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FULL COMMITTEE MARKUP OF 

H.R. 3854: THE SMALL BUSINESS 

FINANCING AND INVESTMENT ACT OF 2009 

HEARING 

BEFORE THE

COMMITTEE ON SMALL BUSINESS 

UNITED STATES 

HOUSE OF REPRESENTATIVES 

ONE HUNDRED ELEVENTH CONGRESS 

FIRST SESSION 

HEARING HELD 

OCTOBER 21, 2009 

Small Business Committee Document Number 111-052 

Available via the GPO Website: http://www.access.gpo.gov/congress/house 


Congress.#13
HOUSE COMMITTEE ON SMALL BUSINESS 

NYDIA M. VELA ́ ZQUEZ, New York, Chairwoman 

DENNIS MOORE, Kansas 

HEATH SHULER, North Carolina 

KATHY DAHLKEMPER, Pennsylvania 

KURT SCHRADER, Oregon 

ANN KIRKPATRICK, Arizona 

GLENN NYE, Virginia 

MICHAEL MICHAUD, Maine 

MELISSA BEAN, Illinois 

DAN LIPINSKI, Illinois 

JASON ALTMIRE, Pennsylvania 

YVETTE CLARKE, New York 

BRAD ELLSWORTH, Indiana 

JOE SESTAK, Pennsylvania 

BOBBY BRIGHT, Alabama 

PARKER GRIFFITH, Alabama 

DEBORAH HALVORSON, Illinois 

SAM GRAVES, Missouri, Ranking Member 

ROSCOE G. BARTLETT, Maryland 

W. TODD AKIN, Missouri 

STEVE KING, Iowa 

LYNN A. WESTMORELAND, Georgia 

LOUIE GOHMERT, Texas 

MARY FALLIN, Oklahoma 

VERN BUCHANAN, Florida 

BLAINE LUETKEMEYER, Missouri 

AARON SCHOCK, Illinois 

GLENN THOMPSON, Pennsylvania 

MIKE COFFMAN, Colorado 

MICHAEL DAY, Majority Staff Director 

ADAM MINEHARDT, Deputy Staff Director 

TIM SLATTERY, Chief Counsel 

KAREN HAAS, Minority Staff Director 

(II) 

STANDING SUBCOMMITTEES 

Subcommittee on Contracting and Technology 

GLENN NYE, Virginia, Chairman 

YVETTE CLARKE, New York 

BRAD ELLSWORTH, Indiana 

KURT SCHRADER, Oregon 

DEBORAH HALVORSON, Illinois 

MELISSA BEAN, Illinois 

JOE SESTAK, Pennsylvania 

PARKER GRIFFITH, Alabama 

AARON SCHOCK, Illinois, Ranking 

ROSCOE BARTLETT, Maryland 

W. TODD AKIN, Missouri 

MARY FALLIN, Oklahoma 

GLENN THOMPSON, Pennsylvania 

Subcommittee on Finance and Tax 

KURT SCHRADER, Oregon, Chairman 

DENNIS MOORE, Kansas 

ANN KIRKPATRICK, Arizona 

MELISSA BEAN, Illinois 

JOE SESTAK, Pennsylvania 

DEBORAH HALVORSON, Illinois 

GLENN NYE, Virginia 

MICHAEL MICHAUD, Maine 

VERN BUCHANAN, Florida, Ranking 

STEVE KING, Iowa 

W. TODD AKIN, Missouri 

BLAINE LUETKEMEYER, Missouri 

MIKE COFFMAN, Colorado 

Subcommittee on Investigations and Oversight 

JASON ALTMIRE, Pennsylvania, Chairman 

HEATH SHULER, North Carolina 

BRAD ELLSWORTH, Indiana 

PARKER GRIFFITH, Alabama 

MARY FALLIN, Oklahoma, Ranking 

LOUIE GOHMERT, Texas 

(III) 

