'Literally Killing Our Small Businesses': Dem Lawmaker Rails Against Trump's Tariff Policies

Forbes Breaking News

8 months ago

During debate on the House floor, Rep. Kelly Morrison (D-MN) spoke in opposition to HR 2987.

Transcript

00:00Five minutes.

00:01Thank you, Ranking Member Velazquez.

00:03Mr. Speaker, I rise today to discuss H.R. 2987, the CES Act,

00:08which would place a statutory moratorium on the number of small business lending company licenses

00:12that can be issued by the U.S. Small Business Administration.

00:15What does this bill do?

00:17Cap the number of SBA 7A non-bank lenders who can give loans to America's small businesses,

00:22a reasonable endeavor that could have generated bipartisan support

00:25had there been any effort by the majority to engage in a thoughtful discussion with us.

00:30Since there was no such engagement, this bill does nothing to protect the hugely successful Community Advantage program.

00:38Community Advantage small business lending companies provide loans to small businesses

00:41located in underserved and rural communities, to new businesses, and to veteran-owned small businesses.

00:47For far too long, far too many people in our country have not been able to access capital

00:52and participate in the American dream of starting a business, creating jobs, and growing our economy.

00:57The Small Business Administration plays a critical role in providing capital to our small businesses.

01:03The Community Advantage program has a demonstrated track record of helping entrepreneurs

01:08who face higher barriers to accessing capital grow and scale their businesses.

01:12And this is exactly what we should be doing, opening more doors for more Americans to start a business,

01:18create jobs in their community, and strengthen their local economy.

01:22So my question to my Republican colleagues is, without providing protections for Community Advantage small business lending companies

01:28in the text of this bill, are you suggesting we eliminate this crucial program?

01:34Why would you threaten to remove a way for veteran-owned small businesses to access capital?

01:39What is your message to American entrepreneurs looking to access that first loan

01:43that could help turn their best ideas into a new small business?

01:46And let's just take a step back here.

01:50Right now, small businesses across the country are ringing the alarm bell,

01:54saying that the tariff wars are going to put them out of business in a matter of weeks or months.

01:59Just this past week, we heard from Minnesota's Small Business Person of the Year,

02:04given the award by the Trump administration, who says she has six weeks until she goes out of business.

02:09These are successful small businesses.

02:12Small businesses that were thriving, growing, expanding, until President Trump started this completely

02:19unnecessary, completely chaotic trade war, setting exorbitant tariffs as high as 145%,

02:25changing policies haphazardly, at times literally by the hour.

02:30No one can run a business with that level of uncertainty.

02:33And our small businesses are getting hit the hardest.

02:36They can't plan for the future.

02:37They don't have the luxury of time.

02:39The threat is here right now.

02:42And they certainly don't have the resources to personally lobby the president like the

02:46massive tech companies that got exemptions did.

02:50President Trump's so-called tariff policy is literally killing our small businesses.

02:55And Congress has the power to stop it.

02:58Article 1 of the Constitution, it's right there.

03:01Congress has the power to levy tariffs.

03:03But what is the Republican majority doing?

03:06Ceding all their power to this president and completely disregarding their constitutional

03:10duty and the outcries from small business owners who are warning us they will have to close their

03:15doors in a matter of weeks if this tariff war doesn't end.

03:18The three bills the Republicans are choosing to bring to the floor this week have nothing to do

03:24with the existential threat that these tariffs are posing to our nation's small businesses.

03:28The lack of courage to stand up for our nation's small businesses to stand by and watch their

03:33downfall is shameful.

03:36We should be passing legislation to end this tariff war and save our small businesses.

03:41Mr. Speaker, I yield.

'Literally Killing Our Small Businesses': Dem Lawmaker Rails Against Trump's Tariff Policies

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