto Rico. So I urge its adoption.

Mr. Chair, I demand a recorded vote.

I have an amendment at the desk, Mr. Chairman.

Mr. Chairman, today the nation of Puerto Rico is 8 million people strong; 4 million reside on islands of Puerto Rico and 4 million live in the United States.

From Florida to New York City to Chicago to California, and everywhere in between, there are Puerto Rican communities across our Nation. Those Puerto Ricans who have been born in the United States are no less Puerto Rican than the ones that reside on the island. All of us, regardless of where we were born or raised, have a deep and abiding connection with our cultural home.

Puerto Ricans raised on the mainland often speak Spanish. They are taught about their culture, history, and where they come from. There are Puerto Rico Day parades in New York City, Chicago, Orlando, Hartford, and cities across this land. Regardless of where they were born, all Puerto Ricans are deeply vested in the political future of the island. I was born and raised in Puerto Rico, but that does not make me more Puerto Rican than Mr. Gutierrez.

Clearly, there is an air bridge between the United States and Puerto Rico. Puerto Ricans have relatives and family members living in Puerto Rico. And those Puerto Ricans living in the States possess their own sense of identity, which is shaped by and tied to Puerto Rico.

This amendment would allow Puerto Ricans living on the mainland to participate in the plebiscite that is called for under the bill. Importantly, the amendment requires that those wishing to vote be able to prove, by birth certificate, that they have at least one parent born in Puerto Rico. This will provide a safeguard against voter fraud while ensuring that we do not disenfranchise Puerto Ricans living in the States from this process.

Mr. Chairman, Puerto Ricans living on the mainland are no less Puerto Rican than those born and raised on the islands. We should not deny them a voice or a vote as this process, which is so important to the Puerto Rican nation, moves forward. These Puerto Ricans cannot be denied their right of self-determination.

I urge my colleagues to vote ``yes'' on this amendment, and I reserve the balance of my time.

Mr. Chairman, may I inquire as to how much time I have remaining.

I yield to the gentleman from Illinois (Mr. Gutierrez) such time as he may consume.

Mr. Chair, I demand a recorded vote.

Mr. Chairman, I have an amendment at the desk.

Mr. Chairman, I am a strong believer that the people are smart enough to make tough decisions if they are presented with all the facts clearly and objectively. This legislation does not provide a transparent process of the choices available to Puerto Rico. That is not democracy by any definition.

A true system of democracy does not preclude certain options from a ballot, nor does it structure votes in a way to manipulate an electorate. Unfortunately, as we all know, this legislation structures the votes in a way that will prevent a commonwealth option from receiving fair consideration.

The process that allowed for the creation of the Commonwealth of Puerto Rico was adopted by Congress. It is a legitimate form of government that is accepted by millions. I, therefore, find it appalling that this Congress will consider precluding a commonwealth as an option for the people of Puerto Rico.

Mr. Chairman, joining our Union as a new State is not a step that should result from electoral tricks or engineering. Joining the United States of America must be a decision that a people undertake deliberately, knowingly, and voluntarily. If the people of Puerto Rico wish to become a State, that option should be able to prevail against all other choices. The people should affirm, in a single vote, that they wish to move in that direction. They should not be presented with a series of false choices that are rigged to force the electorate into choosing statehood.

Under this amendment, there would be an opportunity for a real vote, with all the options on the table. This

amendment eliminates the first round vote and adds commonwealth as a choice for voters. It also provides for a runoff process if no option receives a majority of votes.

If the supporters of statehood and the authors of this bill truly believe that they have the will of the people on their side, then this amendment should cause them no concern. All this amendment will do is provide a chance for the people to vote on the future of the island with all the options before them, including commonwealth. To effectively preclude commonwealth from this process is to deny the Puerto Rican people a true right to self-determination.

I urge you to vote ``yes'' on this amendment, and I reserve the balance of my time.

Will the gentlewoman yield?

The issue here is not if the people of Puerto Rico can vote or not in Presidential elections. The issue here is a true, transparent, democratic process for the Puerto Rican people to participate in a referendum without imposing statehood.

Mr. Chairman, may I inquire as to how much time remains?

I yield 1 minute to the gentlewoman from the Virgin Islands (Mrs. Christensen).

