House Small Business Committee
WASHINGTON – Today, the latest quarterly Wells Fargo/Gallup Small Business Index was released, indicating a significant jump of optimism among small business owners and the highest score in the survey’s 15-year history.
Upon the release of this report, Chairman Chabot (R-OH) said:
“Small business owners are experiencing the positive effects of our booming economy, with indicators for a hopeful future ahead. With small business optimism reaching historic highs, our policies are not only helping small business owners, they are bringing more people into the job market. Easier access to credit means more growth and more jobs. I look forward to this momentum continuing as small business owners and entrepreneurs gear up for a new year.”
The Wells Fargo/Gallup Small Business Index showed:
- 80 percent of respondents regarded their financial situation as very good or somewhat good.
- 55 percent of respondents recorded increases in revenue for their small businesses.
- 27 percent of small business owners say over the past 12 months, the number of jobs in their company has increased.
- 47 percent of companies found it somewhat or very easy to obtain credit.
WASHINGTON - Today, House Committee on Small Business Chairman Steve Chabot (R-OH) and House Committee on Veterans’ Affairs Chairman Phil Roe, M.D. (R-TN) released statements following the introduction of new legislation to better enable the Small Business Administration (SBA) and Department of Veterans Affairs (VA) to fulfill their designated responsibilities and streamline programs within the agencies. H.R. 7169, the Verification Alignment and Service-Disabled Business Adjustment (VA-SBA) Act was introduced by the House Small Business Committee’s Chairman of the Subcommittee on Investigations, Oversight, and Regulations Trent Kelly (R-MS).
Currently, SBA certifies small businesses that participate in federal contracting preference programs. However, Service Disabled Veteran Owned Small Businesses (SDVOSB) are the exception – they are verified by VA to qualify for VA contracts, and are uniquely allowed to self-certify through SBA to obtain federal contracts from all other federal government agencies. The ability of SDVOSBs to do so has led to years of fraud, waste, and abuse, as it has allowed companies not owned by service-disabled veterans to take advantage of the system. It also has created two separate classes of SDVOSBs: those that are verified by VA, and those that have self-certified at SBA. The VA-SBA Act would require SBA to certify all SDVOSB applications, as it does for all other small businesses, and would preserve the unique Veterans Owned Small Business contracting preference in VA.
“Our nation’s veterans learn skills while serving that make them top notch entrepreneurs,” said Chairman Chabot. “With 2.52 million small businesses majority-owned by veterans, it’s important they have access to the resources they need to start a small business without the red tape and confusion that can come from government agencies. The VA-SBA Act will open doors for veteran-owned small businesses and expedite the process of becoming an entrepreneur. I look forward to ensuring veterans are able to continue their contributions to the American economy. I thank the House Committee on Veterans’ Affairs Chairman Roe, House Committee on Small Business Subcommittee on Investigations, Oversight and Regulations Chairman Kelly, and Veterans' Affairs Subcommittee on Oversight and Investigations Chairman General Bergman for their dedication and leadership to ensure this program gets a necessary update. America’s heroes deserve the full support of Congress in all aspects of life, especially as they work to bring their business dreams to life.”
“Different treatment of SDVOSBs depending on which federal agency they contract with is confusing and inefficient," said Chairman Roe. "VA requires a rigorous verification process, while other agencies allow nearly anyone to self-certify. This situation has created more problems than good, and it is high time to fix it. Bad actors are taking advantage of this exception and companies that are not owned and controlled by service-disabled veterans are fraudulently representing themselves to obtain contracts. This legislation fixes the disparity in the law and ensures that SBA is able to fully manage all small business certifications, as they should, and allows the workforce VA to focus on their core mission. I am grateful to full committee Chairman Chabot, House Committee on Veterans' Affairs' Subcommittee on Oversight and Investigations Chairman General Jack Bergman (R-Mich.) and subcommittee Chairman Kelly for their efforts to provide this necessary reform to the law.”
“Service-disabled veteran-owned small businesses (SDVOSBs) and veteran-owned small businesses (VOSBs) are essential components of our nation’s small business operations,” said Rep. Kelly. “It is important that we relieve regulatory burdens that make it more difficult for them to compete for government contracts. Additionally, it is vital that the process become more streamlined which is the purpose of this important legislation.”
