    [House Hearing, 111 Congress]
    [From the U.S. Government Publishing Office]

                            FULL COMMITTEE MARKUP OF
                         H.R. 3854: THE SMALL BUSINESS
                      FINANCING AND INVESTMENT ACT OF 2009

    =======================================================================

                                    HEARING

                                   before the

                          COMMITTEE ON SMALL BUSINESS
                                 UNITED STATES
                            HOUSE OF REPRESENTATIVES

                         ONE HUNDRED ELEVENTH CONGRESS

                                 FIRST SESSION

                                   __________

                                  HEARING HELD
                                OCTOBER 21, 2009

                                   __________

             [GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]

                Small Business Committee Document Number 111-052
    Available via the GPO Website: http://www.access.gpo.gov/congress/house

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                       HOUSE COMMITTEE ON SMALL BUSINESS

                    NYDIA M. VELAZQUEZ, New York, Chairwoman

                              DENNIS MOORE, Kansas

                          HEATH SHULER, North Carolina

                         KATHY DAHLKEMPER, Pennsylvania

                             KURT SCHRADER, Oregon

                            ANN KIRKPATRICK, Arizona

                              GLENN NYE, Virginia

                             MICHAEL MICHAUD, Maine

                             MELISSA BEAN, Illinois

                             DAN LIPINSKI, Illinois

                          JASON ALTMIRE, Pennsylvania

                            YVETTE CLARKE, New York

                            BRAD ELLSWORTH, Indiana

                            JOE SESTAK, Pennsylvania

                             BOBBY BRIGHT, Alabama

                            PARKER GRIFFITH, Alabama

                          DEBORAH HALVORSON, Illinois

                      SAM GRAVES, Missouri, Ranking Member

                          ROSCOE G. BARTLETT, Maryland

                             W. TODD AKIN, Missouri

                                STEVE KING, Iowa

                         LYNN A. WESTMORELAND, Georgia

                              LOUIE GOHMERT, Texas

                             MARY FALLIN, Oklahoma

                             VERN BUCHANAN, Florida

                          BLAINE LUETKEMEYER, Missouri

                             AARON SCHOCK, Illinois

                          GLENN THOMPSON, Pennsylvania

                             MIKE COFFMAN, Colorado

                      Michael Day, Majority Staff Director

                     Adam Minehardt, Deputy Staff Director

                          Tim Slattery, Chief Counsel

                      Karen Haas, Minority Staff Director

            .........................................................

                                      (ii)

                             STANDING SUBCOMMITTEES

                                     ______

                   Subcommittee on Contracting and Technology

                         GLENN NYE, Virginia, Chairman

    YVETTE CLARKE, New York              AARON SCHOCK, Illinois, Ranking
    BRAD ELLSWORTH, Indiana              ROSCOE BARTLETT, Maryland
    KURT SCHRADER, Oregon                W. TODD AKIN, Missouri
    DEBORAH HALVORSON, Illinois          MARY FALLIN, Oklahoma
    MELISSA BEAN, Illinois               GLENN THOMPSON, Pennsylvania
    JOE SESTAK, Pennsylvania
    PARKER GRIFFITH, Alabama

                                     ______

                        Subcommittee on Finance and Tax

                        KURT SCHRADER, Oregon, Chairman

    DENNIS MOORE, Kansas                 VERN BUCHANAN, Florida, Ranking
    ANN KIRKPATRICK, Arizona             STEVE KING, Iowa
    MELISSA BEAN, Illinois               W. TODD AKIN, Missouri
    JOE SESTAK, Pennsylvania             BLAINE LUETKEMEYER, Missouri
    DEBORAH HALVORSON, Illinois          MIKE COFFMAN, Colorado
    GLENN NYE, Virginia
    MICHAEL MICHAUD, Maine

                                     ______

                  Subcommittee on Investigations and Oversight

                     JASON ALTMIRE, Pennsylvania, Chairman

    HEATH SHULER, North Carolina         MARY FALLIN, Oklahoma, Ranking
    BRAD ELLSWORTH, Indiana              LOUIE GOHMERT, Texas
    PARKER GRIFFITH, Alabama

                                     (iii)

