Small Business Access To Capital After A Natural Disaster Act
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4792) to amend the Securities Exchange Act of 1934 to expand access to capital for small businesses affected by hurricanes or other natural disasters, and for other purposes.…
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4792) to amend the Securities Exchange Act of 1934 to expand access to capital for small businesses affected by hurricanes or other natural disasters, and for other purposes.
Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks and include extraneous material on this bill.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, small businesses across the country are especially vulnerable to natural disasters. Recent natural disasters like Hurricane Harvey in Texas and the wildfires in California have left small businesses torn apart in their wake.
Nationally, there has been a survey of 500 small businesses. In 2015, they found that 75 percent of small businesses do not develop plans to be able to prepare for disasters. This means that small businesses are nationally unprepared for natural disasters and are likely to experience a fair amount of difficulty in reopening their doors, a concerning economic challenge in the aftermath of an already challenging time.
Ms. Velazquez's bill, the Small Business Access to Capital After a Natural Disaster Act, would help alleviate some of these challenges by requiring the Securities and Exchange Commission's Advocate for Small Business Capital Formation to identify any unique challenges in securing access to capital for small businesses that have been affected by hurricanes or natural disasters.
As a former small-business owner and co-chair of the Small Business Caucus, I know firsthand the positive economic impact a small business can have on regional and local economies that they serve. In the wake of a natural disaster, small businesses that reopen and rebuild can have a major impact on helping the local economy recover.
Mr. Speaker, as the small business advocate is already involved in communicating with small businesses, requiring the SEC to study issues with access to capital after a natural disaster and report annually on its finding is common sense.
Mr. Speaker, I commend Ms. Velazquez for taking the initiative on this important issue, and I encourage my colleagues to support her legislation.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield back the balance of my time.