Sen. Marco Rubio: Here’s what Congress should do to help small businesses and entrepreneurs succeed

Sen. Marco Rubio, R-Fla. (AP Photo)

American ingenuity has long been the cornerstone of the global economy. However, our nation’s position as a global economic leader is threatened by government overreach and foreign competition.

To keep our country competitive in the global economy, Congress must pass legislation that encourages American entrepreneurs to innovate, thrive and grow. This is because American ingenuity relies on innovation and risk borne by the American small business owner.

As the incoming chairman of the Senate Committee on Small Business and Entrepreneurship, I am committed to ensuring entrepreneurs can succeed.

As chairman, my top priority is to pass bipartisan legislation that will expand economic opportunities for small businesses and entrepreneurs.

I will also continue to seek ways to improve Small Business Administration (SBA) resources intended for homeowners and businesses that face hardship after hurricanes, floods and other disasters that threaten their livelihoods.

We must do everything possible to safeguard American small businesses from China’s industrial espionage and coercion, which threatens our very economic framework and national prosperity.

I will examine the effectiveness of every SBA program and conduct thorough oversight to ensure its programs, and taxpayer dollars, are properly administered.

Finally, I will work with SBA Administrator Linda McMahon and members of the committee to advance a bipartisan and robust small business agenda.

I will continue to fight against China’s blatant interference in our economy. In a few weeks, we will release a report that discusses the challenges China’s “Made in China 2025” plan poses for America’s small businesses, including its harmful and potentially irreversible consequences for our economy.

We must do everything possible to safeguard American small businesses from China’s industrial espionage and coercion, which threatens our very economic framework and national prosperity.

For the past two years, our House committee achieved real victories for small businesses, and it did so in a bipartisan way that is unique for Washington. I look forward to building on those successes by introducing five bills aimed at making America’s small businesses thrive.

Here are the five bills:

First, the Preventing SBA Assistance from Going to China Act of 2019. This would protect our small businesses from Chinese interference by preventing loans and guarantees – money intended to stimulate the growth of American businesses – from going into the pockets of Chinese-owned firms.

Second, the Small Business Credit Protection Act. This would provide notification requirements and free credit reports to small businesses in the wake of a data breach, such as the Equifax breach in 2017.

Third, the Small Business Relief from Disease-Induced Economic Hardship Act. This would build upon the Small Business Act to make loans available to small businesses that suffer economic injury from disease-induced travel alerts or travel warnings issued by the federal government. This stems from Florida-area businesses that have been directly impacted by the Zika virus.

Fourth, the Hearing Small Business Act. This would expand small businesses’ role in the regulatory process and require the government to consider feedback from small businesses in forming new regulations.

Fifth, the Advocacy Empowerment Act. This would ensure proper authority for SBA’s Office of Advocacy as it works to enact government-wide regulatory reform.

These five bills are an important step toward protecting America’s small businesses. But our work does not stop there. The Small Business Administration must also continue to work for businesses in the aftermath of natural disasters.

After Hurricanes Hermine, Matthew, Irma and Michael ravaged my home state of Florida, the SBA made low-interest disaster loans available to help businesses and homeowners recover. During this Congress, I will work with Administrator McMahon and my colleagues to improve the delivery of this critical assistance and aid for Floridians and disaster victims across the United States.

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Small businesses in America are responsible for employing nearly half of the American workforce and creating two-thirds all of all net new jobs. They represent economic dynamism and a sense of community that is often missing from American life.

Amidst rapid technological advances, shifting global economic trends and rising foreign adversaries, we must fight to keep our economy competitive on the global stage. As chairman of the Small Business Committee in the 116th Congress, I will work with my colleagues to make sure we see this through.