U.S. Sen. David Vitter (R-La.), Chairman of the Senate Committee on Small Business and Entrepreneurship (SBC), is committed to fighting for America’s small businesses and entrepreneurs. This year alone Vitter has prevented the SBA’s largest loan program from shutting down when it hit its statutory cap, provided permanent fee relief to veterans accessing SBA loans, and passed comprehensive reforms and improvements to disaster recovery programs for small businesses and homeowners.
To date, Chairman Vitter has passed 24 bills out of the Committee in the last 11 months, 14 more than his predecessors in recent years. Additionally, the Small Business Committee has held 1 roundtable discussion, 8 hearings, and 16 field hearings.
Highlights from this year include:
In November, Chairman Vitter’s bipartisan legislation, the Recovery Improvements for Small Entities After Disaster Act of 2015 (or RISE After Disaster Act), passed out of the U.S House of Representatives via H.R. 208, the Superstorm Sandy Relief and Disaster Loan Program Improvement Act of 2015. Vitter’s legislation was passed by the Senate earlier this year.
The legislation will help small businesses recover more quickly after a major natural disasters through a variety of remedies. Click here to read more.
In July, legislation preserving the Small Business Administration’s (SBA) 7(a) loan guaranty program was signed into law via the Veteran’s Entrepreneurship Act (H.R.2499), in which the loan guaranty program was included as an amendment. The SBA’s 7(a) loan program is the SBA’s flagship loan program for small businesses. The program operates at a zero subsidy from the taxpayers due to the underwriting process and fees associated with the program. CBO has indicated there is no cost associated with lifting the cap. Click here to read more.
Last week, the Senate confirmed the nomination of Mr. Darryl DePriest to be Chief Counsel for the Office of Advocacy at the U.S. Small Business Administration (SBA), which was passed through Committee last week.
Chairman Vitter has tirelessly fought implementation of the WOTUS rule, citing concerns over the Environmental Protection Agency’s (EPA) failure to consult small business owners while crafting the rule. In May, Vitter held a related hearing entitled, “Examining How Proposed Environmental Regulations Would Affect America’s Small Businesses.” Click here to read more. A senior member of the Senate Committee on Environment and Public Works (EPW), Vitter voted in November to overturn the controversial rule. Click here to read more.
Earlier this year, historic flooding in Northwest Louisiana has resulted in widespread damage while also causing major disruptions to commerce and transportation. At Vitter’s urging, SBA implemented an Administrative Declaration providing assistance to affected businesses.
In July, Vitter introduced the Small Business Tax Compliance Relief Act (S. 1827), which would provide relief from tax code provisions frequently cited as overly restrictive or onerous for a small business. Passed out of Committee and awaiting action on the Senate Floor, the legislation is backed by nearly 15 national organizations and continues to receive support. Click here to read more.
In June, Chairman Vitter, along with U.S. Sens. Jim Risch (R-Idaho), Marco Rubio (R-Fla.), Cory Gardner (R-Colo.), Joni Ernst (R-Iowa), and Mike Enzi (R-Wyo.), introduced the Small Business Regulatory Flexibility Improvements Act of 2015 (S. 1536), which would ensure that federal agencies fully consider the interests and input of small businesses when considering the potential impacts of new rules on small entities.
In June, Chairman Vitter introduced the Ensuring Small Businesses Can Export Act of 2015 (S.1546), which would establish the Export Import (Ex-Im) Bank’s Export Credit Insurance Program at the SBA to complement existing SBA programs which provide export financing to small businesses.
Chairman Vitter continues the tradition of honoring America’s small businesses and entrepreneurs. To date, Vitter has recognized 45 Louisiana entities positively impacting their communities and economies.