Minority Business Development Act of 2021
- Last Action
- 12/17/2021
Actions
- 2021-12-17Placed on Senate Legislative Calendar under General Orders. Calendar No. 228.
- 2021-12-17Committee on Commerce, Science, and Transportation. Reported by Senator Cantwell with an amendment in the nature of a substitute. Without written report.
- 2021-12-17Committee on Commerce, Science, and Transportation. Reported by Senator Cantwell with an amendment in the nature of a substitute. Without written report.
- 2021-08-04Committee on Commerce, Science, and Transportation. Ordered to be reported with an amendment in the nature of a substitute favorably.
- 2021-06-15Read twice and referred to the Committee on Commerce, Science, and Transportation.
- 2021-06-15Introduced in Senate
CRS Summary
As of 2021-12-17 (25)
Minority Business Development Act of 2021
This bill permanently authorizes the Minority Business Development Agency (MBDA), requires the MBDA to promote and administer programs that assist the development of minority business enterprises (MBEs), and establishes the Minority Business Enterprises Advisory Council to advise and assist the MBDA.
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 certain nonprofit organizations that provide services to MBEs as one of their primary activities.
The bill authorizes the MBDA to coordinate federal government programs and operations that affect the establishment, preservation, and strengthening of socially or economically disadvantaged businesses.
The Government Accountability Office must report on the programs carried out pursuant to the bill.
Cosponsors (5)
- Tim Scott (R-SC)
- Maria Cantwell (D-WA)
- Roger Wicker (R-MS)
- Tammy Baldwin (D-WI)
- John Cornyn (R-TX)
Subjects
- Accounting and auditing
- Advisory bodies
- 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
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.