Minority Business Resiliency Act of 2021
- Last Action
- 6/23/2021
Actions
- 2021-06-23Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 23.
- 2021-06-23Committee Consideration and Mark-up Session Held.
- 2021-04-20Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-04-20Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-04-20Introduced in House
- 2021-04-20Introduced in House
CRS Summary
As of 2021-04-20 (00)
Minority Business Resiliency Act of 2021
This bill permanently authorizes the Minority Business Development Agency (MBDA) and requires the MBDA to promote and administer programs that assist the development of minority business enterprises (MBEs).
Specifically, the bill requires the MBDA to (1) provide assistance to MBEs in domestic and foreign markets by making available specified resources, (2) promote the position of MBEs in local economies, and (3) collect data on the causes of MBE success or failure and research how economic conditions affect the development of MBEs.
The bill establishes formal processes for the MBDA Business Center Program and the MBDA Rural Business Center Program through which business centers provide programs and services to support MBEs.
The bill also establishes new initiatives to promote economic resiliency for minority businesses, including (1) an annual forum to review problems and programs relating to capital formation by MBEs, (2) a study and report on alternative financing solutions for MBEs, and (3) entrepreneurship education grants for certain institutions of higher education to develop and implement entrepreneurship curricula.
Further, the bill establishes grants for (1) certain nonprofit organizations that provide services to MBEs as one of their primary activities, and (2) MBEs for the purpose of supporting MBEs or helping MBEs remain in business.
The Government Accountability Office must report on the programs carried out pursuant to the bill.
Cosponsors (18)
- Emanuel Cleaver (D-MO)
- Joyce Beatty (D-OH)
- Ed Perlmutter (D-CO)
- James Himes (D-CT)
- KWEISI MFUME (D-MD)
- Derek Kilmer (D-WA)
- Judy Chu (D-CA)
- BRAD SHERMAN (D-CA)
- Marilyn Strickland (D-WA)
- Nikema Williams (D-GA)
- Sylvia Garcia (D-TX)
- Ritchie Torres (D-NY)
- Al Lawson (D-FL)
- Joseph Morelle (D-NY)
- Lizzie Fletcher (D-TX)
- Lucy McBath (D-GA)
- Melanie Stansbury (D-NM)
- Ruben Gallego (D-AZ)
Subjects
- Accounting and auditing
- Business education
- Business investment and capital
- Community life and organization
- Competitiveness, trade promotion, trade deficits
- Congressional oversight
- Department of Commerce
- Economic performance and conditions
- Education programs funding
- Employee hiring
- Executive agency funding and structure
- Federal officials
- Government information and archives
- Government studies and investigations
- Higher education
- Internet and video services
- Internet, web applications, social media
- Manufacturing
- Marketing and advertising
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.