Subcommittee on Regulations and Healthcare 

KATHY DAHLKEMPER, Pennsylvania, Chairwoman 

DAN LIPINSKI, Illinois 

PARKER GRIFFITH, Alabama 

MELISSA BEAN, Illinois 

JASON ALTMIRE, Pennsylvania 

JOE SESTAK, Pennsylvania 

BOBBY BRIGHT, Alabama 

LYNN WESTMORELAND, Georgia, Ranking 

STEVE KING, Iowa 

VERN BUCHANAN, Florida 

GLENN THOMPSON, Pennsylvania 

MIKE COFFMAN, Colorado 

Subcommittee on Rural Development, Entrepreneurship and Trade 

HEATH SHULER, North Carolina, Chairman 

MICHAEL MICHAUD, Maine 

BOBBY BRIGHT, Alabama 

KATHY DAHLKEMPER, Pennsylvania 

ANN KIRKPATRICK, Arizona 

YVETTE CLARKE, New York 

BLAINE LUETKEMEYER, Missouri, Ranking 

STEVE KING, Iowa 

AARON SCHOCK, Illinois 

GLENN THOMPSON, Pennsylvania 

(IV) 

C O N T E N T S 

OPENING STATEMENTS 

Page 

Vela ́zquez, Hon. Nydia M. ....................................................................................... 1 

Graves, Hon. Sam .................................................................................................... 2 

APPENDIX 

Prepared Statements: 

Graves, Hon. Sam .................................................................................................... 9 

Reviewed Bill: 

H.R. 3854: ′′The Small Business Financing and Investment Act of 2009′′ ......... 11 

Statements for the Record: 

Dahlkemper, Hon. Kathy ........................................................................................ 197 

Ellsworth, Hon. Brad ............................................................................................... 202 

(V) 

(1) 

FULL COMMITTEE MARKUP OF 

H.R. 3854: THE SMALL BUSINESS 

FINANCING AND INVESTMENT ACT OF 2009 

Wednesday, October 21, 2009 

U.S. HOUSE OF REPRESENTATIVES, 

COMMITTEE ON SMALL BUSINESS, 

Washington, DC. 

The Committee met, pursuant to call, at 10:00 a.m., in Room 

2360 Rayburn House Office Building, Hon. Nydia Vela ́zquez [chairman of the Committee] presiding. 

Present: Representatives Vela ́zquez, Dahlkemper, Schrader, 

Kirkpatrick, Michaud, Altmire, Clarke, Ellsworth, Bright, Griffith, 

Halvorson, Graves, Westmoreland, Fallin, Buchanan, Luetkemeyer, 

Schock and Coffman. 

Chairwoman VELA ́ ZQUEZ. I am pleased to call this morning’s 

markup to order. 

Today we will consider legislation to reauthorize and enhance the 

SBA Access to Capital Programs. We often refer to small firms as 

the engine of our economy. After all, small companies create more 

new jobs and drive greater innovation than big businesses do. 

Through the Recovery Act, Congress has delivered important 

funding to small firms. Since then we have seen real progress. 

Over the last seven months, SBA has made $12 billion in loans. 

But as I said back in February, the Recovery Act was a critical first 

step, not a silver bullet. Today access to capital remains a serious 

challenge for small businesses. 

We need to be sure that small firms have all of the resources 

they need to grow and flourish because at the end of the day our 

recovery will hinge on job creation, the very thing that small businesses do best. 

Historically, small firms have created roughly 64 percent of all 

new jobs, but today a lack of capital is hindering their ability to 

put Americans back to work. According to a July survey by the 

Federal Reserve, 35 percent of banks have tightened lending to 

small firms. 

Meanwhile, 79 percent of entrepreneurs have seen their credit 

card lines cut dramatically. These are troubling declines not just 

for small businesses, but for our larger economy. 

The legislation we are considering today will help reverse this 

trend. It improves SBA financing options and, most importantly, 

creates or saves 1.33 million jobs per year. With unemployment 

was 9.8, we could really use those 1.33 million jobs. That is why 

this bill is such a critical piece of legislation. 

2 

And I want to recognize Chairman Schrader for his leadership in 

moving it forward. I would also like to thank all of my colleagues 

who worked so hard to make this bill a success: Ranking Member 

Graves, Ms. Halvorson, Mr. Buchanan, Mr. Ellsworth, Mr. 

Luetkemeyer, Ms. Kirkpatrick, Ms. Dahlkemper, Mr. Nye, and Mr. 

Griffith. 

I now yield to Ranking Member Graves for his opening remarks. 

Mr. GRAVES. Good morning. Thank you, Madam Chairman, for 

holding this markup. I appreciate, very much appreciate, your leadership on this issue and commend you for working in a bipartisan 

manner on developing legislation that is going to provide changes 

to the Small Business Administration programs that are going to 

provide needed capital to small businesses. 

