Velázquez Praises President’s Economic Plan

WASHINGTON – Rep. Nydia M. Velázquez (D-NY), the Chairwoman of the House Committee on Small Business, commented on President Obama’s address to the Joint Session of Congress. Velázquez praised the President for taking a broad based approach to economic recovery and for recognizing how vital entrepreneurship will be to spurring economic growth.

“The President laid out an ambitious agenda for tackling the challenges before us,” Velázquez said. “I was pleased that he recognized the critical role our nation’s small businesses will play in putting our country back on a path to prosperity. Small firms create 60 to 80 percent of new jobs. Without them, economic recovery will not be possible.”

Velázquez also said she supported the President’s efforts to fix credit markets. Earlier this year, the House Small Business Committee helped craft provisions in the Economic Recovery and Reinvestment Act aimed at giving small firms access to affordable credit. Still, Velázquez said that more work would need to be done to spur lending and restore access to credit.

“Unclogging credit markets and getting capital flowing to small firms is going to be the next necessary step for recovery,” Velázquez noted. “To date, the current lending facilities have not resulted in small firms being able to access affordable credit. Until we fix this, our nation will not achieve a full recovery. Part of the responsibility here will fall to the Small Business Administration to implement the new programs we recently enacted and revitalize existing lending programs. The House Small Business Committee will conduct vigorous oversight to ensure SBA fulfills its obligations in this regard.”

In his speech, the President touched on two long term issues of particular relevance to entrepreneurs: controlling health care costs and moving the nation toward energy independence. Earlier this year, the House Small Business Committee held the first hearing of the 111th Congress in the House of Representatives on healthcare reform.

“During our hearing, we heard how spiraling healthcare costs are weighing down small businesses, depriving them of revenues they could use to stay in business, grow and create jobs,” Velázquez added. “The President’s plan to move forward with healthcare reform this year will be welcome news to millions of American families and to the entrepreneurs that are suffocating under the weight of healthcare costs.”

The President’s plan to move the nation toward energy independence will also create opportunities for economic growth. Small firms are pioneering the development of a new, green economy and the President’s commitment to bolstering growth in this area would pay dividends for small companies that are leading the nation toward energy security.

“Achieving greater energy efficiency will create significant opportunities for our nation’s entrepreneurs and family farmers. Nearly 80% of renewable fuel producers are small businesses. Doubling our nation’s supply of renewable energy in the next three years will create new opportunities for them and new jobs for millions of Americans,” Velázquez said.

You must be logged in to post a comment Login