"This legislation is the result of a close partnership between our two committees," said Rep. Bergman. "Chairman Kelly and I convened a joint oversight hearing to study the issue in July, and after months of consultation with the veterans service organizations, the veteran small business community and the agencies, the VA-SBA Act is a sound solution,” said Bergman. “It will make the federal government operate more efficiently and logically by instituting badly needed safeguards in the SDVOSB contracting program. Every contract that gets siphoned off by a fraudulent company denies a service-disabled veteran entrepreneur a contracting opportunity that he or she earned. The loophole that allows this to happen must be closed."
WASHINGTON – Last week, House Committee on Small Business Chairman Steve Chabot (R-OH) penned an op-ed in Fox News on the value of Small Business Saturday to communities and entrepreneurs. Read the full op-ed below.
Serving as Chairman of the House Committee on Small Business over the past four years, I’ve had the honor of advocating and fighting for Main Street.
This year on Small Business Saturday, November 24, 2018, I hope Americans will celebrate the 30 million small businesses and the millions of workers they employ by shopping locally. This day is an incredible opportunity to support our local independent businesses during their most critical time of year.
In 2010, the Small Business Saturday campaign was launched to help small businesses that were hurting from the recession by boosting sales and encouraging shopping.
Every year since 2011, both chambers of Congress have introduced resolutions to recognize and promote Small Business Saturday as the Saturday after Thanksgiving. This year, I had the privilege of introducing a resolution to continue this tradition and recognize November 24, 2018 as Small Business Saturday, and support efforts to increase awareness of the value of locally owned small businesses. This day gives us an opportunity to refocus our efforts and reaffirm our commitment to helping small businesses thrive.
With 99 percent of all employers in the United States being small businesses, it’s critical we fuel this engine of job creation and innovation. By shopping small, Americans can stimulate our economy and support the two-thirds of net new jobs that small businesses produce.
In Ohio alone, there are 944,797 total small businesses that employ 2.2 million people, according to the Small Business Administration’s (SBA) most recent data. With American Express reporting that 90 percent of consumers say that Small Business Saturday has had a positive impact on their community, can you imagine the impact this day has had on Ohio alone? And, the impact that Small Business Saturday can have throughout our nation is huge.
The 2017 Small Business Saturday Consumer Insights Survey from the National Federation of Independent Business (NFIB) and American Express highlights this impact. The survey notes that last year, 108 million shoppers spent $12.9 billion at a variety of businesses, from restaurants to clothing stores to coffee shops, on Small Business Saturday.
When you reflect on these numbers, there is nothing ‘small’ about small business.
In my 22 years serving on the Small Business Committee, I’ve seen first-hand the hard work and dedication small business owners put into their companies to get them off the ground and succeed.
The Committee has held hearings and roundtables to hear from entrepreneurs and talk through the joys and challenges of running a business. It has always been the mission of the Committee, as it must be for Congress, to offer solutions that will help grow businesses.
Further, the Committee has been working diligently with the Administration to reduce regulatory costs and burdens. In fact, for every new regulation issued, the Administration has eliminated 12, resulting in $33 billion in net regulatory savings over the last two years. American business owners should be investing in the American Dream, not squandering their resources on regulatory compliance.
To help amplify this effort, the Committee has an online resource called Regulatory Watch. This resource is for small businesses that want to participate in the regulatory development process, but do not have the time or ability to monitor federal agencies’ activities. The webpage is updated regularly to highlight proposed regulations that could impact small businesses, allowing owners the opportunity to submit comments, plan ahead, or simply better understand the process.
Monte Wiederhold, a small business owner from my home state of Ohio, said it best when he testified before our Committee this Congress about one-size-fits-all regulations impacting his business:
“Time and time again, this approach punishes small businesses, stifles competition, and overregulates an industry deregulated by design. Too often, these costly and burdensome regulations are advanced at the behest of corporate motor carriers, who use the legislative and regulatory process to gain competitive advantages over smaller operators like me.”
Fortunately for Mr. Wiederhold, our economy is on the uphill swing, with unemployment at an all-time low and small business optimism setting record highs.
This past June, President Trump signed the Small Business 7(a) Lending Oversight Reform Act, a bill I introduced to ensure appropriate oversight of the SBA’s flagship loan program and improve access to capital for small business owners. Getting a loan for a small business can be the difference between expanding their company and creating jobs or never getting off the ground. This was a huge win for small businesses and the workers they will hire because of it.