Testimony before this Committee shows that small businesses 

have been unable to obtain needed capital to maintain or expand 

their businesses. In our districts, business owners have noted that 

they have seen banks reduce their credit lines and demand excessive collateral to get a loan. 

The inability to obtain capital has a serious detrimental effect on 

the capacity of small businesses to grow their business and pull us 

out of this current recession. 

The Committee has worked hard to produce legislation with significant discussions between Democrat and Republican members. 

The bill before us today is a compilation of legislative initiatives 

drafted by members of both sides of the aisle. Their contributions 

cannot be understated, and I would especially like to thank Congressman Buchanan and Congressman Luetkemeyer for their input 

on this legislation. 

The bill before us today makes important changes to improve the 

efficiency and increase the transparency of the SBA’s lending programs. These modifications are needed to insure that capital is 

made available to as many small businesses as possible in a timely 

manner because delay in the marketplace can result in lost opportunities for small businesses. 

In addition to creating improvements for the management of the 

SBA Capital Access Programs, the bill’s primary focus is to provide 

vital capital to small businesses, including those in rural areas. 

The bill increases outreach efforts to rural lenders in the 7(a) loan 

program, modifying the areas in which the new market venture 

capital companies can operate and will provide greater investment 

opportunities for rural areas that have been bypassed by other venture capitalists. 

These are only two of the examples of the many improvements 

that this will increase access to capital by small business owners. 

Despite these significant improvements, there are still some unresolved concerns with the bill. While I strongly endorse the efforts 

for the SBA to find lenders to make loans, I am a little troubled 

that the SBA could still make a loan if no bank is willing to make 

such a loan. To me it suggests an underlying problem possibly with 

the loan package, and I do not think that the SBA should be making the loan. 

The disaster loan provisions included an authorization to make 

grants to small businesses rather than loans, and I recognize that 

FEMA provides grants to individuals, but not sufficient grant funds 

3 

to small businesses, and I am not sure that we should change a 

loan program to a grant program, especially without any detailed 

findings that grants would help save businesses during recovery 

from a disaster that were not saved by loans. 

And finally, we must recognize the current fiscal constraints. The 

deficit is at an all time high, and Congress is considering a number 

of potentially expensive programs, and I am concerned about the 

potential overall cost of the bill. 

But those are my reservations on the bill before us, and given 

the importance of the bills to the potential prosperity of American 

small business economy, I support the bill being reported out of 

Committee, and I look forward to working with the Chairwoman to 

address these concerns as the legislative process moves forward. 

And again, I want to thank you for holding this markup, and I 

yield back the balance. 

[The prepared statement of Mr. Graves is included in the appendix.] 

Chairwoman VELA ́ ZQUEZ. Thank you, Mr. Graves. 

Are there any other members that wish to be recognized for the 

purpose of making opening remarks? 

Ms. Halvorson. 

Ms. HALVORSON. Thank you, Chairwoman Vela ́zquez and Ranking Member Graves, for holding this morning’s Committee markup. 

The legislation that we are considering today will provide a much 

needed update to the SBA’s Access to Capital Programs. All of us 

on this Committee have heard from small business owners in our 

districts that accessing capital continues to be a major challenge. 

So small businesses need capital to grow and create new jobs, but 

the credit crunch has made it exceedingly difficult for them to obtain loans. The SBA’s Access to Capital Programs are supposed to 

be a resource for small business owners when they have trouble 

getting credit from traditional sources, and unfortunately, we have 

seen a recent decrease in the SBA’s loan volume. 

In Fiscal Year 2009, SBA made around 35 percent fewer 7(a) 

loans than it did in the previous year. This needs to be turned 

around, and we need action now. 

The legislation we are marking up this morning, the Small Business Financing and Investment Act, will reauthorize and enhance 

the SBA’s Access to Capital Program so that they can better serve 

the needs of our nation’s small businesses. I commend the Chairman of the Finance and Tax Subcommittee, Mr. Schrader, for taking the lead on this legislation, and I am also pleased that it incorporates my bill, H.R. 3723, the Small Business Credit Expansion 

and Loan Market Stabilization Act. The language from my bill will 

improve the SBA’s flagship 7(a) loan program. It extends the provisions in the Recovery Act that reduced borrower fees and increased 

the SBA loan guarantee to 90 percent. 