                   Subcommittee on Regulations and Healthcare

                   KATHY DAHLKEMPER, Pennsylvania, Chairwoman

    DAN LIPINSKI, Illinois               LYNN WESTMORELAND, Georgia,
    PARKER GRIFFITH, Alabama             Ranking
    MELISSA BEAN, Illinois               STEVE KING, Iowa
    JASON ALTMIRE, Pennsylvania          VERN BUCHANAN, Florida
    JOE SESTAK, Pennsylvania             GLENN THOMPSON, Pennsylvania
    BOBBY BRIGHT, Alabama                MIKE COFFMAN, Colorado

                                     ______

         Subcommittee on Rural Development, Entrepreneurship and Trade

                     HEATH SHULER, North Carolina, Chairman

    MICHAEL MICHAUD, Maine               BLAINE LUETKEMEYER, Missouri,
    BOBBY BRIGHT, Alabama                Ranking
    KATHY DAHLKEMPER, Pennsylvania       STEVE KING, Iowa
    ANN KIRKPATRICK, Arizona             AARON SCHOCK, Illinois
    YVETTE CLARKE, New York              GLENN THOMPSON, Pennsylvania

                                      (iv)

                                C O N T E N T S

                                  ----------

                               OPENING STATEMENTS

                                                                       Page

    Velazquez, Hon. Nydia M..........................................     1
    Graves, Hon. Sam.................................................     2

                                    APPENDIX

    Prepared Statements:
    Graves, Hon. Sam.................................................     9

    Reviewed Bill:
    H.R. 3854: "The Small Business Financing and Investment Act of
      2009"..........................................................    11

    Statements for the Record:
    Dahlkemper, Hon. Kathy...........................................   197
    Ellsworth, Hon. Brad.............................................   202

                                      (v)

                            FULL COMMITTEE MARKUP OF
                         H.R. 3854: THE SMALL BUSINESS
                      FINANCING AND INVESTMENT ACT OF 2009