Mr. Chairman, in closing, I will simply say that the authors of this bill are not afraid of having the people of Puerto Rico freely express themselves in a process that is democratic and that is transparent. They should support this amendment. Yet, if they are afraid that the only way they can get a simple majority that supports statehood is by denying the people of Puerto Rico the choice to vote for commonwealth, they know that history is on the side of the people of Puerto Rico. Repeatedly, every time plebiscites have been conducted in Puerto Rico, the commonwealth status has won, and statehood has been defeated. That is why they are so afraid, and that is why they are denying the right of the people of Puerto Rico to true self- determination.

I urge my colleagues to support and to vote for this amendment, and I yield back the balance of my time.

Mr. Chairman, I have an amendment at the desk.

Mr. Chairman, self-determination is a basic concept in a democracy. The ability of a people to choose their own national grouping without undue influence from another country is rightly recognized as a core element of freedom and liberty. Today, sadly, we are debating legislation that turns its back on this principle.

Perhaps what is most unfortunate is that what we are debating today involves imposing ideas from the outside onto the island. It seems to me, if we wish to keep faith with the democratic tradition of self- determination, then we will look for the guide to Puerto Rico's future, not in the House of Congress and not in Washington, D.C., but in Puerto Rico.

The amendment that I am offering will honor the concept of self- determination. This amendment empowers the people of Puerto Rico to submit their own proposal for moving forward. The amendment expresses the sense of Congress that we should not proceed until we have heard from those most affected by this debate, the Puerto Rican people. The residents of Puerto Rico should exercise freely and without congressional interference. The right to self-determination and this amendment recognize their rights. Rather than having Congress approve a bill that says to the Puerto Rican people that their relationship with the United States must change, this amendment sends a different message. It says to the Puerto Rican nation: We trust you to decide your future.

If they envision a better alternative than the status quo, then let them come to Congress and tell us. That is true self-determination. That is a process that will be viewed as legitimate by all parties in Puerto Rico, and it is a far cry from a bill that forces the Puerto Rican people to take a series of sham votes which are aimed at achieving a predetermined outcome.

Mr. Chairman, I ask my colleagues to honor the democratic tradition of self-determination. I urge Members to vote ``yes'' on this amendment.

I reserve the balance of my time.

Mr. Chairman, I yield the balance of my time to the gentleman from Illinois (Mr. Gutierrez).

Mr. Speaker, I move to suspend the rules and pass the bill (S. 3253) to provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958, and for other purposes.

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

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

Mr. Speaker, our economy is showing significant signs of improvement: consumer spending is climbing, manufacturers are adding jobs, and retail sales rose substantially for the first 3 months of this year. All of these are positive signs; however, if our recovery is going to produce the jobs that the American people need and deserve, small businesses will be central to the equation.

In every previous recession, small firms have served as job-creating catalysts. Not only do small firms add jobs faster than big companies, but many dislocated workers launch their own ventures during economic downturns. Those enterprises in turn often grow and create employment opportunities for the American people. For entrepreneurs to play this role, they need the right tools. The legislation before us will extend the Small Business Administration programs that help new ventures form and existing businesses grow.

Since the start of this Congress, the House has passed 16 bills to strengthen SBA initiatives. This included legislation to modernize the SBA's capital access programs so that small businesses can weather the credit crunch. However, before the SBA programs are fully updated, they must be extended. This bill ensures these initiatives keep operating. We cannot afford any of the SBA services to lapse just as our recovery is getting off the ground.

I urge my colleagues to vote ``yes'' and reserve the balance of my time.

I yield back the balance of my time.

Madam Speaker, I rise in strong support of the resolution. All of us mourn the loss of those who helped spread the light of freedom during the Cold War.

Our Nation enjoys deep ties to Poland. Greenpoint, Brooklyn, in my district, has one of the most vibrant Polish American communities in the Nation. During the 1980s, many Poles took refuge in this Little Poland when martial law was imposed against Solidarity back home.

Just 2 years ago, President Kaczynski came to Greenpoint. He worshipped in our churches. He met with local leaders, and he visited with the people of Little Poland. His trip there was an inspiring moment for many New Yorkers. Today there are heavy hearts in Greenpoint, as there are in Polish American communities throughout the Nation.

In coming weeks, the Polish people will grieve their loss. We join them in mourning, but we can be comforted that Poland will recover, carry forward, and grow stronger.

The fact that this crash occurred while traveling to a ceremony for another tragedy is a sad irony; however, it also reminds us of the Polish people's strength in the face of adversity. That unyielding spirit shall remain an important part of Poland's identity and of her many sons and daughters who reside in the United States.

