Unlocking Opportunities in Emerging Markets Act of 2021
Bill: S.63 | Sponsor: Sen. Cardin, Benjamin L. (D-MD)
Policy area: Commerce

Summary:
Unlocking Opportunities in Emerging Markets Act of 2021
This bill establishes the Office of Emerging Markets within the Small Business Administration to oversee the planning, coordination, implementation, evaluation, and improvement of efforts to enhance the economic well-being of small business concerns in emerging markets.

To establish an Office of Emerging Markets within the Small Business 
 Administration that will strengthen the development of small business 
     concerns in emerging markets, including those owned by women, 
 minorities, veterans, and those located in rural areas, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Unlocking Opportunities in Emerging 
Markets Act of 2021''.

SEC. 2. OFFICE OF EMERGING MARKETS.

    Section 7 of the Small Business Act (15 U.S.C. 636) is amended by 
adding at the end the following:
    ``(o) Office of Emerging Markets.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `Associate Administrator' means the 
                Associate Administrator of the Office of Capital Access 
                of the Administration;
                    ``(B) the term `Director' means the Director of the 
                Office of Emerging Markets;
                    ``(C) the term `microloan program' means the 
                program described in subsection (m);
                    ``(D) the term `Reservist' means a member of a 
                reserve component of the Armed Forces named in section 
                10101 of title 10, United States Code;
                    ``(E) the term `rural area' has the meaning given 
                the term in subsection (m)(11);
                    ``(F) the term `service-connected' has the meaning 
                given the term in section 101 of title 38, United 
                States Code; and
                    ``(G) the term `small business concern in an 
                emerging market' means a small business concern--
                            ``(i) that is located in--
                                    ``(I) a low-income or moderate-
                                income area for purposes of the 
                                Community Development Block Grant 
                                Program under title I of the Housing 
                                and Community Development Act of 1974 
                                (42 U.S.C. 5301 et seq.);
                                    ``(II) a HUBZone, as that term is 
                                defined in section 31(b);
                                    ``(III) a community that has been 
                                designated as an empowerment zone or an 
                                enterprise community under section 1391 
                                of the Internal Revenue Code of 1986;
                                    ``(IV) a community that has been 
                                designated as a Promise Zone by the 
                                Secretary of Housing and Urban 
                                Development;
                                    ``(V) a community that has been 
                                designated as a qualified opportunity 
                                zone under section 1400Z-1 of the 
                                Internal Revenue Code of 1986; or
                                    ``(VI) a rural area;
                            ``(ii) that has more than 50 percent of 
                        employees residing in a low- or moderate-income 
                        community;
                            ``(iii) that is growing, newly established, 
                        or a startup, as those terms are used in 
                        subsection (m);
                            ``(iv) owned and controlled by socially and 
                        economically disadvantaged individuals, 
                        including Black Americans, Hispanic Americans, 
                        Native Americans, Asian Pacific Americans, and 
                        other minorities;
                            ``(v) owned and controlled by women;
                            ``(vi) owned and controlled by veterans;
                            ``(vii) owned and controlled by service-
                        disabled veterans; or
                            ``(viii) not less than 51 percent owned and 
                        controlled by one or more--
                                    ``(I) members of the Armed Forces 
                                participating in the Transition 
                                Assistance Program of the Department of 
                                Defense;
                                    ``(II) Reservists;
                                    ``(III) spouses of veterans, 
                                members of the Armed Forces, or 
                                Reservists;
                                    ``(IV) surviving spouses of 
                                veterans who died on active duty or as 
                                a result of a service-connected 
                                disability; or
                                    ``(V) individuals with a 
                                disability, as defined in section 3 of 
                                the Americans with Disabilities Act of 
                                1990 (42 U.S.C. 12102).
            ``(2) Establishment.--There is established within the 
        Administration the Office of Emerging Markets, which shall be--
                    ``(A) under the general management and oversight of 
                the Administration; and
                    ``(B) responsible for the planning, coordination, 
                implementation, evaluation, and improvement of the 
                efforts of the Administrator to enhance the economic 
                well-being of small business concerns in an emerging 
                market.
            ``(3) Director.--
                    ``(A) In general.--Not later than 180 days after 
                the date of enactment of the Unlocking Opportunities in 
                Emerging Markets Act of 2021, the Administrator shall 
                appoint a Director of the Office of Emerging Markets, 
                who shall--
                            ``(i) supervise the Office of Emerging 
                        Markets and report to the Associate 
                        Administrator; and
                            ``(ii) be in the Senior Executive Service.
                    ``(B) Duties.--The Director shall--
                            ``(i) create and implement strategies and 
                        programs that provide an integrated approach to 
                        the development of small business concerns in 
                        an emerging market;
                            ``(ii) develop and recommend policies 
                        concerning the microloan program and any other 
                        access to capital program of the 
                        Administration, as such programs pertain to 
                        small business concerns in an emerging market;
                            ``(iii) establish partnerships to advance 
                        the goal of improving the economic success of 
                        small business concerns in an emerging market; 
                        and
                            ``(iv) review the effectiveness and impact 
                        of the microloan program and any other access 
                        to capital program of the Administration that 
                        is targeted to serve small business concerns in 
                        an emerging market.
                    ``(C) Consultation.--In carrying out the duties 
                under this paragraph, the Director shall consult with 
                district offices of the Administration.''.
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