Investing in VETS Act

Bill: 116-hr-8873
Sponsor: full_name: Rep. Hollingsworth, Trey [R-IN-9]
Introduced: 2020-12-04
Policy area: Commerce
Subjects: Licensing and registrations

Minority and disadvantaged businesses

Public contracts and procurement

Small business

Veterans' education, employment, rehabilitation
Latest action: action_date: 2020-12-04
text: 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.

Summaries:
action_date: 2020-12-04
action_desc: Introduced in House
text: <p><b>Investing in Veteran Entrepreneurial Talents Act or the Investing in VETS Act</b></p> <p>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.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8873 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.

1. Short title This Act may be cited as the Investing in Veteran Entrepreneurial Talents Act or the Investing in VETS Act . 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 . 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.