Mr. Speaker, for too long, working families have lived in fear that they are just one illness away from financial ruin. For too long, the men and women in my home state of New York have watched their premiums skyrocket, with family rates up 97 percent in the last decade. For too long, Latinos have been left behind, suffering the highest uninsured rate of any other community. Tonight, it is time to say enough.

It is time to say enough to the discriminatory policies that charge women and minorities more money for the same services. It is time to say enough to a system that has pushed more than 2.5 million New Yorkers over the brink and into the ranks of the uninsured. And it is time to say enough to a status quo that robs Americans of the peace of mind that can only come from knowing this--they, and they alone, are in charge of their own well-being.

Mr. Speaker, this bill gives every American that autonomy. For the Latino community, it delivers coverage to 8.8 million people. In my home district, it improves options for 324,000 residents, and expands care to 86,000 more. For 16,000 people with preexisting conditions, it allows them to buy affordable health plans right away, promising them: Never again. Never again can you be denied coverage. And for 4,300 of my district's seniors paying full price for prescription drugs, it closes the Medicare donut hole.

Meanwhile, this bill invests in New York's network of community health centers. In my district alone, 33 clinics will see critical improvements, meaning more options for the men and women of Brooklyn, Queens and the Lower East Side. And at the end of the day, Mr. Speaker, isn't that what this legislation is all about--options?

The Patient Protection and Affordable Care Act will deliver better choices--not just for New Yorkers, but for all Americans. With the passage of health care reform, we are finally answering a decades-long cry for help. We are finally empowering the American people with quality, affordable options that put them in the driver's seat, and I urge support of this landmark legislation.

Madam Speaker, I move to suspend the rules and pass the bill (H.R. 4508) to provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958, and for other purposes.

Madam 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 bill under consideration.

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

As we work to foster job growth, small businesses will be central to the equation. Time and again, when Americans face economic uncertainty, they respond with innovative ideas and new ventures. While larger companies are slower to reverse the trend and start hiring again, small firms are often more nimble and can lead us out of downturns more quickly.

For many dislocated workers, starting a new business can help pay the bills and even launch a new career. However, for entrepreneurs to fulfill their traditional role as job creators, they need the right tools.

The legislation before us today will extend programs at the SBA that help new businesses form and existing firms grow. This bill extends some of the agency's most valuable efforts. Reauthorizing certain capital access programs will help small businesses survive the credit crunch.

Earlier this year, the House passed legislation to strengthen those initiatives. We have also approved bills reauthorizing the Small Business Innovation Research initiative. However, before these measures are updated, they will have to be extended.

H.R. 4508 ensures these programs continue operating as we keep working with the Senate to fully update them. This bill is not a comprehensive reauthorization, but it does represent another step toward a more suitable solution.

Given the valuable role that small businesses play in our economy, we cannot afford any of the SBA services to lapse. I, therefore, urge my colleagues to vote ``yes.''

I reserve the balance of my time.

Madam Speaker, I yield as much time as he may consume to Mr. David Wu from Oregon.

Madam Speaker, I yield back the balance of my time.

Madam Speaker, on that I demand the yeas and nays.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1839) to amend the Small Business Act to improve SCORE, and for other purposes, as amended.

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 bill under consideration.

Mr. Speaker, when first starting out, entrepreneurs often struggled with basics, like marketing their services, accessing capital, and learning to navigate the tax code. In the earliest stages of development, mistakes in these areas can mean the difference between a venture's success and its failure. That is why the SCORE program was established to help fledgling business owners learn the ropes of entrepreneurship.

By matching new business owners with practiced hands, SCORE helps entrepreneurs trade best practices and learn from the mistakes of their forerunners. The program functions as a mentoring service, one that allows retired business owners to continue giving back to their communities. This is a laudable goal to be sure. But unfortunately, SCORE has not kept pace with the shifting marketplace. H.R. 1839 will update and enhance the program, tailoring it to meet the needs of today's entrepreneurs.

With the economy in flux, small firms require specialized training in areas not previously offered. To begin, technology plays a vastly more important role in entrepreneurship than it has in the past.

This bill recognizes that fact and modernizes the SCORE to deliver the kind of training that is critical to doing business in the information age.

Just as the business world is changing, so, too, is the face of entrepreneurship. In recent years, we have seen a surge in the number of women and minorities starting their own firms; and yet for some reason, SCORE has failed to reflect that trend.