                                  ----------

                          Wednesday, October 21, 2009

                         U.S. House of Representatives,
                                   Committee on Small Business,
                                                        Washington, DC.
        The Committee met, pursuant to call, at 10:00 a.m., in Room
    2360 Rayburn House Office Building, Hon. Nydia Velazquez
    [chairman of the Committee] presiding.
        Present: Representatives Velazquez, Dahlkemper, Schrader,
    Kirkpatrick, Michaud, Altmire, Clarke, Ellsworth, Bright,
    Griffith, Halvorson, Graves, Westmoreland, Fallin, Buchanan,
    Luetkemeyer, Schock and Coffman.
        Chairwoman Velazquez. I am pleased to call this morning's
    markup to order.
        Today we will consider legislation to reauthorize and
    enhance the SBA Access to Capital Programs. We often refer to
    small firms as the engine of our economy. After all, small
    companies create more new jobs and drive greater innovation
    than big businesses do.
        Through the Recovery Act, Congress has delivered important
    funding to small firms. Since then we have seen real progress.
    Over the last seven months, SBA has made $12 billion in loans.
    But as I said back in February, the Recovery Act was a critical
    first step, not a silver bullet. Today access to capital
    remains a serious challenge for small businesses.
        We need to be sure that small firms have all of the
    resources they need to grow and flourish because at the end of
    the day our recovery will hinge on job creation, the very thing
    that small businesses do best.
        Historically, small firms have created roughly 64 percent
    of all new jobs, but today a lack of capital is hindering their
    ability to put Americans back to work. According to a July
    survey by the Federal Reserve, 35 percent of banks have
    tightened lending to small firms.
        Meanwhile, 79 percent of entrepreneurs have seen their
    credit card lines cut dramatically. These are troubling
    declines not just for small businesses, but for our larger
    economy.
        The legislation we are considering today will help reverse
    this trend. It improves SBA financing options and, most
    importantly, creates or saves 1.33 million jobs per year. With
    unemployment was 9.8, we could really use those 1.33 million
    jobs. That is why this bill is such a critical piece of
    legislation.
        And I want to recognize Chairman Schrader for his
    leadership in moving it forward. I would also like to thank all
    of my colleagues who worked so hard to make this bill a
    success: Ranking Member Graves, Ms. Halvorson, Mr. Buchanan,
    Mr. Ellsworth, Mr. Luetkemeyer, Ms. Kirkpatrick, Ms.
    Dahlkemper, Mr. Nye, and Mr. Griffith.
        I now yield to Ranking Member Graves for his opening
    remarks.
        Mr. Graves. Good morning. Thank you, Madam Chairman, for
    holding this markup. I appreciate, very much appreciate, your
    leadership on this issue and commend you for working in a
    bipartisan manner on developing legislation that is going to
    provide changes to the Small Business Administration programs
    that are going to provide needed capital to small businesses.
        Testimony before this Committee shows that small businesses
    have been unable to obtain needed capital to maintain or expand
    their businesses. In our districts, business owners have noted
    that they have seen banks reduce their credit lines and demand
    excessive collateral to get a loan.
        The inability to obtain capital has a serious detrimental
    effect on the capacity of small businesses to grow their
    business and pull us out of this current recession.
        The Committee has worked hard to produce legislation with
    significant discussions between Democrat and Republican
    members. The bill before us today is a compilation of
    legislative initiatives drafted by members of both sides of the
    aisle. Their contributions cannot be understated, and I would
    especially like to thank Congressman Buchanan and Congressman
    Luetkemeyer for their input on this legislation.
        The bill before us today makes important changes to improve
    the efficiency and increase the transparency of the SBA's
    lending programs. These modifications are needed to insure that
    capital is made available to as many small businesses as
    possible in a timely manner because delay in the marketplace
    can result in lost opportunities for small businesses.
        In addition to creating improvements for the management of
    the SBA Capital Access Programs, the bill's primary focus is to
    provide vital capital to small businesses, including those in
    rural areas. The bill increases outreach efforts to rural
    lenders in the 7(a) loan program, modifying the areas in which
    the new market venture capital companies can operate and will
    provide greater investment opportunities for rural areas that
    have been bypassed by other venture capitalists.
        These are only two of the examples of the many improvements
    that this will increase access to capital by small business
    owners.
        Despite these significant improvements, there are still
    some unresolved concerns with the bill. While I strongly
    endorse the efforts for the SBA to find lenders to make loans,
    I am a little troubled that the SBA could still make a loan if
    no bank is willing to make such a loan. To me it suggests an
    underlying problem possibly with the loan package, and I do not
    think that the SBA should be making the loan.
        The disaster loan provisions included an authorization to
    make grants to small businesses rather than loans, and I
