Policy News, May 14, 2019

Yesterday, the Federal Registrar published the Small Business Administration’s proposed rule to amend its regulations “to implement a statutory requirement to certify Women-Owned Small Business Concerns (WOSB) and Economically Disadvantaged Women-Owned Small Business Concerns (EDWOSB) participating in the Women-Owned Small Business Contract Program.” Comments may be submitted in the next 60 days through the Federal eRulemaking Portal, by mail, paper, disk or CD/ROM, or by hand delivery/courier. All comments will be posted on www.regulations.gov.

Today, the Senate Judiciary Committee will hold a hearing titled, “5G: National Security Concerns, Intellectual Property Issues, and the Impact on Competition and Innovation.” Tomorrow, the Senate Committee on Small Business will host a hearing titled, “Reauthorization of the SBA’s Innovation Programs.” The House Committee on Small Business will host a hearing titled, “Member Day Hearing: Committee on Small Business.” The House Committee on Financial Services will host a hearing titled, “Promoting Economic Growth: A Review of Proposals to Strengthen the Rights and Protections for Workers.” On May 16th, the House Committee on Small Business will host a hearing titled, “Oversight of the SBA’s Women-Owned Small Business Federal Contract Program.” The House Committee on Financial Services will host a hearing titled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness and Accountability of Megabanks and Other Depository Institutions.”

In other relevant news, the Wall Street Journal released an article exploring the love-hate relationship between small businesses and online lenders. While interest rates from local banks remain more favorable than web-based financiers, small businesses expect online lenders to be “more likely to provide funding, to make their decisions more quickly, and to be less likely to require collateral.” Read more here.

On Capitol Hill

Floor Proceedings

House: In Session

• Today, the House will meet for Morning Hour debate and legislative business, with votes postponed until 6:30 p.m.

Senate: In Session

• The Senate will convene and proceed to executive session to resume consideration of Michael J. Truncale, of Texas, to be United States District Judge for the Eastern District of Texas.

Committee Proceedings

House Committee on Small Business

• Tomorrow, the committee will host a hearing titled, “Member Day Hearing: Committee on Small Business”

• On May 16th, the committee will host a hearing titled, “Oversight of the SBA’s Women-Owned Small Business Federal Contract Program”

House Committee on Financial Services

• Tomorrow, the committee will host a hearing titled, “Promoting Economic Growth: A Review of Proposals to Strengthen the Rights and Protections for Workers.”

• On May 16th, the committee will host a hearing titled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness and Accountability of Megabanks and Other Depository Institutions.”

House Committee on Appropriations

• No relevant hearings.

House Committee on Ways and Means

• No relevant hearings.

House Committee on Energy and Commerce

• No relevant hearings.

House Committee on Education and Labor

• No relevant hearings.

Senate Committee on Appropriations

• No relevant hearings.

Senate Committee on Small Business

• Tomorrow, the committee will host a hearing titled, “Reauthorization of the SBA’s Innovation Programs”

Senate Committee on Banking, Housing and Urban Affairs

• No relevant hearings.

Senate Committee on Health, Education, Labor & Pensions

• No relevant hearings.

Senate Committee on Finance

• No relevant hearings.

Senate Judiciary Committee

• Today, the committee will hold a hearing titled, “5G: National Security Concerns, Intellectual Property Issues, and the Impact on Competition and Innovation.”

Bills of Interest

• A bill was introduced by Rep. Andy Kim (D-NJ) to enhance the ability of the Office of the National Ombudsman to assist small businesses in meeting regulatory requirements and develop outreach initiatives to promote awareness of the services the Office of the National Ombudsman provides, and for other purposes (H.R.2673).

• A bill was introduced by Rep. Donald Norcross (D-NJ) to amend the Internal Revenue Code of 1986 to allow tax free distributions from section 529 college savings plans for certain expenses associated with registered apprenticeship programs (H.R.2679).

At the Agencies

Department of Labor

• No relevant news today.

Treasury

• The Department of the Treasury has issued a press release titled, “New FinCEN Guidance Affirms its Longstanding Regulatory Framework for Virtual Currencies and a New FinCEN Advisory Warns of Threats Posed by Virtual Currency Misuse”.