Mr. Buchanan's bill will promote greater diversity within the program. That way, we can better match small business owners with mentors and be sure every entrepreneur, regardless of race, gender, industry or region, has access to the specialized resources they need to be successful.

This bill helps train the next generation's small business innovators. It allows them to sidestep the pitfalls of early entrepreneurship and get straight to work doing what they do best: creating jobs and growing our economy.

H.R. 1839 is an important piece of legislation, and I thank Representative Buchanan for his contribution.

I urge support and reserve the balance of my time.

I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1834) to amend the Small Business Act to expand and improve the assistance provided to Indian tribe members, Alaska Natives, and Native Hawaiians, and for other purposes, as amended.

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 bill under consideration.

Mr. Speaker, the Small Business Administration has always worked to promote entrepreneurship amongst underrepresented groups and within underserved parts of the country. For this community, small business growth means more than just new jobs; it means economic development. That is why SBA offers a number of programs designed to encourage women and minorities to start their own ventures. H.R. 1834, the Native American Business Development Enhancement Act, builds on that tradition of growth through diversity.

As our economy continues to struggle, we need to be creating jobs everywhere we can. This rings especially true amongst underserved groups like Native Americans. After all, few segments of the population are in greater need of job creation. Within the Navajo tribe, the largest in the Native American community, unemployment has long hovered at 50 percent. On certain tribal reservations, it has reached a staggering 80 percent.

In a recent speech to various tribal leaders, President Obama stressed the need for Native Americans to become ``a full partner in the American economy.'' Mr. Speaker, what better way to forge that kind of partnership than through entrepreneurship? While their community faces significant challenges, Native Americans have never shied away from starting their own ventures. In recent years, entrepreneurship among Native Americans and Alaska Native women has soared by 69 percent. With this bill, we can build on that growth, supporting the kind of job creation that the Native American community so sorely needs.

As of 2002, there were over 200,000 Native American firms nationwide. While those businesses span a broad range of tribes and industries, they are unified in their need for resources like technical assistance and affordable capital. This bill helps them access those tools. Importantly, it establishes an office focused solely on Native American small businesses, one that can address their unique needs head on.

Like many small business owners, Native American entrepreneurs have been battered by the recession. As a result, many of these men and women are struggling with obstacles like access to capital. For these business owners, entrepreneurial development programs, such as those that provide training for loan applications, can go a long way in easing challenges. H.R. 1834 puts critical training resources within reach, and tailors them to the specific strengths of the Native American firms. By better customizing these programs, we can give Native American entrepreneurs the tools they need to grow and the resources they need to create jobs.

This is an important piece of legislation, and I thank Representative Kirkpatrick for her work in helping it come together.

I urge its support, and I reserve the balance of my time.

Mr. Speaker, I yield as much time as she may consume to the lead sponsor of the bill, the gentlelady from Arizona (Mrs. Kirkpatrick).

Mr. Speaker, I yield back the balance of my time.

Mr. Speaker, on that I demand the yeas and nays.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1842) to amend the Small Business Act to improve the Small Business Administration's entrepreneurial development programs, and for other purposes, as amended.

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

Mr. Speaker, entrepreneurial development initiatives, or ED programs, provide critical services for aspiring entrepreneurs seeking to launch a new enterprise. These programs also help established businesses that are trying to expand and create new jobs.

By helping small firms flourish, the SBA's ED services will be vital to sustaining our economic recovery. But for this to happen, the SBA must use its resources effectively. This is especially true during economic downturns. After all, when money is scarce, we want to make sure the taxpayer gets the most job-creating bang for their buck.

We already know that ED initiatives are a wise investment. Every dollar put into these programs returns $2.87 to the U.S. Treasury. The legislation that we are considering today will make these programs even more responsive, so that they better meet the needs of small business owners.

H.R. 1842 will bring enhanced coordination to the SBA's portfolio of ED services. In order for these initiatives to perform at their full potential, we have to know what is working and what could function better. This bill takes important steps in that direction. Requiring the SBA to collect data will provide important insights into the strengths of the ED program and highlight where there is room for improvement.

The bill also instructs the SBA to develop a plan outlining how to use ED initiatives to create new jobs over the next 2 years. Given the current state of the economy, it make sense that the agency focus on using ED to expand employment options. The bill will also reduce duplication between different ED initiatives. By verifying that the SBA's right hand knows what the left hand is doing, we will further leverage the agency's resources and channel more support to small businesses.