It’s important that we do all we can to help America’s entrepreneurs who not only dare to dream but dare to make those dreams a reality. On Small Business Saturday, I encourage you to get involved in your community, whether you are in Carson City, Nevada, or Cincinnati, Ohio – my hometown – and shop small. Your support allows small business owners to continue to dream big, take risks, and drive innovation for the next generation of Americans.
Republican Steve Chabot represents Ohio's 1st congressional district in the U.S. House of Representatives where he serves as chairman of the Small Business Committee.
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement in recognition of November 20, 2018, as National Entrepreneurs’ Day.
“As Chairman of the Small Business Committee, I believe it’s important we do all we can to promote American entrepreneurship and new business creation. Small businesses make up 99.9 percent of all firms in the United States and employ about half of all United States workers. National Entrepreneurs’ Day is an opportunity for all of us to recognize the contributions of our nation’s best job creators.”
WASHINGTON – Today, Members of the House Small Business Committee joined together to introduce a bipartisan House resolution recognizing the Saturday after Thanksgiving, November 24, 2018, as “Small Business Saturday.”
“Small Business Saturday is an incredible opportunity for communities to rally around the more than 30 million small businesses during the holiday season,” said Small Business Committee Chairman Steve Chabot (R-OH). “With two out of three net new jobs generated from small businesses, it’s vital we ensure they continue to grow. I encourage everyone to shop small on November 24th and support those who are working to achieve the American Dream.”
“Every year, Small Business Saturday gives consumers across the country a special opportunity to focus on the value of patronizing their local Main Street businesses,” said Rep. Nydia M. Velázquez (D-NY), Ranking Member, House Committee on Small Business. “From driving local economic growth to creating good jobs and spurring innovation, small businesses are the backbone of the American economy. I am glad to join Chairman Chabot and my fellow Committee members in a resolution recognizing November 24, 2018 as Small Business Saturday, especially as we continue to work across the aisle on legislation to support America’s 30 million small businesses.”
This resolution underscores the critical role small businesses play in our nation’s thriving economy. The over 30 million small businesses in the United States:
- Represent 99.9 percent of all businesses with employees
- Employ nearly 48 percent of private sector employees
- Pay 40.8 percent of the total payroll of private sector employees
- Constitute nearly 98 percent of firms exporting goods
- Have generated 1.9 million net new jobs
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement in recognition of National Veterans Small Business Week; November 5-9, 2018. According to the United States Small Business Administration, there are 2.5 million veteran-owned small businesses in the United States, with a 3 percent growth from 2007-2012.
“Our nation’s heroes work hard to preserve and protect the homeland. They deserve to have the necessary resources to bring their business dreams to life as they continue to contribute to the American economy. With nearly one in ten small businesses owned by a veteran, it’s critical we work together to ensure our veteran entrepreneurs have the tools they need to succeed.”
This Congress, Chairman Chabot is an original co-sponsor of H.Res. 588, which supports National Veterans Small Business Week.
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement after the United States Department of Labor announced an additional 250,000 jobs were added in October.
“With 250,000 jobs added this October, unemployment remaining at 3.7 percent, and wage growth at the fastest pace in a decade, America's 30 million small businesses are experiencing a boost in economic growth like never before. I’m pleased to see the positive effects of our economic policies coming to fruition through rising incomes and steady paychecks for millions of Americans.”
To read the full report from the Department of Labor, click here.
WASHINGTON – House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement after the proposed rule on Health Reimbursement Arrangements (HRA) by the Departments of Labor, Health and Human Services, and the Treasury was published on October 29.
“Since 2013, the year before many of Obamacare’s regulations and mandates took effect, premiums have doubled for Obamacare’s individual health insurance plans. For this reason, this rule is vital for the health of America’s 30 million small businesses. It’s time we foster fairness and balance for large and small businesses alike, so that innovators are able have access to affordable, quality health care options for their families. I am pleased that the Administration is fighting for small business owners and working to eliminate the unnecessary red tape that Obamacare imposed.”According to the Administration, for firms that employ 3-24 workers, the percentage of workers covered by employer health benefits, has fallen from 44 percent in 2010 to 30 percent in 2018. For firms that employ 25-49 workers, the percentage of workers covered by employer health benefits has fallen from 59 percent in 2010 to 44 percent in 2018. This rule would allow small employers to give their employees funds to pay for health care coverage selected by the employees. Preliminary estimates from the Treasury Department indicate that initially roughly 800,000 employers are expected to provide HRAs that would pay for coverage for more than ten million employees. Chairman Chabot has demonstrated his support of rules to provide more options for small business employers and employees, and also cosponsored H.R. 1101, the Small Business Health Fairness Act, which passed the House last year.
