[House Hearing, 110 Congress]
[From the U.S. Government Publishing Office]
FULL COMMITTEE MARKUP OF HR. 3567,
THE SMALL BUSINESS INVESTMENT
EXPANSION ACT OF 2007
=======================================================================
COMMITTEE ON SMALL BUSINESS
UNITED STATES HOUSE OF REPRESENTATIVES
ONE HUNDRED TENTH CONGRESS
FIRST SESSION
__________
SEPTEMBER 20, 2007
__________
Serial Number 110-46
__________
Printed for the use of the Committee on Small Business
Available via the World Wide Web: http://www.access.gpo.gov/congress/
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HOUSE COMMITTEE ON SMALL BUSINESS
NYDIA M. VELAZQUEZ, New York, Chairwoman
HEATH SHULER, North Carolina STEVE CHABOT, Ohio, Ranking Member
CHARLIE GONZALEZ, Texas ROSCOE BARTLETT, Maryland
RICK LARSEN, Washington SAM GRAVES, Missouri
RAUL GRIJALVA, Arizona TODD AKIN, Missouri
MICHAEL MICHAUD, Maine BILL SHUSTER, Pennsylvania
MELISSA BEAN, Illinois MARILYN MUSGRAVE, Colorado
HENRY CUELLAR, Texas STEVE KING, Iowa
DAN LIPINSKI, Illinois JEFF FORTENBERRY, Nebraska
GWEN MOORE, Wisconsin LYNN WESTMORELAND, Georgia
JASON ALTMIRE, Pennsylvania LOUIE GOHMERT, Texas
BRUCE BRALEY, Iowa DEAN HELLER, Nevada
YVETTE CLARKE, New York DAVID DAVIS, Tennessee
BRAD ELLSWORTH, Indiana MARY FALLIN, Oklahoma
HANK JOHNSON, Georgia VERN BUCHANAN, Florida
JOE SESTAK, Pennsylvania JIM JORDAN, Ohio
Michael Day, Majority Staff Director
Adam Minehardt, Deputy Staff Director
Tim Slattery, Chief Counsel
Kevin Fitzpatrick, Minority Staff Director
______
STANDING SUBCOMMITTEES
Subcommittee on Finance and Tax
MELISSA BEAN, Illinois, Chairwoman
RAUL GRIJALVA, Arizona DEAN HELLER, Nevada, Ranking
MICHAEL MICHAUD, Maine BILL SHUSTER, Pennsylvania
BRAD ELLSWORTH, Indiana STEVE KING, Iowa
HANK JOHNSON, Georgia VERN BUCHANAN, Florida
JOE SESTAK, Pennsylvania JIM JORDAN, Ohio
______
Subcommittee on Contracting and Technology
BRUCE BRALEY, IOWA, Chairman
HENRY CUELLAR, Texas DAVID DAVIS, Tennessee, Ranking
GWEN MOORE, Wisconsin ROSCOE BARTLETT, Maryland
YVETTE CLARKE, New York SAM GRAVES, Missouri
JOE SESTAK, Pennsylvania TODD AKIN, Missouri
MARY FALLIN, Oklahoma
.........................................................
(ii)
Subcommittee on Regulations, Health Care and Trade
CHARLES GONZALEZ, Texas, Chairman
RICK LARSEN, Washington LYNN WESTMORELAND, Georgia,
DAN LIPINSKI, Illinois Ranking
MELISSA BEAN, Illinois BILL SHUSTER, Pennsylvania
GWEN MOORE, Wisconsin STEVE KING, Iowa
JASON ALTMIRE, Pennsylvania MARILYN MUSGRAVE, Colorado
JOE SESTAK, Pennsylvania MARY FALLIN, Oklahoma
VERN BUCHANAN, Florida
JIM JORDAN, Ohio
______
Subcommittee on Urban and Rural Entrepreneurship
HEATH SHULER, North Carolina, Chairman
RICK LARSEN, Washington JEFF FORTENBERRY, Nebraska,
MICHAEL MICHAUD, Maine Ranking
GWEN MOORE, Wisconsin ROSCOE BARTLETT, Maryland
YVETTE CLARKE, New York MARILYN MUSGRAVE, Colorado
BRAD ELLSWORTH, Indiana DEAN HELLER, Nevada
HANK JOHNSON, Georgia DAVID DAVIS, Tennessee
______
Subcommittee on Investigations and Oversight
JASON ALTMIRE, PENNSYLVANIA, Chairman
CHARLIE GONZALEZ, Texas LOUIE GOHMERT, Texas, Ranking
RAUL GRIJALVA, Arizona LYNN WESTMORELAND, Georgia
(iii)
C O N T E N T S
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OPENING STATEMENTS
Page
Velazquez, Hon. Nydia M.......................................... 1
Chabot, Hon. Steve............................................... 2
Altmire, Hon. Jason.............................................. 4
Graves, Hon. Sam................................................. 5
APPENDIX
Prepared Statements:
Velazquez, Hon. Nydia M.......................................... 10
Chabot, Hon. Steve............................................... 12
Altmire, Hon. Jason.............................................. 13
(v)
FULL COMITTEE MARKUP OF H.R. 3567,
THE SMALL BUSINESS INVESTMENT
EXPANSION ACT OF 2007
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Thursday, September 20, 2007
U.S. House of Representatives,
Committee on Small Business,
Washington, DC.
