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Washington, D.C.—Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) released the following statement after the House passed the SECURE Act: 

                “Retirement security is one of the most important issues facing Americans today. Retirement benefits not only provide future financial security for business owners and employees, but also allow entrepreneurs the ability to attract and retain talented individuals as their businesses grow. In March, our Committee heard firsthand from small business owners on the challenges they face when it comes to providing their employees with secure retirement options. Whether working for a Main Street business or a larger firm, no employee should have to forgo the ability to retire with dignity and peace of mind. 

            “The SECURE Act takes several steps to make it easier for our small businesses to provide retirement benefits. It increases the tax credit for small businesses who start a plan and creates a system for small businesses to pool retirement accounts, increasing access for workers in small companies to retirement plans. These provisions and others in the bill will increase employee participation and make retirement plans more accessible for America’s small businesses—which account for 99 percent of all businesses.  

            “I am pleased to see this bill pass with bipartisan support, and I urge my colleagues in the Senate to follow suit. By passing this bill into law, we can provide a future of dignity and certainty to more of America’s hardworking small business men and women.”

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