We also raised the loan limit to $3 million, and I look forward 

to working with the Chair and the Committee to evaluate further 

raising the limit to five million, which is what I have been hearing 

from the Committee and outside people that we need to do. 

We are also going to extend the ARC Loan Program, which was 

created by the ARRA to provide small business owners with interest free loans that are 100 percent guaranteed by SBA. The lanVerDate Aug 31 2005 14:52 Dec 14, 2009 Jkt 000000 PO 00000 Frm 00009 Fmt 6633 Sfmt 6633 G:\CLERKS~1\HEARINGS\52892.TXT DARIEN
4 

guage from my bill will increase the maximum award from 35,000 

to 50,000. 

To increase lender participation in 7(a), the bill creates new rural 

and small lender outreach programs at the SBA. 

And finally, we are going to help veteran entrepreneurs by fully 

implementing the SBA’s Increased Veteran Participation Loan Program. 

So I think the bill we have before us today is a good step in the 

right direction, and I urge members of this Committee to support 

it. 

Madam Chair, I yield back the balance of my time. 

Chairwoman VELA ́ ZQUEZ. Are there any other members who wish 

to be recognized? 

Mr. Schrader. 

Mr. SCHRADER. Thank you, Madam Chair. 

I would just like to thank everybody on the Committee and everyone who has come before our Committee and the testimony they 

have given to help us fine tune the SBA programs before us today. 

I particularly enjoyed working with the Ranking Member and my 

colleagues on the other side of the aisle to help reduce the cost of 

this bill, recognizing deficit in an issue, but still trying to make 

sure the lending markets fee up a little bit, expand some of our opportunities around the country to get these agencies, frankly, in a 

better competitive position, and then the next step will be to instill 

confidence in the banks. 

We are not adding a whole bunch of new regulations that would 

hamper their ability to get involved. No strings attached; these are 

just opportunities to get small business going again, and I really 

appreciate the opportunity to be part of this bill. 

Thank you, Madam Chair. 

Chairwoman VELA ́ ZQUEZ. Any other member that wishes? 

Mr. Ellsworth. 

Mr. ELLSWORTH. Madam Chair, in the interest of time, if I could 

just enter a statement for the record, I would appreciate it. 

Chairwoman VELA ́ ZQUEZ. Without objection, so ordered. 

Mr. ELLSWORTH. Thank you. 

Chairwoman VELA ́ ZQUEZ. Ms. Dahlkemper. 

Ms. DAHLKEMPER. Madam Chair, I would also, in the interest of 

time, ask that I have an opening statement that I would like to 

enter into the record. 

Chairwoman VELA ́ ZQUEZ. Without objection, so ordered. 

Mr. Griffith. 

Mr. GRIFFITH. Madam Chair, I, too, would like to make an opening statement. I am late. Do we have time? 

Chairwoman VELA ́ ZQUEZ. Yes, we do. 

Mr. GRIFFITH. We do? Well, thank you, Madam Chairwoman. 

In rural America, small businesses often serve as a local economic anchor. Not only do they create and support jobs, but they 

are important contributors to local charities and nonprofit groups. 

In small towns, business owners are often engaged in the civic 

process and serve as community leaders. In short, entrepreneurs 

are nothing short of the glue that holds rural communities together. 

5 

For these reasons, small businesses play a critical role when 

communities recover from natural disasters. When tornados or hurricanes strike, many communities don’t fully recover until local 

businesses reopen their doors. Once businesses get back to work, 

local commerce can resume. Citizens are able to find employment, 

and eventually life returns to normal. 

The Small Business Administration’s Disaster Loan Program is 

an important lifeline for businesses that are struggling after natural disasters. Low interest loans provided through this program 

help firms rebuild if their facilities sustain physical damage. The 

program can also help small businesses survive the economic 

shocks that accompany disasters. 

Earlier this year, in April, thunderstorms and tornados ripped 

through north Alabama, my district. More than 100,000 homes and 

businesses in our state lost power. The SBA’s Disaster Loan Program is helping many businesses in the region get back on their 

feet. Already the agency has approved more than one million in 

disaster assistance loans for businesses. These funds are helping 

small firms recover from both the physical and economic damage 

caused by storms. 

While these programs are valuable, I am afraid they do not yet 

function at their highest potential. Earlier this year, the Government Accounting Office examined the SBA’s Disaster Recovery Programs. Specifically, GAO looked at what SBA has done to improve 

these measures since Hurricane Katrina. In July, when the GAO 

testified before this Committee, they told us that the Small Business Administration is still unprepared to respond to a major disaster. 

