The Bureau of Labor Statistics released their job gains report from Q1 of 2021. Jobs decreased by about 667,000 from the previous quarter, and losses from business closures were 6.5 million. Overall, there was a net gain of 1.7 million jobs. It remains to be seen if this boom in jobs is due to increasing numbers of individuals who are leaving their employers to open their own businesses.
Yesterday, the Senate Committee on Small Business and Entrepreneurship showcased the economic power of women-owned small businesses with a hearing titled, “Women Entrepreneurs: An Economic Growth Engine for America” The House Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access also held a hybrid hearing on “A Review of the SBIC Program”
On today, the House Committee on Banking, Housing, and Urban Affairs will hold a hybrid hearing on “New Era for Consumer Protection: The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress” at 10am. A part of the hearing will focus on preventing lending biases in the advent of big data. As automation and algorithms increasingly define the consumer financial services market, there is less transparency into how credit decisions are made. In some cases, these practices can unwittingly reinforce biases and discrimination, undermining racial equity.
We will return with more updates on the Agencies next week.