The Committee met, pursuant to call, at 10:00 a.m., inRoom
2360, Rayburn House Office Building, Hon. Nydia M. Velazquez
[Chairwoman of the Committee] Presiding.
Present: Representatives Velazquez, Shuler, Gonzalez,
Grijalva, Michaud, Cuellar, Lipinski, Moore, Altmire, Braley,
Clarke, Ellsworth, Sestak, Chabot, Bartlett, Graves, Akin,
Musgrave, Westmoreland, Heller, Davis, Fallin, Buchanan, and
Jordan.
OPENING STATEMENT OF CHAIRWOMAN VELAZQUEZ
Chairwoman Velazquez. I am pleased to call this morning's
markup to order. In today's markup the Committee will address
issues to strengthen and update the SBA's venture capital
programs. Perhaps none of the SBA directives have proven more
important than the investment mission, because without this
vital resource, no business can grow. Would it not be for SBA's
access to the capital programs, many of our Nation's leading
companies would have never become as successful as they are
today. Apple, Costco, Federal Express and Intel are just a few
of the companies that have benefited from the SBA's investment
programs.
For the SBA's investment mission to have continued success,
however, it will be vital that the agency's programs be updated
and simplified to meet the growing economic challenges they
were originally intended to address. Over the past 5 years the
amount of venture capital going to startup small businesses
under the SBA's flagship equity investment program, the SBAC
program, has steadily declined. This has not only limited the
ability of small businesses to expand and grow but also has
hindered their ability to generate innovative new ideas and new
products. Almost equally troubling has been the decline in the
SBA's ability to provide equity capital for specially and
economically disadvantaged small businesses.
Without funding, however, the New Markets Venture Capital
program has lacked the resources to license new venture capital
companies or expand into new low-income communities. In its
brief history, however, the New Markets program, has proven its
potential to develop vibrant small businesses that can
dramatically improve the economic conditions in low-income
communities. Most notably, the SBA has continued to apply
outdated and unreasonable affiliation policies against venture
capital companies and has effectively stifled the free flow of
venture capital to small businesses. These policies are not
only inconsistent with the affiliation rules that the agency
follows in other contexts, but are also unreasonable. These
policies impede the flow of venture capital to small businesses
for minimal benefit.
The Small Business Investment Expansion Act that we will
mark up today is an important step toward reversing these
problems.
This legislation will renew our commitment toward small
business investment by providing much-needed simplifications to
the SBAC and New Markets programs. A new Angel investment
program will be established to fill the gap in seed capital
that was created by the elimination of the participating
securities program. The bill also features a renewed focus on
providing equity capital to businesses in low-income areas and
minority-owned businesses, two key sectors of the small
business community that have continued to face particularly
high barriers to securing venture capital.
Small businesses deserve our efforts to listen to their
problems and remove barriers. Such cooperation is good for all
of us because these businesses are the most innovative that
create the new jobs and produce half of our income. They
deserve our best efforts.
As this country continues to rely on entrepreneurs to spur
economic development and create jobs, the need for venture
capital will only continue to grow. Once again, this Committee
is demonstrating the strengths that come from working in a
bipartisan manner. In particular, I would like to thank Ranking
Member Chabot and his staff for their efforts to work with us
on this bill. I would also like to thank Mr. Altmire who, with
Mr. Graves from Missouri, introduced the Small Business
Investment Expansion Act of 2007. Their contributions were and
continue to be essential to this legislation's success.