This gives me reason for concern. As the old saying goes, hope 

for the best but prepare for the worst. From what the GAO is telling us, it looks like some in the SBA may be hoping for the best. 

The legislation we are considering today includes provisions I author to improve the SBA’s disaster assistance initiatives. By improving how the SBA disburses assistance, the bill will speed help 

to all firms more quickly. The SBA also will be required to establish regional disaster working groups. This will insure the agency 

prepares for the most likely disaster scenarios in different parts of 

the country. 

Madam Chair, access to capital is always important for small 

businesses, but when disasters strike, finding an affordable loan 

can mean the difference between staying in business and going 

under. The legislation before us will help entrepreneurs find the 

capital they need in good times as well as bad. 

I urge the adoption of the bill and yield back the balance of my 

time. 

Chairwoman VELA ́ ZQUEZ. Are there any other members that wish 

to be recognized at this point? 

[No response.] 

Chairwoman VELA ́ ZQUEZ. We will now consider H.R. 3854, The 

Small Business Financing and Investment Act of 2009, introduced 

by Representative Schrader. 

[The Bill H.R. 3854 is included in the appendix.] 

Chairwoman VELA ́ ZQUEZ. This legislation is a comprehensive answer to small firms’ capital needs. It carries them throughout the 

6 

entire small business life cycle, from day one of the start-up stage 

to the point at which they can compete with the Fortune 500. For 

small firms just getting off the ground, Representative Ellsworth 

crafted important improvements to the Microloan Program. In the 

past, that initiative inspired growth in otherwise struggling communities. 

By reducing interest rates and providing more flexible credit 

terms, H.R. 3854 gives entrepreneurs greater control of their finances and empowers them to make new investments. 

Meanwhile, a move to pair traditional loans with technical training programs provides small firms with the information they need 

to be successful. At the same time, efforts to draw more lenders 

into the program will expand access to this vital source of funding. 

We often talk about the importance of welfare to work. Well, 

microloans put people to work through the power of entrepreneurship. If we are looking for policies that spur job growth, then this 

is the kind of program we should be supporting. Starting a new 

business is a resource intensive process, but entrepreneurs’ capital 

needs do not begin and end with the first business plan. Rather, 

they continue throughout all phases of development. For that reason, this bill expands SBA’s 504 Program delivering better financing options to middle market firms. 

To further bolster established companies, H.R. 3854 also extends 

successful Recovery Act measures, for example, fee exemptions on 

loan guarantees. In doing so, it encourages greater lending from 

banks. This is key because many banks are concerned that they do 

not have the capital to resume lending in earnest until the middle 

of 2010. But as any entrepreneur will tell you, small businesses 

cannot afford to wait that long. They need capital for things like 

stocking their shelves and financing investments today, not eight 

months from today. 

That is why Representative Halvorson contributed policies to 

streamline SBA’s 7(a) program. Her contributions deliver better 

funding options to veteran entrepreneurs, the men and women who 

have served our country so well and who are now helping to drive 

our economy. 

Meanwhile we are improving 7(a) financing options and doing so 

in a way that mitigates risk to the taxpayer. I want to be clear. 

Taxpayer protections are a top priority in this bill. It ramps up 

safeguards in a number of ways, including actions recommended by 

Representative Buchanan, which allow CDCs to liquidate defaulted 

loans. 

While the SBA is a critical resource for small firms’ capital 

needs, there are cases in which its traditional loans are not 

enough. For these instances, Congress created a portfolio of investment initiatives. Through the contributions of Representative 

Luetkemeyer, H.R. 3854 will enhance SBA’s largest pool of equity 

capital, the Small Business Investment Company Program. It will 

do this by increasing the number and size of investments made. 

This increase could not come at a more critical time. 

In 2009, D.C. firms will invest ten to $15 billion less than they 

did in 2008. That is an alarming trend, one that if not reversed will 

significantly hamper our recovery. By encouraging greater particiVerDate Aug 31 2005 14:52 Dec 14, 2009 Jkt 000000 PO 00000 Frm 00012 Fmt 6633 Sfmt 6633 G:\CLERKS~1\HEARINGS\52892.TXT DARIEN
7 

pation among successful SBICs, this bill can breach the gap and 

get equity capital flowing to small businesses. 

