Investing in Main Street Act of 2023

Floor Speech

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Mr. GARBARINO. Mr. Speaker, I am pleased to rise today to share my support for H.R. 400, the Investing in Main Street Act of 2023, a bill which I am proud to co-lead with Congresswoman Judy Chu.

I also thank the chairman and the ranking member for bringing this up today.

We often talk about small businesses being the backbone of the U.S. economy. It is not just a talking point, but a statement of fact. Small businesses are major contributors to our Nation's overall prosperity; and in my district on Long Island, small businesses are what fuels local economic growth.

As we face economic uncertainty due to inflation, labor shortages, and other ongoing challenges, we look to our small businesses to be leaders in the private sector and to help revitalize our communities.

For over 60 years, the SBIC program has injected capital into small businesses by allowing financial institutions or Federal savings associations to invest in SBICs up to 5 percent. But times change; programs need updating and, now more than ever, small businesses need access to additional capital.

The increase from 5 percent to 15 percent stipulated in this bill is a necessary reform that will help small businesses get back on their feet.

I thank my colleague, Congresswoman Chu, for her leadership on this issue, and I urge my colleagues to vote ``yes'' on this bill.

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