    recognize that FEMA provides grants to individuals, but not
    sufficient grant funds to small businesses, and I am not sure
    that we should change a loan program to a grant program,
    especially without any detailed findings that grants would help
    save businesses during recovery from a disaster that were not
    saved by loans.
        And finally, we must recognize the current fiscal
    constraints. The deficit is at an all time high, and Congress
    is considering a number of potentially expensive programs, and
    I am concerned about the potential overall cost of the bill.
        But those are my reservations on the bill before us, and
    given the importance of the bills to the potential prosperity
    of American small business economy, I support the bill being
    reported out of Committee, and I look forward to working with
    the Chairwoman to address these concerns as the legislative
    process moves forward.
        And again, I want to thank you for holding this markup, and
    I yield back the balance.
        [The prepared statement of Mr. Graves is included in the
    appendix.]
        Chairwoman Velazquez. Thank you, Mr. Graves.
        Are there any other members that wish to be recognized for
    the purpose of making opening remarks?
        Ms. Halvorson.
        Ms. Halvorson. Thank you, Chairwoman Velazquez and Ranking
    Member Graves, for holding this morning's Committee markup.
        The legislation that we are considering today will provide
    a much needed update to the SBA's Access to Capital Programs.
    All of us on this Committee have heard from small business
    owners in our districts that accessing capital continues to be
    a major challenge. So small businesses need capital to grow and
    create new jobs, but the credit crunch has made it exceedingly
    difficult for them to obtain loans. The SBA's Access to Capital
    Programs are supposed to be a resource for small business
    owners when they have trouble getting credit from traditional
    sources, and unfortunately, we have seen a recent decrease in
    the SBA's loan volume.
        In Fiscal Year 2009, SBA made around 35 percent fewer 7(a)
    loans than it did in the previous year. This needs to be turned
    around, and we need action now.
        The legislation we are marking up this morning, the Small
    Business Financing and Investment Act, will reauthorize and
    enhance the SBA's Access to Capital Program so that they can
    better serve the needs of our nation's small businesses. I
    commend the Chairman of the Finance and Tax Subcommittee, Mr.
    Schrader, for taking the lead on this legislation, and I am
    also pleased that it incorporates my bill, H.R. 3723, the Small
    Business Credit Expansion and Loan Market Stabilization Act.
    The language from my bill will improve the SBA's flagship 7(a)
    loan program. It extends the provisions in the Recovery Act
    that reduced borrower fees and increased the SBA loan guarantee
    to 90 percent.
        We also raised the loan limit to $3 million, and I look
    forward to working with the Chair and the Committee to evaluate
    further raising the limit to five million, which is what I have
    been hearing from the Committee and outside people that we need
    to do.
        We are also going to extend the ARC Loan Program, which was
    created by the ARRA to provide small business owners with
    interest free loans that are 100 percent guaranteed by SBA. The
    language from my bill will increase the maximum award from
    35,000 to 50,000.
        To increase lender participation in 7(a), the bill creates
    new rural and small lender outreach programs at the SBA.
        And finally, we are going to help veteran entrepreneurs by
    fully implementing the SBA's Increased Veteran Participation
    Loan Program.
        So I think the bill we have before us today is a good step
    in the right direction, and I urge members of this Committee to
    support it.
        Madam Chair, I yield back the balance of my time.
        Chairwoman Velazquez. Are there any other members who wish
    to be recognized?
        Mr. Schrader.
        Mr. Schrader. Thank you, Madam Chair.
        I would just like to thank everybody on the Committee and
    everyone who has come before our Committee and the testimony
    they have given to help us fine tune the SBA programs before us
    today. I particularly enjoyed working with the Ranking Member
    and my colleagues on the other side of the aisle to help reduce
    the cost of this bill, recognizing deficit in an issue, but
    still trying to make sure the lending markets fee up a little
    bit, expand some of our opportunities around the country to get
    these agencies, frankly, in a better competitive position, and
    then the next step will be to instill confidence in the banks.
        We are not adding a whole bunch of new regulations that
    would hamper their ability to get involved. No strings
    attached; these are just opportunities to get small business
    going again, and I really appreciate the opportunity to be part
    of this bill.
        Thank you, Madam Chair.
        Chairwoman Velazquez. Any other member that wishes?
        Mr. Ellsworth.
        Mr. Ellsworth. Madam Chair, in the interest of time, if I
    could just enter a statement for the record, I would appreciate
    it.
        Chairwoman Velazquez. Without objection, so ordered.
        Mr. Ellsworth. Thank you.
        Chairwoman Velazquez. Ms. Dahlkemper.
        Ms. Dahlkemper. Madam Chair, I would also, in the interest
    of time, ask that I have an opening statement that I would like
    to enter into the record.
        Chairwoman Velazquez. Without objection, so ordered.
        Mr. Griffith.
        Mr. Griffith. Madam Chair, I, too, would like to make an