And now I would like to yield to Ranking Member Mr. Chabot
for his opening statements.
OPENING STATEMENT OF MR. CHABOT
Mr. Chabot. Thank you, Madam Chair. I would first of all
like to thank members on both sides of the aisle for their
attendance here this morning. I understand this probably won't
take too long. But the bill being considered today has many
improvements to the program authorized by the Small Business
Investment Act of 1958. In addition, the bill under the
leadership of Chairwoman Velazquez also incorporates an effort
to focus equity investment on small startup businesses, those
that may eventually turn into the next Nike or Federal Express
or Dell computer.
The bill makes important technical changes to the small
business investment company program. These changes, as we heard
in testimony, will make the program more transparent to
potential investors, and therefore increase participation in a
valuable program.
I would also like to thank the Chair for incorporating a
number of very important changes to the New Markets Venture
Capital program. These companies will help revitalize poor
urban and rural areas, including areas, for example, in the
district that I happen to represent in Cincinnati, which has a
number of areas that do need improvement, that need new
enterprise.
I look forward to working with all members of the Committee
on both sides to ensure the success of this program.
The bill before us takes an interesting approach, similar
to the one in the SBIC program, to provide incentives to
provide equity to the newest of small businesses. I think the
approach in this bill adopts the correct balance between
providing incentives while reducing risk to the government and
risk to the taxpayer. I would simply note that the Committee
should be ready to make mid-course corrections if economic
conditions necessitate it.
The SBA's surety bond program provides an important tool
that enables small government contractors to compete against
much larger businesses that have no problem finding surety
bonds. The amendments in this bill, albeit modest, will improve
participation in the program by bond underwriters. This
ultimately benefits the American public, who will benefit from
greater competition among Federal Government contractors.
The same cannot be said, unfortunately, for the final
substantive provision in the bill Title V. It is important that
my reservations be explained in some detail. Title V provides
that a venture capital company owns one or more of the
companies that it has provided equity to will not be deemed to
be affiliated with this company or any other company it owns.
In other words, as long as every company that it owns is small,
the venture capital company remains small. Thus, a venture
capital company can own dozens, if not more, companies and then
bid on a government contract, using any or all of its
subsidiaries to perform the work and still be considered a
small business.
Thus, a small venture capital company could be a very large
defense contractor, for example, competing against much smaller
businesses. I do not see how this benefits small businesses or
increases competition among Federal Government contractors. I
do believe that it will provide an opportunity for venture
capital companies to become holding companies for small
government contractors. I believe that Title V's effort to
resolve a narrow interpretation of SBA's size standards is akin
to destroying an ant hill with a thermonuclear device. For this
reason, I have significant reservations about that portion of
the bill. Despite this, I would vote to report the bill out of
the Committee.
Chairwoman Velazquez. Will the gentleman yield?
Mr. Chabot. I will yield.
Chairwoman Velazquez. You have my commitment to continue to
work with you to find a solution to the problem.
Mr. Chabot. I greatly appreciate that. And reclaiming my
time, that is essentially what I was going to indicate, that I
do intend to vote for the bill because the Chairwoman and her
staff have promised to ameliorate the concerns that many of us
have about those portions of the bill that I just mentioned in
its current form as the bill moves through the legislative
process. With that promise and the significant changes that the
bill makes in other areas, I think it is important to move the
legislative process forward in a bipartisan effort to assist
America's small businesses.
And before yielding back, I think it is important to note
that although there is substantial disagreement with the
approach taken in the bill on some of those issues that I just
mentioned, the Chairwoman should be commended for her efforts
to maintain comity and work in a bipartisan effort to address
the serious concerns that have been expressed about the bill.
And I look forward to working with the Chair as the legislative
process moves forward.
Again, I would urge my colleagues to support this, although
everyone obviously has to make their own decision on both sides
on that.
And I yield back the balance of my time.
Chairwoman Velazquez. Thank you. I would now like to
recognize one of the lead sponsors of the legislation, the
Chair of the Investigations and Oversight Subcommittee, Mr.
Altmire, for his statement and explanation of the legislation.