Mr. Speaker, this is a good bill. It puts in place some commonsense steps that are badly needed at SBA. Most importantly, this bill will ensure the SBA's programs do a better job of helping businesses. I think all of us can stand behind that goal. I urge my colleagues to vote ``yes.''

I reserve the balance of my time.

Mr. Speaker, I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3738) to amend the Small Business Investment Act of 1958 to establish a program for the Small Business Administration to provide financing to support early stage small businesses in targeted industries, and for other purposes, as amended.

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

Mr. Speaker, like the credit markets, the pipeline for equity financing has become clogged. For many entrepreneurs who are looking to turn a good idea into a profitable, job-creating business, venture capital has traditionally been an important source of financing. In today's economy, that funding often isn't there.

Venture capital funds are on track to invest between $15 billion and $20 billion in new companies this year. That is between $15 billion and $20 billion less than the previous 2 years. This simply means fewer firms are finding the funds they need to get off the ground. Between January and October of this year, there were 1,100 fewer venture capital deals compared to the same period last year.

The legislation offered by Mr. Nye, H.R. 3738, will reverse this troubling trend. Under this bill, the Small Business Administration could begin to act as a partner to private venture capital firms, offering them incentives to help small business startups get off the ground.

Through the creation of this new public-private partnership, the SBA can encourage more venture capital firms to begin investing again. The program will also mean larger blocks of funding will be available to businesses in their early growth stages. Helping early stage startups launch is one of our most powerful tools for generating job opportunities. During economic downturns, when larger companies contract and engage in layoffs, startups go in the opposite direction by growing and creating jobs. These early stage businesses also engage in some of the most promising research areas--like defense, medicine, and renewable energy. Advances in these fields mean new products and new jobs.

Mr. Speaker, after every previous recession, we have found our way back to prosperity thanks to the risk-takers that do not wait around for the economy to bounce back but go out and start creating a new product or new service. That can only happen when investors are ready to help move new ideas from the drawing board to the marketplace.

With this bill, we will help new small businesses launch and start creating new jobs in the short term. I commend the gentleman from Virginia for his work on this legislation. I urge my colleagues to vote ``yes.''

I reserve the balance of my time.

Mr. Speaker, I yield such time as he may consume to the lead sponsor of this bill, the gentleman from Virginia (Mr. Nye).

Will the gentleman yield?

I don't know what bill you read, but your amendment is part of the bill, so I would invite the gentleman to go back and read the bill.

The gentleman is mistaken.

Will the gentleman yield again?

Page 11, section 3, ``Prohibitions on Earmarks. None of the funds appropriated for the program established under part D of title III of the Small Business Investment Act of 1958, as added by this act, may be used for a congressional earmark as defined in clause 9(d) of rule XXI of the rules of the House of Representatives.''

Thank you for yielding.

Is it correct that this is your language?

Thank you.

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

Mr. Speaker, I know that he didn't read his language in the bill, but perhaps I might help him understand the bill.

SBA doesn't do any investing in this bill. It doesn't pick winners and losers.

I reserve the balance of my time.

Mr. Speaker, I urge adoption of this bill, and I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3014) to amend the Small Business Act to provide loan guarantees for the acquisition of health information technology by eligible professionals in solo and small group practices, and for other purposes, as amended.

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 bill under consideration.

Mr. Speaker, I rise in support of H.R. 3014, important legislation authored by Mrs. Dahlkemper to assist our Nation's small health care providers.

The passage of America's Affordable Health Choices Act earlier this month marked a turning point in our journey toward lasting health care reform. That legislation promises to break from the status quo, delivering solutions that not only reduce costs but also increase efficiency. These are changes our current system sorely needs. And, Mr. Speaker, reduced costs and enhanced efficiency are two benefits that health information technology already offers.

In big hospitals across the country, electronic medical records are revolutionizing health care. They are streamlining the flow of data, minimizing errors, and improving communication between medical professionals, and they are doing it all with a click of a mouse. But while HIT offers a myriad of obvious benefits, small medical practices have struggled to adopt this technology. This is because the technology, like most groundbreaking new products, is extraordinarily expensive.

For your average small practice, implementation of HIT runs close to $100,000. As a result, only 13 percent of single-doctor practices have chosen to purchase technology. This bill ensures all medical practices, regardless of size, can afford HIT. To begin, it blunts product and installation costs by making capital more affordable. It also allows small practices to defer loan payments. That way, these practitioners have the flexibility to bring this system online and reap the benefits before having to shoulder the implementation costs.

