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Mr. RISCH. Mr. President, as you know, late last year, Congress passed the Tax Cuts and Jobs Act. As chairman of the Senate Committee on Small Business and Entrepreneurship, I supported this legislation because of its potential to spur investment, stimulate economic growth, and ease the tax burden on millions of small businesses. While our economy continues to grow, small businesses often don't receive due attention for their accomplishments and contributions. Owners and employees of small businesses nationwide continuously display resilient attitudes and a tenacious work ethic, proving that the American entrepreneurial spirit is alive and well. This law gives Americans the tools they need to grow and flourish, and their success stories encouraged me to begin this series of speeches highlighting the ways tax reform benefits small businesses.
Today, I am pleased to share the story of Centennial Bolt, INC, located in Denver, CO. Founded in 1979 by Mark Cordova, Centennial Bolt specializes in manufacturing top-of-the-line fasteners. The Cordova family story serves as an inspirational example for hardworking American families. From humble beginnings, Mark's father, Moses, worked his way to a managerial position at Triangle Steel, Inc., and started his own business, Cordova Bolt, in San Diego, CA. After graduating from the University of San Diego, Mark moved to Denver and followed in his father's entrepreneurial footsteps by founding Centennial Bolt. This business became the premier fastener company in the Rocky Mountain region because of its ability to assist clients with projects of all shapes and sizes. After years of hard work and perseverance through tough economic times, Mark is now the CEO of both Cordova and Centennial Bolt.
Tax reform's impact on Centennial Bolt and other small businesses nationwide cannot be overstated. Changes in the tax law offer necessary relief to both Centennial Bolt's employees and their families. Due to an increase in savings from tax reform, Mark plans to expand his workforce from 50 to 65 employees, while increasing employee salaries. This past year, the company surprised all 50 of its employees with an unexpected Christmas bonus for their hard work. In order to compete on a larger scale, Mark also plans on reinvesting the company's savings from tax reform into an additional facility and existing infrastructure upgrades. Across the country, tax reform continues to provide owners and entrepreneurs with increasing opportunities that help them and their employees to realize their dreams.
Mark is optimistic about his company's future and believes the benefits his company receives from tax reform will give Centennial Bolt a competitive advantage. They are one of the many small businesses nationwide that can now more freely raise salaries, hire new employees, and compete with larger businesses in their industries. As tax reform continues to drive our economy forward, I will continue to acknowledge its positive impact on small businesses. I am proud to recognize Centennial Bolt and all of the small businesses that are thriving as a result of tax reform, and I look forward to watching the continued growth of the American small business community.
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