OPENING STATEMENT OF MR. ALTMIRE
Mr. Altmire. Thank you, Chairwoman Velazquez and Ranking
Member Chabot, for your leadership and the opportunity to work
with you and the Committee staff to draft this critically
important legislation for our Nation's small businesses.
I would also like to recognize the enormous contributions
of Representative Graves and thank him for his support and the
key part he played in moving this bill forward.
The Small Business Administration's investment programs
have fallen short in addressing the capital needs of small
businesses, resulting in nearly $60 billion in unmet capital
needs for small businesses each year.
This week I introduced the Small Business Investment
Expansion Act to address many of the challenges our Nation's
small businesses face when trying to obtain investment capital.
This bill will connect small businesses with the capital
investment necessary to start and grow their operations.
Through this legislation, we can provide the financial
assistance small firms need by making the SBA a partner in
their business development and by improving access to venture
capital and Angel investments.
The Small Business Investment Expansion Act addresses the
current shortfall in capital investment by revamping the SBA's
Small Business Investment Company, SBIC, and the New Markets
Venture Capital programs, NMVC. Both are public-private
partnerships designed to aid small firms, in particular those
owned by veterans, women and minorities.
In acquiring venture capital, the bill also creates a new
Office of Angel Investment to build the first-ever nationwide
network of Angel groups and enhance awareness about the
available investment opportunities. Angel investors are high
net worth individuals who invest in and support startup
companies. It is estimated that Angel investors account for
more than 51,000 entrepreneurial ventures each year and are
rapidly becoming a common way for startups to obtain capital.
Additionally, the act will ensure firms that receive
venture capital are able to maintain their small business
classification, removing current disincentives to seeking this
kind of financing. Small businesses are the backbone of our
economy, and the Federal Government must do more to connect
them with the capital investment required for them to succeed.
My bill is necessary to improve SBA's current investment
programs, facilitate links to Angel networks and create an
environment in which small businesses go from startup to
success. I urge all Committee members to support this bill.
And again, I want to thank Chairwoman Velazquez, the
Ranking Member and Representative Graves for your leadership.
Chairwoman Velazquez. I would now like to recognize the
lead cosponsor of this legislation, Mr. Graves, for his
statement on the legislation.
OPENING STATEMENT OF MR. GRAVES
Mr. Graves. Thank you, Madam Chairwoman. Chairwoman
Velazquez, Ranking Member Chabot, I appreciate all that you
have done and allowing me an opportunity to speak.
Let me start by saying this truly has been a bipartisan
effort, and I appreciate all the Committee has done on my
behalf on this bill. It has been a work in progress, and I am
glad that everyone was able to get their concerns addressed. I
hope we can continue to work on it, and I obviously think we
will, in a bipartisan fashion, as this bill moves forward on
the House floor.
Investments in our small businesses are important to their
growth and sustainability. The bill reauthorizes and
establishes several programs, and directly investing in those
businesses creates so many jobs in this country. Through this
bill we should see increased investment in veteran, minority
and women-owned small businesses plus investments in low-income
communities and for the small manufacturing companies.
Title V of this bill, which deals with SBA affiliation
rules, has been an issue that has been of concern to me for a
long, long time. Private investments in small businesses are a
good thing and should be encouraged and not discouraged. The
language will exclude employees of these private investors when
determining the size of the small businesses, thus allowing
them continued access to important programs under the SBA. The
SBA has a number of programs that have proven vital to small
business success, and I want to ensure our small businesses
have continued access to them.
Again, thank you for bringing this important issue before
us. It is very important to me and my constituents, and I look
forward to its passage. And I particularly thank Representative
Altmire for working with me on this.
Chairwoman Velazquez. Thank you. Are there any other
members that wish to be recognized on the legislation? The
Committee now moves to consideration of the bill H.R. 35--
Ms. Moore. Madam Chair, I do have an amendment.
Chairwoman Velazquez. It is not--no. We need to report the
title of the bill, and we haven't--
Ms. Moore. I just want to make sure that you remember.
Thank you.
Chairwoman Velazquez. The Committee now moves to
consideration of the bill H.R. 3567. The Clerk will report the
title of the bill.
The Clerk. H.R. 3567, a bill to amend the Small Business
Investment Act of 1958 to expand opportunities for investments
in small businesses 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; Table of
Contents.
Chairwoman Velazquez. I ask unanimous consent for the bill
to be considered as read. Without objection.
