During a House Small Business Committee markup meeting before the Congressional recess, Del. Kimberlyn King-Hinds (R-CNMI) spoke about changes in the job market since the Biden administration.
00:00I now recognize myself for an opening statement on the chairman's bill and the amendment.
00:06I am proud to speak about H.R. 3174, the Made in America Manufacturing Finance Act of 2025, or MAMFA for short, a bill that the chairman introduced on May 1st, 2025.
00:18H.R. 3174 will increase the loan limit for small manufacturers under the SBA 7A and 504 lending programs from $5 million to $10 million.
00:27This bill will provide American manufacturers the capital they need to invest in new technology, as well as hire, grow, and re-shore jobs that have been lost.
00:37In the last year of President Biden's term, the U.S. lost over 100,000 manufacturing jobs.
00:42While this alone is staggering, the decline of the American manufacturing sector did not happen overnight.
00:48It is the result of America-last policies that carelessly ship jobs overseas, opening the door for foreign adversaries to fill the void.
00:56We must reverse this trend, which will require more than just luck.
01:03The ability to manufacture in the United States is vital to our country's economic and national security.
01:10President Trump understands this.
01:13As part of his administration's priorities, he has been championing pro-growth and pro-American policies that are fueling a domestic manufacturing comeback.
01:21I'd like to thank FSGG Chairman Dave Joyce and his staff for working with the committee to provide additional loan authority for small manufacturers to account for H.R. 3174 in the FSGG bill approved by the subcommittee yesterday.
01:36H.R. 3174 is essential to keep pace with demand for capital and bringing jobs back to the United States.
01:43That is why SBA Administrator Loeffler and manufacturing and lending stakeholders have come out in support of this bill.
01:52Some on the other side of the aisle plan to oppose this bill, claiming that it will add risk to the SBA's loan portfolio.
01:57But the truth is that SBA's modeling shows that the 7A loan fee structure would actually return more fees to the SBA and help ensure the program remains zero-subsidized, costing the taxpayers nothing.
02:10The chairman has worked very hard on this legislation and wishes he could be here to speak in support of it.
02:15I urge my colleagues to support H.R. 3174, a crucial piece of legislation that will support small businesses and revitalize the American manufacturing base.
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