News From Congresswoman
Nydia M. Velázquez
Representing New York's 12th Congressional District - Brooklyn, Manhattan, Queens
Ranking Democratic Member, House Small Business Committee

For Immediate Release
May 19, 2004

CONTACT: Wendy Belzer, Kate Davis, (202) 225-4038

Velázquez: Entrepreneurs Deserve Recognition & Action During Small Business Week
Small business are key to economic recovery, but they need more assistance

WASHINGTON - Congresswoman Nydia M. Velázquez (D-N.Y.), Ranking Member of the House Small Business Committee, today honored our nation's 23 million small businesses during National Small Business Week, and released a report with her Democratic colleagues on the Committee entitled The State of Small Business 2004.

"The Bush administration and Congressional Republicans consistently talk about how small businesses can turn this economy around and produce jobs, yet we need action on the small business agenda, not next year, but right now," Congresswoman Velázquez said. "Small businesses are overburdened by federal regulations, which have been on the rise since the Bush administration took office, they struggle to afford health care for their employees, it is difficult for them to get a foot in the door of the federal marketplace, and the tax relief they receive is minimal. This must change for the stability of the American economy, our local communities, and our workers."

The report released today assesses the current state of small business by detailing eight issues, including access to capital, health care, pensions and technology, regulatory and tax relief, federal contracting, and international trade. It outlines the legislative proposals in all of these areas, either pending or passed, which impact the small businesses community.

Since President Bush took office in 2001, he has often spoken about the need to help America's small businesses, and even released several agendas and plans that highlight the challenges facing small enterprise. Yet, as this report concludes, little has been done to date by the Bush administration and the Republican-led Congress to make small business issues a priority, leaving many legislative remedies stalled, which could go a long way in helping small firms start-up, expand and create jobs.

"I truly believe that we are in this economic situation today, with persistent job losses, continued unemployment, rising inflation, and ballooning deficits, because there has not been enough focus by the White House and Congress on small businesses and what they can do for this economy," Congresswoman Velázquez said. "After all, our entrepreneurs create 75 percent of all new jobs, generate half of our GDP, and represent 99 percent of all employers. Job creation is what our nation needs right now, and the simple answer is to invest in small business."

Since President Bush took office, more than 2.2 million jobs have been lost, the unemployment rate is 33 percent higher, manufacturing employment remains at a 53-year low, and the average length of unemployment is at a 20-year high.

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