Chairwoman Velazquez. Does any member seek recognition for
the purpose of offering an amendment? The gentlelady from
Wisconsin is recognized.
Ms. Moore. Thank you so much, Madam Chair.
Chairwoman Velazquez. The Clerk will report the amendment.
The Clerk. Amendment to H.R. 3567, offered by Ms. Moore of
Wisconsin.
Chairwoman Velazquez. I ask unanimous consent that the
amendment be considered as read.
The gentlewoman is recognized.
Ms. Moore. Thank you so much, Madam Chair and Ranking
Member. And we do want to thank the prime sponsors, Mr. Altmire
and Mr. Graves, for their diligence in putting this very
important legislation together. I think everybody here will
agree that this is the mother's milk of development in our
country. We have so little venture capital, and I am so
pleased.
As the Chair knows from her previous experience with me
that I am very passionate about venture capital, very
passionate about her Title III Angel investment that the
authors have incorporated in this bill; and indeed, when I was
a freshman, I was the lead author of the reauthorization of the
New Markets Venture Capital program.
Now, the difference in the original New Markets Venture
Capital program and the SEED Act, which is securing equity for
the economic development of low-income areas, the SEED Act,
which I introduced, was reflected in the bill that we saw the
other day. And it was a compromise that I made with the
industry to try to bring it in sync with the New Markets Tax
Credits program. Originally the New Markets Venture Capital
program said that 50 percent of the households in a Census
tract had to have a 60 percent less-than-median income in order
for that Census tract to qualify for the New Markets Venture
Capital program. And in the language of the bill that we had
originally, the compromise was made because the venture capital
community said that we need to bring it in line with the New
Markets Tax Credits program.
What my amendment does is to replace the language because I
didn't want to go that far. The industry then came back and
wanted to not only change the definition of the low-income
geographic areas in terms of the median income but to change
what counts as an investment in the community.
For example, the bill as it is currently written, says that
at least 50 percent of the business' income is derived from
low-income individuals. So in other words, you could be Wal-
Mart, and if 50 percent of the people who come and shop at your
place are low-income, then that would qualify for the New
Markets Venture Capital program. Or at least 40 percent of the
business' employees are low-income.
So if you have got a business that--you want to start up a
small business, and 10 of the employees, you could have 10 of
them making $250,000, and you have got the truck driver, the
elevator operator, the receptionist and the janitor, that would
qualify. At least 50 percent of the businesses owned by low-
income individuals, well, that would be marvelous.
I just think the reason that I didn't include those
provisions in the SEED Act, which my SEED Act was exactly what
Mr. Altmire and Mr. Graves put in their bill prior to some
changes that were made before we got here today, is because of
the huge, huge opportunity that this would allow for very
wealthy people to take advantage of a program that was
designed--and I know that you, Madam Chair, I have worked with
you long enough to know what your values are and what you would
like to do.
So I would love to work with you, Madam Chair, to try to
get a sense, some report language that really, really puts this
Committee on record as wanting to make sure that these
loopholes are not interpreted as the examples that I have given
that seem preposterous and ridiculous. But we have been on this
planet long enough to know that people, you know, rejoice in
these kinds of loopholes and take advantage of them.
Chairwoman Velazquez. Are you prepared to withdraw the
amendment with the commitment that I will work with you and the
Committee on Ways and Means so that the definition of low-
income area could be resolved?
Ms. Moore. I am willing to work with you. But I also want,
Madam Chair, a commitment that you will provide some report
language, and I surely would welcome adding language, talking
about the need for Ways and Means to work with us, but I want
some report language that reflects this Committee's desire to
have this program benefit low-income areas.
Chairwoman Velazquez. As I explained to the gentlelady on
my way here, the issue here is that in order to achieve what
you intend to do with your amendment, we will have to get the
Ways and Means Committee to change the definition of low-income
area. So that is beyond the jurisdiction of this Committee.
Ms. Moore. Reclaiming my time, Madam Chair. This Committee
has jurisdiction over the New Markets Venture Capital program.
We are not discussing the New Markets Tax--both these programs
were authorized in the Clinton administration, both of them
operated in the Clinton administration. It is not the case that
these two programs couldn't operate with different definitions.
They, in fact, have done it. And to the extent that there has
been any coming together or bringing together of these
definitions, I am the one who has done it.