    opening statement. I am late. Do we have time?
        Chairwoman Velazquez. Yes, we do.
        Mr. Griffith. We do? Well, thank you, Madam Chairwoman.
        In rural America, small businesses often serve as a local
    economic anchor. Not only do they create and support jobs, but
    they are important contributors to local charities and
    nonprofit groups. In small towns, business owners are often
    engaged in the civic process and serve as community leaders. In
    short, entrepreneurs are nothing short of the glue that holds
    rural communities together.
        For these reasons, small businesses play a critical role
    when communities recover from natural disasters. When tornados
    or hurricanes strike, many communities don't fully recover
    until local businesses reopen their doors. Once businesses get
    back to work, local commerce can resume. Citizens are able to
    find employment, and eventually life returns to normal.
        The Small Business Administration's Disaster Loan Program
    is an important lifeline for businesses that are struggling
    after natural disasters. Low interest loans provided through
    this program help firms rebuild if their facilities sustain
    physical damage. The program can also help small businesses
    survive the economic shocks that accompany disasters.
        Earlier this year, in April, thunderstorms and tornados
    ripped through north Alabama, my district. More than 100,000
    homes and businesses in our state lost power. The SBA's
    Disaster Loan Program is helping many businesses in the region
    get back on their feet. Already the agency has approved more
    than one million in disaster assistance loans for businesses.
    These funds are helping small firms recover from both the
    physical and economic damage caused by storms.
        While these programs are valuable, I am afraid they do not
    yet function at their highest potential. Earlier this year, the
    Government Accounting Office examined the SBA's Disaster
    Recovery Programs. Specifically, GAO looked at what SBA has
    done to improve these measures since Hurricane Katrina. In
    July, when the GAO testified before this Committee, they told
    us that the Small Business Administration is still unprepared
    to respond to a major disaster.
        This gives me reason for concern. As the old saying goes,
    hope for the best but prepare for the worst. From what the GAO
    is telling us, it looks like some in the SBA may be hoping for
    the best.
        The legislation we are considering today includes
    provisions I author to improve the SBA's disaster assistance
    initiatives. By improving how the SBA disburses assistance, the
    bill will speed help to all firms more quickly. The SBA also
    will be required to establish regional disaster working groups.
    This will insure the agency prepares for the most likely
    disaster scenarios in different parts of the country.
        Madam Chair, access to capital is always important for
    small businesses, but when disasters strike, finding an
    affordable loan can mean the difference between staying in
    business and going under. The legislation before us will help
    entrepreneurs find the capital they need in good times as well
    as bad.
        I urge the adoption of the bill and yield back the balance
    of my time.
        Chairwoman Velazquez. Are there any other members that wish
    to be recognized at this point?
        [No response.]
        Chairwoman Velazquez. We will now consider H.R. 3854, The
    Small Business Financing and Investment Act of 2009, introduced
    by Representative Schrader.
        [The Bill H.R. 3854 is included in the appendix.]
        Chairwoman Velazquez. This legislation is a comprehensive
    answer to small firms' capital needs. It carries them
    throughout the entire small business life cycle, from day one
    of the start-up stage to the point at which they can compete
    with the Fortune 500. For small firms just getting off the
    ground, Representative Ellsworth crafted important improvements
    to the Microloan Program. In the past, that initiative inspired
    growth in otherwise struggling communities.
        By reducing interest rates and providing more flexible
    credit terms, H.R. 3854 gives entrepreneurs greater control of
    their finances and empowers them to make new investments.
        Meanwhile, a move to pair traditional loans with technical
    training programs provides small firms with the information
    they need to be successful. At the same time, efforts to draw
    more lenders into the program will expand access to this vital
    source of funding.
        We often talk about the importance of welfare to work.
    Well, microloans put people to work through the power of
    entrepreneurship. If we are looking for policies that spur job
    growth, then this is the kind of program we should be
    supporting. Starting a new business is a resource intensive
    process, but entrepreneurs' capital needs do not begin and end
    with the first business plan. Rather, they continue throughout
    all phases of development. For that reason, this bill expands
    SBA's 504 Program delivering better financing options to middle
    market firms.
        To further bolster established companies, H.R. 3854 also
    extends successful Recovery Act measures, for example, fee
    exemptions on loan guarantees. In doing so, it encourages
    greater lending from banks. This is key because many banks are
    concerned that they do not have the capital to resume lending
    in earnest until the middle of 2010. But as any entrepreneur
    will tell you, small businesses cannot afford to wait that
    long. They need capital for things like stocking their shelves
    and financing investments today, not eight months from today.