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement after meeting with local members of the Ohio Franchise Business Network in Cincinnati, Ohio. The International Franchise Association invited Chairman Chabot to this meeting to update members on legislation affecting small business franchises.
“Franchises bring together innovators, entrepreneurs, local communities, and brands by the opportunity they offer job creators. With 7.6 million direct jobs created through franchises nationwide, it’s critical we ensure small business owners have the certainty they need to operate and expand their businesses without fear of unfairly being labeled a joint employer. That’s why Rep. Cuellar (D-TX) and I introduced H.R. 6695, the Trademark Licensing Protection Act of 2018, this August to clarify that controlling and protecting a trademark license does not create a joint-employer relationship under state or federal law. As the largest vocational training industry in America, it’s important franchises continue to flourish and have access to the resources they need to grow their business and create jobs.”
WASHINGTON – This week, House Committee on Small Business Chairman Steve Chabot (R-OH) held a roundtable in Lebanon, Ohio, to examine the challenges and successes of women small business owners. The roundtable also celebrated the opening of the first Small Business Administration (SBA) Women’s Business Center (WBC) in Cincinnati.
“While we on the House Small Business Committee celebrate all entrepreneurs, in October we also like to highlight the specific achievements of women-led companies. Women now own more than 11 million businesses in the United States and employ almost 9 million workers. The new Women’s Business Center in Cincinnati will be another great resource for women entrepreneurs and I look forward to hearing its success stories. While the Committee continues to focus on helping businesses grow, we will also continue to celebrate their achievements along the way,” said Chairman Chabot.
October also marks the 30th anniversary of the Women’s Business Ownership Act becoming law. This legislation eliminated state laws requiring women to have a male relative or husband to get a loan; established the National Women’s Business Center Council; and created the Women’s Business Center Program.
WASHINGTON – House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement after the gross domestic product (GDP) showed an annual growth rate of 3.5 percent in Q3:
“Today’s report is a clear indicator that America’s small business owners and their employees are experiencing continued growth with consumer spending on the rise. This increase in consumer spending has a direct and positive impact on our nation’s 30 million small businesses. There’s no question that through macroeconomic data trends demonstrating positive marks as a whole, our booming economy bodes well for American innovators, consumers, and workers. I’m pleased to see the job market continue to be strengthened as the direct impact of our pro-growth policies are in full effect.”
GDP report highlights:
- Over the past four quarters, GDP has grown 3 percent.
- More than two-thirds of the United States economic activity is consumer spending, and it grew 4 percent this quarter.
- Real disposable income (RDI) has grown at an annual rate of 2.9 percent over the past two years.
WASHINGTON – House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement on the 30th anniversary of H.R. 5050, (Public Law 100-533), the Women’s Business Ownership Act, becoming law:
“Women-owned and led businesses are growing at an extraordinary pace and we need to keep doing what we can to ensure their success. Before the law was passed women not only had few resources available to them as entrepreneurs, but even had to get a husband or male relative to co-sign loans for them. Now, there are over 11 million women-owned businesses that employ almost 9 million people in the United States alone. Today we celebrate not only a law that allowed women the ability to make that possible, but also the millions of women business owners who continue to make a difference in their communities and throughout the country.”
Specifically, H.R. 5050:
· eliminated state laws requiring women to have a male relative or husband as a co-signer to get a loan;
· established the National Women’s Business Center Council, a federal advisory council created to provide advice to the president, Congress, and SBA on economic issues important to women business owners;
· created the Women’s Business Center (WBC) Program, which helps women entrepreneurs through technical and managerial training and counseling designed for women.
According to a recent survey from American Express, women-owned firms have grown at a rate five-times faster than the national average.
WASHINGTON - This week, the National Federation of Independent Business (NFIB) released its September 2018 Small Business Optimism Index, which reports continued business optimism, and recorded the third highest level in the survey’s history.
The September 2018 NFIB survey revealed:
- 37 percent of owners reported compensation increases, which set a new record.
- 61 percent of owners reported hiring or trying to hire.
- 29 percent of owners are expecting higher real sales volumes.
- Actual capital spending in the past few months rose significantly.