When I introduced my SEED Act, and that language was
lifted, my bill was lifted totally and placed in this bill. So
you know, I am taking responsibility and great pride in the
fact that I have worked with the industry to try to bring these
two together. I just wasn't willing to open the door completely
to that.
I am certainly willing to work with the Ways and Means
Committee, but we are not considering the New Markets Tax
Credits program today. We are talking about the New Markets
Venture Capital program, and all I am asking you for is not to
change tax law today, I am just asking you to place in some
report language that our intent is to provide this venture
capital to benefit low-income communities.
Madam Chair, you know, you are from New York, and maybe
this is not a problem that affects your area. But we had
testimony here that indicated that venture capital was very
much aligned with the East Coast, with the Silicon Valley, and
that places in the Midwest, like I live, there is a dearth of
venture capital.
And this program, you know, we don't have any problem
finding venture capital for wealthy Census tracts. This is a
government program, and all I want is to place that sense of
Congress, that intent in the record. And I am puzzled and
bewildered why--apparently your staff is whispering in your
ear. I am just puzzled and bewildered as to why this is such a
great commitment to be made, why this is so difficult to make a
commitment that we will report our intent to have New Markets
Venture Capital benefit low-income Census tracts. And to work
with them--I think that is marvelous to include that language
about them. But what is wrong with including my concern?
Chairwoman Velazquez. Your concern--
Ms. Moore. Is within the jurisdiction of this Committee.
Chairwoman Velazquez. --does not strike the balance that we
intend in the bill that we are considering today. So if the
gentlelady is prepared to offer her amendment, then let's do
that, and we call a vote.
Ms. Moore. Well, Madam Chair, begging your indulgence,
begging your indulgence, I just want to, you know--
I know what time it is, actually. And I just want to repeat
that this particular version of the bill, whether it is the New
Markets Venture Capital program or the New Markets Tax program,
you could drive a Mack truck through the definition of a
geographic low-income area and that very, very wealthy
individuals will not have to locate within low-income Census
tracts. And all they have got to do is hire a handful of low-
income people outside of poor communities in order to qualify
for these benefits.
So I just want to clarify that that is indeed the loophole
that we have left in here. And like I said, I have worked on it
for 2 years, so it is not like I woke up this morning and ran
in here with this idea.
And so apparently you are not going to accept that, and you
are the Chair of the Committee. I do respect you as the Chair
of the Committee. And I know what that means if I were to put
my amendment to a vote. So I wouldn't want to jeopardize my
well-thought-out legislation by putting it to a vote here in
the Committee. So I will withdraw it without that commitment
from you, Madam Chair, and let you proceed on with your
business. Thank you.
Chairwoman Velazquez. My commitment to the gentlelady is to
work with her and to address some of the issues that you
raised. But as I said to you before, we can work together with
the Ways and Means Committee. We updated the program. We made
the changes that were asked from the industry and the
community-based organizations that came before this Committee.
We strike a balance. And it doesn't matter if we are going to
provide tax credits so that people will not be able to use
them. So what we achieve with this legislation is striking a
balance between the tax credits and the amount of individuals
that will benefit from using the tax credit.
So this amendment is inconsistent with the original intent
of the program. The program was originally intended to work
hand in hand with the New Markets Tax Credits. The two
definitions must be aligned, and that is the balance that we
are achieving under this legislation.
So I will continue to work with the gentlelady and see how
can we work with the Ways and Means Committee so that her
concerns are addressed, but that goes beyond the jurisdiction
of this Committee right now.
And I thank the gentlelady for her effort, her work and her
commitment to bring venture capital to low-income communities.
Ms. Moore. Thank you.
Chairwoman Velazquez. Are there any other members that wish
to be recognized at this point?
Without objection, the amendment will withdraw.
Are there any other members who wish to offer amendments at
this point?
The Committee now moves to consideration of the bill H.R.
3567. The Clerk will report the title of the bill.
No. Sorry.
Seeing no amendments, the question is on passing and
reporting the bill, H.R. 3567.
All those in favor say aye.
All those opposed, no.
The ayes have it, and H.R. 3567 is adopted and ordered.
I ask unanimous consent that the Committee be authorized to
correct section numbers, punctuation and cross-references and
to make other necessary technical and conforming corrections on
the bills considered today. Without objection, so ordered.
[Whereupon, at 10:38 a.m., the Committee was adjourned.]
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