Excerpt from Hearing on Financial Investment in Important Technologies Through the Small company Administration’s Existing Funding Programs The Committee fulfilled, pursuant to observe, at 10: 37 a.m., in space SR-428 A, Russell Senate Office Complex, Hon.
Dale Bumpers, Chairman of the Committee, administering. Opening Declaration Of Hon. Dale Bumpers, A U.S. Senator From The State Of Arkansas The Chairman. Great early morning. I desire to ask forgiveness for my lateness in showing up here.
It is simply a timeless case of what constantly occurs here when you have 2 really crucial Committee projects at the very same time. It is not uncommon, and if anything the circumstance grows even worse. In order to offset a little lost time, I will place my opening declaration in the record, and we will go directly to our witnesses.
[The prepared statement of Senator Bumpers follows:] Prepared Declaration of Senator Dale Bumpers The Small company Committee today thinks about the nature and degree of small company financial investment in innovations which are important to the Country’s future financial competitiveness.
Consisted of in our evaluation will be funding of innovation business by the Small company Administration and by Small Company Financial investment Companies accredited by SBA. The Committee is worried about legislation just recently reported by the Senate Commerce Committee, S.
4, which appears to overlap, if not replicate, the existing SBIC program. It goes without stating that the world economy at the end of the Twentieth Century is nearly unimaginably various than that of even a half-century previously.
We need to anticipate the speed of technological modification to continue, and we in Congress should assist promote the capability of American companies to complete in this quickly altering world. The expense and accessibility of capital is as important for innovation endeavors as it is for small company usually.
That concern is barely brand-new to this Committee, and it appears to be quite on the mind of President Clinton. For 2 years we held substantial hearings into the Small company Investment firm program, which has actually produced a few of America’s the majority of amazing financial successes in addition to couple of significant losses.
These hearings, in addition to evaluations of the program done by outdoors specialists, culminated in 2015 in the passage of H.R. 5191, the Small Company Equity Improvement Act of 1992, which was signed by President Bush on September 4, 1992, as Public Law 102-366
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