Of all the contributions small firms make to our economy, innovation is one of the most important. That is why H.R. 3854 targets 

promising start-ups in fields like renewable energy. Through provisions introduced by Representative Kirkpatrick, we are steering investments to firms who focus in that area. In order to fill the void 

left by the now defunct participating securities program, this bill 

creates a new pool of capital for early stage firms. That provision 

introduced by Representative Nye will increase investment in the 

kind of high growth start-ups that create new jobs. 

It is important to know, like many of the measures in this bill, 

the early stage capital program is governed by critical taxpayer 

safeguards. For example, it requires investment companies to 

match grant requests with capital from non-federal resources. SBA 

will also conduct audits of participating companies to insure that 

grants are invested in a transparent fashion. 

Small businesses play a key role in all sectors of our economy, 

but they have a particularly strong track record in the tech industry. So I am pleased that this bill encourages small firms to invest 

in an innovative new product. By helping small medical practices 

afford health IT, it allows them to make yet another critical contribution to our economy, a streamlined health care system. At 

present only 13 percent of single doctor practices use HIT. This is 

because the technology is extremely costly. For your average threedoctor practice, implementation runs close to $100,000, a large sum 

for any small business. 

By helping small practices afford HIT, H.R. 3854 will encourage 

greater adoption and, in turn, reduce cost and minimize errors. 

This measure will not only improve the quality of our health care 

system, but will create jobs for entrepreneurs in the health IT and 

technology sector. It would not have come together without the 

work of Representative Dahlkemper, and I am grateful for her 

work in including this provision. 

H.R. 3854 insures small firms have the financing they need to 

not only make new investments, but to weather any economic 

storm. Importantly, it also accounts for entrepreneurs in the event 

of a natural disaster. 

To address shortcomings in SBA disaster loan programs, Representative Griffith introduced measures to establish regional 

working groups. Doing so will help SBA respond to the multitude 

of different challenges that could impact our country. 

H.R. 3854 also tailors assistance to fit the express needs of small 

firms following a disaster. When it comes to preparing for catastrophe, SBA’s work is never done. This legislation will help the 

agency remain vigilant in protecting the small businesses that 

drive our economy. These are the businesses that given the opportunity will drive new growth for our economy and put Americans 

back to work. 

The fact that this bill has such broad support is testament to its 

importance. I am pleased to say that it is backed by a wide range 

of groups, almost close to 20. We have the National Restaurants 

Association, the American Society of Travel Agents, the International Franchise Association, Biotech, National Association of 

8 

Credit Unions, the National Association of Investment Companies, 

the National Venture Capital Association, the American Dental Association, the American Institute of Architects, Air Conditioning 

Contractors of America, the Association of General Contractors of 

America, among other. 

This bill is about better choices for small businesses. It allows 

entrepreneurs to select the best possible funding options for their 

firms and will go a long way in empowering those businesses, but 

perhaps most importantly, it will help create and sustain 1.33 million jobs. I cannot imagine anyone who can argue with that number. 

H.R. 3854 is a bipartisan product, and I urge my colleagues to 

support its adoption. 

Are there any other members who wish to be recognized on H.R. 

3854? 

[No response.] 

Chairwoman VELA ́ ZQUEZ. Well, the Committee now moves to consideration of H.R. 3854. The Clerk will report the title of the bill. 

The CLERK. To amend the Small Business Act and the Small 

Business Investment Act of 1958, to improve programs providing 

access to capital under such Acts and for other purposes. 

Chairwoman VELA ́ ZQUEZ. I ask unanimous consent that the bill 

in its entirety be open for amendment at this time. Does any member seek recognition for the purpose of offering an amendment? 

[No response.] 

Chairwoman VELA ́ ZQUEZ. Seeing no amendments, the question is 

on reporting H.R. 3854. All those in favor say aye. 

[Chorus of ayes.] 

Chairwoman VELA ́ ZQUEZ. Those opposed say no. 

[No response.] 

Chairwoman VELA ́ ZQUEZ. The ayes have it. The bill is adopted 

and reported. 

This concludes Committee business for today. I ask unanimous 

consent that the Committee is authorized to correct section numbers, punctuation, cross-references, and to make necessary technical and conforming corrections on the bill considered today. 

Without objection, so ordered. 

This markup is now adjourned. 

[Whereupon, at 10:40 a.m., the Committee was adjourned.] 

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Æ