“What’s clear from this report is that business owners are thriving and more optimistic than ever before. I’m encouraged by this economic strength and the fact that small business owners, their employees, and potential employees have a bright future ahead,” said House Committee on Small Business Chairman Steve Chabot (R-OH).For the full NFIB Small Business Optimism Index, click here.
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) received the Champion of Small Business Investing Award from the Small Business Investor Alliance (SBIA) for his support of small business access to capital.
“I am honored to receive an award helping small businesses gain the capital they need to start and grow their companies. Often when small business owners are struggling to finance their companies, the Small Business Investment Company (SBIC) program steps in to provide another source of capital that they might not otherwise have access to,” said Chairman Chabot.
“Chairman Chabot has been an incredible advocate for investment in America’s small businesses through his support of the Small Business Investment Company (SBIC) program and his work leading the House Small Business Committee,” said SBIA President Brett Palmer. “Small business investors empower growth and job creation across the country, and the legislative work of our Small Business Champions in Congress has been instrumental to facilitating greater capital access for Ohio’s entrepreneurs.”
"It's an honor to present the Champion of Small Business Investing Award to Chairman Chabot," said Rodger Davis, Managing Partner of Northcreek Mezzanine. "His leadership and commitment to small businesses and support of the SBIC program has given us the capital to invest locally in Southwest Ohio. Thanks to his work, we've been able to create thousands of jobs in the region."
Chairman Chabot received the award during a roundtable he held in Warren County, OH, to discuss the SBIC program. The SBIC program was created by the Small Business Administration (SBA) in 1958 to provide another source of financing for small businesses.
The President signed H.R. 2333 into law, the Small Business Investment Opportunity Act (now Public Law 115-187) introduced by Committee member Steve Knight (R-CA). The law will increase the amount of leverage made available to small business investment companies.
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement after the United States Office of Management and Budget (OMB) announced that President Trump’s regulatory reform efforts have saved Americans $23 billion in FY 2018.
“As Chairman of the House Small Business Committee, I have been diligently working with the Administration to identify the impact new regulations have on small businesses, so we can effectively reduce unnecessary costs and burdens. For every new regulation issued, the Administration has eliminated 12, which has resulted in $33 billion in net regulatory savings in the last two years. It’s time we implement a common sense regulatory agenda so that American business owners are able to invest in their American dream without needless regulatory burdens on their shoulders.”
The Committee created an online resource, Regulatory Watch, for small businesses that want to participate in the regulatory development process, but do not have time to monitor federal agencies’ activities. The webpage is updated regularly to highlight proposed regulations that could impact small businesses. Each regulatory proposal is summarized, and a link is provided to a webpage where a small business owner can provide comments to the appropriate federal agency.
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement to recognize October as National Cyber Security Awareness Month:
“Digital technology allows small businesses to sell their products and services all over the world and plays a vital role in our nation’s economy. With 81 percent of small businesses concerned by a potential cyber-attack, but only 63 percent having the most basic cybersecurity measures in place, it’s imperative we are vigilant about leveraging resources to protect small businesses owners and their intellectual property.”
This year, the House Committee on Small Business held several hearings to examine how small business owners are confronting cyber threats from numerous bad actors. In addition to phishing scams and ransomware attacks, one of the most significant cyber threats small business owners face is the theft of intellectual property through cyberespionage. Small businesses are often the most underequipped participants in high-tech supply changes, making them the biggest targets for cyber-attacks. Earlier this year, Chairman Chabot introduced H.R. 4668, the Small Business Advanced Cybersecurity Enhancements Act of 2017 in an effort to help small businesses respond to cyber-attacks more effectively.
Additionally, H.R. 3170, the Small Business Development Center Cyber Training Act of 2017, led by Chairman Chabot, passed the House on May 8, 2018. This legislation would provide cyber certification for Small Business Development Center counselors.
WASHINGTON – This week, President Trump signed S. 791, the Small Business Innovation Protection Act of 2017, into law. This bipartisan, bicameral legislation is the Senate companion bill to H.R. 2655, which passed the House in July and was led by Rep. Dwight Evans (D-PA) and Rep. Brian Fitzpatrick (R-PA). The Small Business Innovation Protection Act will expand intellectual property education and training for small businesses by establishing a partnership between the United States Small Business Administration and the United States Patent and Trademark Office. The partnership will leverage existing outreach programs at the agencies to educate more small businesses on domestic and international intellectual property protections. This bill passed both the House and Senate unanimously and was signed into law by President Trump on Tuesday, October 9, 2018.