Access to capital has always been a key concern for small firms even during the best of times. The current trend in tightening credit and restricting lending has compounded that challenge. Like all small businesses, small health practitioners are feeling the pinch of these tightening credit conditions. This is why this bill is so important. Without it, small practices will be unable to afford HIT. And because the vast majority of Americans patronize small practices, countless patients will miss out on the benefits of a streamlined system.

Only days ago, this body took historic action to overhaul our broken health care system. As we continue to work towards lasting reform, HIT will play a critical role. With this bill, we can increase adoption within the small business community, reducing costs and improving quality for all Americans.

Mr. Speaker, this is an important piece of legislation. It is supported by 23 of the most prominent medical organizations, including the American Medical Association, the American Academy of Pediatrics, the American Osteopathic Association, and the American College of Surgeons.

I thank Representative Dahlkemper for her work on this bill. I urge my colleagues to vote ``yes.''

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

Mr. Speaker, I yield as much time as she may consume to the lead sponsor of this bill, the gentlelady from Pennsylvania (Mrs. Dahlkemper).

I have an additional speaker. I will yield as much time as he may consume to the gentleman from Rhode Island (Mr. Langevin).

(Mr. LANGEVIN asked and was given permission to revise and extend his remarks.)

Mr. Speaker, I yield back the balance of my time.

Mr. Speaker, I rise in support of health care reform as it will empower millions of women, particularly of low income, with information they need to make wise decisions for themselves and their families.

For too long, millions of Americans have suffered without access to the medical treatment they need. Right now, as we debate this measure, too many Americans are worrying about how they will find health care coverage if they lose their jobs. On this day alone, 14,000 Americans will lose their coverage, and millions of other citizens, including one in every

three Hispanics, lack health insurance coverage.

Today all of that changes. This is the moment. No longer will insurance companies abandon Americans when they most need help. This bill will end the practice of denying Americans coverage because of preexisting conditions. The 36 million uninsured Americans will finally have coverage. Choice, competition, and transparency will be brought to the insurance market, meaning better care at lowered costs.

I say this to my colleagues: It has been too long. Let us pass this bill.

Madam Speaker, I move to suspend the rules and pass the bill (H.R. 3737) to amend the Small Business Act to improve the Microloan Program, and for other purposes, as amended.

Madam Speaker, I just would like the record to reflect the fact that I am a Mets fan, and I do not associate myself with the previous comments.

During economic downturns, like the one our Nation faces today, many Americans who cannot find work elsewhere take the initiative to launch their own ventures. Time and time again, these start-up businesses have helped strengthen the economy, created new jobs, and led our Nation to recovery. And in the short term, these new businesses give hard-working Americans a way to support their families when times are tough.

The Small Business Administration's microloan program helps entrepreneurs secure the start-up capital they need to get new ventures off the ground. Microloans have always been a great tool for job creation. At its core, this program is about helping Americans with a good business idea take the first step to get a new business off the ground.

New businesses mean new jobs. With this bill, we are making the microloan program an even more powerful tool for job creation.

The legislation before us will make a number of important changes to improve how the SBA microloan program functions. Under the bill, we will reduce the interest rate that borrowers pay in the program. The bill will also help more lenders get involved in the program, giving businesses more options and making it easier to access the program. And this legislation will allow existing lenders to increase the amount of money they lend. These changes will expand the program's capacity and mean additional capital flows to small businesses.

Finally, the bill allows lenders to spend more on providing technical assistance for small firms. The valuable services that microlenders provide, like teaching entrepreneurs how to write a business plan, often means the different between a new venture succeeding or failing.

The American spirit of entrepreneurship is critical during times of economic downturn. By improving the SBA's microloan program and getting more capital in the hands of small business owners, this bill will accelerate our Nation's recovery. I urge the bill's passage. I reserve the balance of my time.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on H.R. 3737, as amended.

I yield myself such time as I may consume.

I just would like to comment to the previous speaker that it seems like the American public didn't buy the argument that the other side has a better idea, and that is why they are in the minority today.

I would like to take this opportunity to commend the sponsor of this bill, Mr. Ellsworth from Indiana.

I would like to inquire from the ranking member if he has further speakers at this time?

I reserve my time.

Mr. Speaker, I yield back the balance of my time.

Mr. Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.