Small Business Division Created within the Export-Import Bank
On June 14, the House Financial Services Committee approved, by voice vote, a bill (H.R. 5068) to reauthorize the Export-Import Bank. The reauthorization would create a permanent small business division within the bank to provide outreach to small businesses, as well as to advise them regarding bank programs. The bill also would establish an Office of Assistance for Minority and Women Owned Businesses; its goal would be to provide 10 percent of all small business financing to minority and women-owned businesses.
In a press release, the bill’s sponsor, Rep. Deborah Pryce (R-OH), said, “This legislation places the focus upon small businesses as well as socially and economically disadvantaged ones, which typically lack the financial resources and the international trade expertise of larger companies. The bill will help these businesses secure the critically important financing to trade in current and developing markets, and subsequently expand our job base here at home.”
A manager’s amendment by Rep. Pryce requiring the president of the bank to ensure, to the extent possible, that qualified minority and women applicants would be considered when hiring staff for the Office of Assistance for Minority and Women Owned Businesses was approved by voice vote. An amendment by Rep. Maxine Waters (D-CA) requiring the bank to submit annually to Congress a report on the achievement of performance standards applicable to women-owned and socially and economically disadvantaged small businesses was approved by voice vote.
Section 8 Reform
On June 14, the committee also approved, by voice vote, a bill (H.R. 5443) to reform the Section 8 voucher program. The House Financial Services Subcommittee on Housing and Community Opportunity approved the measure, 23-2, on June 8 (see The Source, 6/9/06).
The Section 8 program provides monetary vouchers for low-income families to obtain privately-owned rental housing. Section 8 is the largest federal program designed to provide affordable housing to low-income families, serving more than two million households.
An amendment by Rep. Gary Miller (R-CA) to prohibit people who own a home from also collecting rent vouchers was approved by voice vote. Two other amendments offered by Rep. Miller, one to expand the “Moving to Work” program to 100 housing authorities, rather than the 40 allowed in the bill, and one to eliminate a 30 percent cap on the amount of income families can be required to pay toward rent, were rejected by voice vote.