Chairman Steve Chabot (R-OH) released the following statement:
“With the United States being the largest technology market in the world, intellectual property plays a critical role in protecting creative and innovative products both in the United States and abroad. In fact, America’s intellectual property is worth $6.6 trillion, and intellectual property-intensive industries employ over 45 million Americans. Cyber security protections for small businesses are essential, and I am pleased the President has signed this important legislation. What’s more, I’m proud this new law will utilize existing resources within the federal government to better assist small businesses with intellectual property issues. I thank President Trump for signing this critical piece of legislation into law to protect small businesses and the millions of Americans they employ.”
Additionally, on Thursday, October 11, 2018, H.R. 6758, the Study Underrepresented Classes Chasing Engineering and Science Success Act of 2018, or the SUCCESS Act, passed the Senate by unanimous consent. This bipartisan legislation led by Chairman Chabot encourages woman, minority, and veteran entrepreneurship by studying their use of the United States Patent and Trademark Office and investigates ways to increase their access to patents. Further, the bill extends the United States Patent and Trademark Office’s fee setting authority for eight years.
WASHINGTON – This week, House Committee on Small Business Chairman Steve Chabot (R-OH) wrote an op-ed for the Cincinnati Enquirer on how the opioid crisis is affecting small businesses and how the Committee is addressing this important issue.
“... According to a survey by the National Federation of Independent Business (NFIB), small business optimism is at a 45-year high. But they have also expressed concern over a new problem: a lack of qualified workers.
“While this may be due to a number of different factors, research today shows that many young, working-age Americans are not working or actively seeking work as a direct result of opioids. As I learned at a recent hearing we held, small business owners are doing their part to combat the crisis, not just for their bottom lines, but to save people’s lives…
“Not surprisingly, the crisis has had a major effect on small businesses. Workers on opioids are less dependable and productive. In 2015, an estimated two million workers were not in the labor force due to opioids. Small businesses, especially those in the construction and manufacturing sectors, have been hit hard as opioid prescription use is typically 5-10 percent higher in these industries.
“But some small business owners have taken it upon themselves to fight the epidemic… The Ohio SBDC created a workshop to equip small business employers and employees with the information and tools they need to take a proactive role against the epidemic. The Ohio Bureau of Worker’s Compensation also offers free Drug Free Workplace Training that includes employee education, testing for drug use, and how to respond to an employee’s harmful use of drugs.
“While the opioid crisis is taking a hit on our nation’s small businesses, we at the committee will continue to pursue solutions that work for our nation’s small business owners and their employees. Allen likes to say that "a job is the best antidote," and I’d have to agree – that’s why small businesses like hers are so important to overcoming this terrible epidemic.
“My hope is that through practical solutions and a little compassion, we can help small businesses find and retain qualified workers, and more importantly, save peoples’ lives.”To read the FULL article, click here.
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement after the United States Department of Labor reported that 134,000 jobs were added in September with unemployment hitting a 49-year low at 3.7 percent. In addition, the National Federation of Independent Business (NFIB) reported that 37 percent of firms are offering higher compensation in September, which is further underscored by the 2.8 percent wage increase generated in 2017.
"It’s great to see the accelerated growth our economy is undergoing with the continued positive effects of our pro-growth policies in full swing. With unemployment the lowest it’s been since 1969 and over 1.8 million jobs created since the Tax Cuts and Jobs Act was signed into law, we’re clearly headed in the right direction. Not only are there more job openings, but a record number of small business owners are increasing wages to attract and retain more employees. This good news will bode well for those seeking employment, and I look forward to seeing this momentum continue.”
October is National Women’s Small Business Month. The Committee on Small Business celebrates all entrepreneurs and wants to take time to recognize the 11.3 million women-owned businesses in the United States, which support almost 9 million jobs. Women-owned businesses generate $1.6 trillion in annual revenue and are starting five times faster than the national average. This is good news for our economic landscape.
In celebration of National Women’s Small Business Month, Chairman Chabot (R-OH) released the following statement:
“National Women’s Small Business Month is a time to recognize the achievements and advancements of women entrepreneurs, businesswomen, and leaders. Women owned small businesses comprise about 40 percent of the total businesses in the United States, and this number continues to grow. As the Small Business Committee Chairman, I look forward to seeing continued expansion of woman-owned small businesses, and barriers to entry consistently broken.”