(7) COMPENSATION.—Members of the Com-
mittee shall serve without compensation, but may be 
allowed travel expenses, including per diem in lieu of 
subsistence, in accordance with subchapter I of 
chapter 7 of title 5, United States Code. 
(8) SUPPORT.—The Secretary shall use the re-
sources of the Department of Transportation and 
the Office of the Secretary to provide support to the 
Committee. 
(b) TERMINATION.—The Committee shall terminate 
on the date that is 5 years after the date on which the 
Committee is established under subsection (a). 
(c) REGULATIONS.—The Secretary shall have the au-
thority to issue or modify any regulations necessary to 
carry out subsection (a). 
(d) CONFORMING AMENDMENT.—Sections 100501, 
100502, and 100503 of the Infrastructure Investment and 
Jobs Act (Public Law 117–58) are repealed. 
TITLE II—SMALL BUSINESS 
ADMINISTRATION 
SEC. 201. UPDATE TO SMALL BUSINESS CONCERN DIS-
ADVANTAGED BUSINESS NET WORTH CAPS. 
(a) IN GENERAL.—Not later than 1 year after the 
date of enactment of this Act, the Administrator shall up-
date part 124 of title 13, Code of Federal Regulations, 
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with respect to the maximum net worth of an individual 
claiming economic disadvantage to be equal to the net 
worth cap established by the Secretary of Transportation 
under section 101. 
(b) ADJUSTMENT.— 
(1) INTERVAL.—On the first January 1 that is 
2 years after the date the Administrator makes the 
update described in subsection (a), and annually 
thereafter, the Administrator shall adjust the max-
imum net worth described in subsection (a) for infla-
tion using a metric developed by the Administrator. 
(2) METRIC.—In developing the metric de-
scribed in paragraph (1) to account for inflation, the 
Administrator shall— 
(A) consider using the Consumer Price 
Index published by the Bureau of Labor Statis-
tics in such metric; 
(B) solicit and consider the recommenda-
tions of the Secretary of Transportation; and 
(C) solicit and consider public comment on 
the appropriate metric to use and whether such 
metric should take into account regional vari-
ations in maximum net worth. 
(3) FINAL RULE ON INFLATION METRIC.—Not 
later than 1 year after the Administrator solicits 
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public comment pursuant to paragraph (2), the Ad-
ministrator shall issue a final rule describing the 
metric developed under this paragraph. 
(c) REPORT ON NET WORTH VARIATION.— 
(1) IN GENERAL.—Not later than 2 years after 
the date of the enactment of this Act, the Adminis-
trator shall submit to the Committee on Small Busi-
ness and Entrepreneurship of the Senate and the 
Committee on Small Business of the House of Rep-
resentatives a report examining the feasibility of, 
and the benefits and drawbacks of adjusting the 
maximum net worth under subsection (a) for re-
gional variations in maximum net worth. 
(2) REPORT REQUIREMENTS.—The report re-
quired under paragraph (1) shall contain— 
(A) an analysis of the feasibility of meas-
uring regional variations in maximum net 
worth; 
(B) an examination of possible methods to 
measure regional variations in maximum net 
worth; 
(C) an examination of the efforts of other 
Federal agencies to develop metrics on a re-
gional basis and whether such efforts could be 
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applicable measuring regional variations in 
maximum net worth; 
(D) the benefits and costs of measuring re-
gional variations in maximum net worth; and 
(E) a recommendation on whether or not 
the Small Business Administration should 
measure regional variations in maximum net 
worth. 
(3) CONSULTATION.—In preparing the report 
required under this paragraph, the Administrator 
shall consult with interested persons, including— 
(A) owners of socially and economically 
disadvantaged small business concerns (as de-
fined in section 8(a)(4)(A) of the Small Busi-
ness Act (15 U.S.C. 637(a)(4)(A))); 
(B) owners of concern that would that 
would qualify as a socially and economically dis-
advantaged small business concern but for the 
maximum net worth established in part 124 of 
title 13, Code of Federal Regulations, as in ef-
fect on the date of the enactment of this Act; 
(C) other Federal agencies; 
(D) State or local chambers of commerce 
or equivalent organizations; and 
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(E) groups representing or advocating for 
owners of socially and economically disadvan-
taged small business concerns. 
SEC. 202. UPDATE TO CERTAIN SIZE STANDARDS UNDER 
THE SMALL BUSINESS ACT. 
(a) CERTAIN SIZE STANDARDS REVIEW.—Not later 
than 1 year after the date of the enactment of this Act, 
the Administrator shall conduct a detailed review of the 
size standards for small business concerns established 
under section 3(a) of the Small Business Act (15 U.S.C. 
632(a)) and part 121 of title 13, Code of Federal Regula-
tion (or a successor regulation), including a review of the 
the size standards methodology contained in ‘‘Small Busi-
ness Size Standards: Revised Size Standards Method-
ology’’ (84 Fed. Reg. 14587 (April 11, 2019)), for con-
cerns assigned a North American Industry Classification 
System code beginning with 23 or 48 and make the appro-
priate adjustments to the size standards for such con-
cerns. 
(b) CONSULTATION.—In carrying out the review de-
scribed in subsection (a), the Administrator shall consult 
with interested persons, including— 
(1) owners of socially and economically dis-
advantaged small business concerns (as defined in 
section 8(a)(4)(A) of the Small Business Act (15 
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