Introduced today, the measure creates a partnership between the public and private sector through the establishment of ten venture capital companies, making it easier for businesses and entrepreneurs in poor and underdeveloped urban and rural areas to find investment capital and technical assistance. The bill is seen as particularly important for minority communities throughout the country. These pockets of poverty have been show to exist disproportionately in inner city and downtown areas. As one of the original cosponsors of the measure, Berkley has taken an active role ensuring its passage through the U.S. House Small Business Committee, on which she sits. The Congresswoman is thought to have the support of all the Democrats and the majority of Republicans on the committee.
Small businesses are the backbone of our economy, commented the southern Nevada legislator.
If we can improve the business conditions in these areas, we can tap into an enormous amount of economic potential. At a time when our society has committed itself to expand markets and improve living conditions for people around the world, it s appropriate that we start right here at home. After passage today by the committee, the bill will be sent to the whole House of Representatives for consideration. Berkley expects the measure to pass that body by a wide, bipartisan margin.