Title: Investing in VETS Act
Policy area: Commerce

Summary:
Investing in Veteran Entrepreneurial Talents Act or the Investing in VETS Act
This bill raises from 3% to 5% the federal contracting participation goal for small businesses that are owned and controlled by service-disabled veterans, requires the Small Business Administration to certify these small businesses, and prohibits a small business from self-certifying as owned and controlled by a service-disabled veteran.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8873 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8873

  To amend the Small Business Act to modify requirements relating to 
   small business concerns owned and controlled by service-disabled 
                   veterans, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 4, 2020

Mr. Hollingsworth introduced the following bill; which was referred to 
 the Committee on Small Business, and in addition to the Committee on 
 Veterans' Affairs, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
  To amend the Small Business Act to modify requirements relating to 
   small business concerns owned and controlled by service-disabled 
                   veterans, 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 ``Investing in Veteran Entrepreneurial 
Talents Act'' or the ``Investing in VETS Act''.

SEC. 2. INCREASE IN GOVERNMENTWIDE GOAL FOR PARTICIPATION IN FEDERAL 
              CONTRACTS BY SMALL BUSINESS CONCERNS OWNED AND CONTROLLED 
              BY SERVICE-DISABLED VETERANS.

    Section 15(g)(1)(A)(ii) of the Small Business Act is amended by 
striking ``3 percent'' and inserting ``5 percent''.

SEC. 3. CERTIFICATION REQUIREMENT FOR SMALL BUSINESS CONCERNS OWNED AND 
              CONTROLLED BY SERVICE-DISABLED VETERANS.

    (a) Title 38.--Paragraph (3) of section 8127(l) of title 38, United 
States Code, is amended to read as follows:
            ``(3) The term `small business concern owned and controlled 
        by veterans with service-connected disabilities' means a small 
        business concern owned and controlled by service-disabled 
        veterans, as defined under section 3(q)(2) of the Small 
        Business Act (15 U.S.C. 632(q)(2)), that is certified by the 
        Administrator of the Small Business Administration.''.
    (b) Small Business Act.--Section 36 of the Small Business Act (15 
U.S.C. 657f) is amended--
            (1) in subsection (a), by inserting ``that is certified by 
        the Administrator'' after ``service-disabled veterans''; and
            (2) in subsection (b)--
                    (A) by inserting ``that is certified by the 
                Administrator'' before ``if the contracting officer''; 
                and
                    (B) by inserting ``such'' after ``not less than 
                2''.
    (c) Prohibition on Self-Certification.--The Administrator of the 
Small Business Administration may not allow a small business concern 
(as defined under section 3 of the Small Business Act (15 U.S.C. 632)) 
to self-certify as a small business concern owned and controlled by 
service-disabled veterans (as defined in such section).
    (d) Effective Date; Applicability.--This section and the amendments 
made by this section--
            (1) shall take effect 3 years after the date of the 
        enactment of this Act; and
            (2) shall apply to contracts entered into on or after such 
        date.
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