Committee News
Chairwoman Velázquez Introduces Bill to Expand Economic Opportunity in Puerto Rico
Washington,
June 20, 2019
Washington, D.C.—House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) has introduced H.R. 3372, the Small Business Contracting Credit Act of 2019, a bill to incentivize contracting opportunities for small businesses in Puerto Rico. As the Island continues to reel from the devastation of Hurricanes Irma and Maria, Velázquez’s bill would increase economic opportunity by spurring investment in local businesses and projects. The bill is cosponsored by Congressman Gilbert R. Cisneros, Jr. (D-CA). H.R. 3372 builds off a measure passed by Velázquez as incorporated into the John S. McCain National Defense Authorization Act of 2019. That provision, which is now law, grants federal agencies the ability to double the value of the contracts awarded to Puerto Rican small businesses for the purposes of obtaining credit towards the small business prime contracting goal of twenty-three percent. H.R. 3372 makes an important addition to this law by extending the same opportunities to subcontractors. “Just like on the Mainland, small businesses in Puerto Rico deserve a level playing field to compete for and to win opportunities to do business with the federal government,” said Velázquez. “The Small Business Contracting Credit Act of 2019 is a commonsense measure to build upon current law and offer more opportunities to the small firms that make up the backbone of Puerto Rico’s economy. I urge the House to take up this bill quickly and I thank Congressman Cisneros for joining me in this effort.” “I would like to thank Chairwoman Velazquez for her steadfast support and advocacy for Puerto Ricans as they continue to rebuild from the devastation of Hurricane Maria,” said Rep. Cisneros. “I’ve seen firsthand the challenges Puerto Rico faces in its recovery efforts, and it is why I’m proud to cosponsor the Small Business Contracting Credit Act of 2019, a much needed measure that will stimulate the economy and enhance opportunities for Puerto Rican businesses. We must continue to support our fellow Americans and I look forward to working with Chairwoman Velazquez to ensure Puerto Rico receives the attention and aid it deserves.”
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