During a House Small Business Committee markup meeting before the Congressional recess, Rep. Dan Meuser (R-PA) spoke about the Invest In All of America Act.
00:00I now recognize the bill's sponsor, Mr. Muser, for a statement on the bill and the amendment.
00:06Thank you, Mr. Chairman.
00:07My bipartisan legislation, H.R. 2066, the Investing in All of America Act, would incentivize small business investment companies, SBICs, to deploy additional capital to small businesses located in rural or low-income areas, as well as small businesses in manufacturing and national security technology sectors.
00:26SBICs are privately owned and managed investment funds that are licensed and regulated by the SBA.
00:33These companies raise private capital, which is then matched with SBA-guaranteed leverage.
00:38SBICs invest both their private capital and SBA leverage into qualifying small businesses in communities across the country.
00:46Importantly, the SBIC program operates at zero subsidy cost to the American taxpayer.
00:51Over the past two decades, SBIC-backed businesses have created 3 million new jobs and supported an additional 10.5 million jobs over the last two decades.
01:01Over the last five years, SBICs invested over $130 billion in small businesses across America, including $1.3 billion in my home state of Pennsylvania.
01:10Though the SBIC program is successful, recent studies have shown that less than 20% of SBIC investments reaches low-to-middle-income communities, especially rural ones.
01:20The Investing in All America Act encourages private capital investments in parts of America that are often overlooked by not counting dollars invested in these areas against individual SBIC's leverage cap.
01:33It's important to note that the bonus leverage included in this legislation does not change the cost or the risks of the SBIC program.
01:41The existing model operates at no cost to the taxpayer, and this will remain the same.
01:45The Trump administration, SBA Administrator Kelly Loeffler, are focused on fueling small business growth and reinvigorating domestic manufacturing throughout the United States.
01:55This legislation supports that effort by encouraging increased private investment in the manufacturing sector.
02:01By expanding access to capital and reducing barriers to entry, this legislation helps manufacturers scale operations and create high-quality American jobs.
02:10Before I conclude, Mr. Chairman, I'd like to ask unanimous consent to insert a letter into the record from the Small Business Investor Alliance in support of this legislation.
02:19With auto-projection.
02:21I would also like to thank Representative Skulkin for her partnership on this legislation and the bipartisan group of members who have co-sponsored it.
02:31I'd also like to thank Chairman Williams for bringing this bill forward for consideration today.
02:35This legislation will have the tangible, positive impacts we plan for them to have for our communities.
02:43A similar version of this legislation passed this committee in-house unanimously last Congress.
02:48So I encourage my colleagues to support this legislation, and Mr. Chairman, I yield back.
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