The House Committee on Small Business, Subcommittee on Contracting and Infrastructure held a hearing on “Leveling the Playing Field: The State of Small Business Contracting,” featuring three small businesses who have navigated the federal contracting marketplace. Some solutions that were discussed included getting rid of self-certification for socioeconomic certifications, strengthening training for federal Contracting Officers (COs), and lengthening and strengthening the Small Business Administration’s (SBA) 8(a) Business Development Program. View the Prism Group readout here

On The Hill

The House Committee on Financial Services held a hearing on Tuesday, May 16 titled “Oversight of Prudential Regulators.”

The House Committee on Financial Services held a joint hearing on Wednesday, May 17 titled “Continued Oversight Over Regional Bank Failures.”

The Senate Committee on Small Business and Entrepreneurship held a hearing on Tuesday, May 16 on ‘The Impacts of Debt Ceiling Brinkmanship and Default on America’s Small Businesses.’ 

The Senate Committee on Banking, Housing, and Urban Affairs held a hearing on Wednesday, May 17, titled “Strengthening Accountability at the Federal Reserve: Lessons and Opportunities for Reforms”

The Senate Committee on Health, Education, Labor, and Pensions held a field hearing on Friday, May 12, titled “How Can We Improve Health Workforce Diversity and Address Shortages? A Conversation with Historically Black College and University Leaders and Students”

At the Agencies

The U.S. Small Business Administration (SBA) will begin accepting applications for the additional Small Business Lending Company Licenses (SBLC) on June 1, 2023 until July 31, 2023. Read the full press release here.

The U.S. Small Business Administration (SBA) announced new rules to streamline eligibility determination and add a new fraud review on all SBA-backed loans. This change provides permanency in SBA lending for mission-driven organizations like Community Development Financial Institutions (CDFIs) that fill capital gaps in underserved communities. Read more here.