        That is why Representative Halvorson contributed policies
    to streamline SBA's 7(a) program. Her contributions deliver
    better funding options to veteran entrepreneurs, the men and
    women who have served our country so well and who are now
    helping to drive our economy.
        Meanwhile we are improving 7(a) financing options and doing
    so in a way that mitigates risk to the taxpayer. I want to be
    clear. Taxpayer protections are a top priority in this bill. It
    ramps up safeguards in a number of ways, including actions
    recommended by Representative Buchanan, which allow CDCs to
    liquidate defaulted loans.
        While the SBA is a critical resource for small firms'
    capital needs, there are cases in which its traditional loans
    are not enough. For these instances, Congress created a
    portfolio of investment initiatives. Through the contributions
    of Representative Luetkemeyer, H.R. 3854 will enhance SBA's
    largest pool of equity capital, the Small Business Investment
    Company Program. It will do this by increasing the number and
    size of investments made. This increase could not come at a
    more critical time.
        In 2009, D.C. firms will invest ten to $15 billion less
    than they did in 2008. That is an alarming trend, one that if
    not reversed will significantly hamper our recovery. By
    encouraging greater participation among successful SBICs, this
    bill can breach the gap and get equity capital flowing to small
    businesses.
        Of all the contributions small firms make to our economy,
    innovation is one of the most important. That is why H.R. 3854
    targets promising start-ups in fields like renewable energy.
    Through provisions introduced by Representative Kirkpatrick, we
    are steering investments to firms who focus in that area. In
    order to fill the void left by the now defunct participating
    securities program, this bill creates a new pool of capital for
    early stage firms. That provision introduced by Representative
    Nye will increase investment in the kind of high growth start-
    ups that create new jobs.
        It is important to know, like many of the measures in this
    bill, the early stage capital program is governed by critical
    taxpayer safeguards. For example, it requires investment
    companies to match grant requests with capital from non-federal
    resources. SBA will also conduct audits of participating
    companies to insure that grants are invested in a transparent
    fashion.
        Small businesses play a key role in all sectors of our
    economy, but they have a particularly strong track record in
    the tech industry. So I am pleased that this bill encourages
    small firms to invest in an innovative new product. By helping
    small medical practices afford health IT, it allows them to
    make yet another critical contribution to our economy, a
    streamlined health care system. At present only 13 percent of
    single doctor practices use HIT. This is because the technology
    is extremely costly. For your average three-doctor practice,
    implementation runs close to $100,000, a large sum for any
    small business.
        By helping small practices afford HIT, H.R. 3854 will
    encourage greater adoption and, in turn, reduce cost and
    minimize errors. This measure will not only improve the quality
    of our health care system, but will create jobs for
    entrepreneurs in the health IT and technology sector. It would
    not have come together without the work of Representative
    Dahlkemper, and I am grateful for her work in including this
    provision.
        H.R. 3854 insures small firms have the financing they need
    to not only make new investments, but to weather any economic
    storm. Importantly, it also accounts for entrepreneurs in the
    event of a natural disaster.
        To address shortcomings in SBA disaster loan programs,
    Representative Griffith introduced measures to establish
    regional working groups. Doing so will help SBA respond to the
    multitude of different challenges that could impact our
    country.
        H.R. 3854 also tailors assistance to fit the express needs
    of small firms following a disaster. When it comes to preparing
    for catastrophe, SBA's work is never done. This legislation
    will help the agency remain vigilant in protecting the small
    businesses that drive our economy. These are the businesses
    that given the opportunity will drive new growth for our
    economy and put Americans back to work.
        The fact that this bill has such broad support is testament
    to its importance. I am pleased to say that it is backed by a
    wide range of groups, almost close to 20. We have the National
    Restaurants Association, the American Society of Travel Agents,
    the International Franchise Association, Biotech, National
    Association of Credit Unions, the National Association of
    Investment Companies, the National Venture Capital Association,
    the American Dental Association, the American Institute of
    Architects, Air Conditioning Contractors of America, the
    Association of General Contractors of America, among other.
        This bill is about better choices for small businesses. It
    allows entrepreneurs to select the best possible funding
    options for their firms and will go a long way in empowering
    those businesses, but perhaps most importantly, it will help
    create and sustain 1.33 million jobs. I cannot imagine anyone
    who can argue with that number.
        H.R. 3854 is a bipartisan product, and I urge my colleagues
    to support its adoption.
        Are there any other members who wish to be recognized on
    H.R. 3854?
        [No response.]
        Chairwoman Velazquez. Well, the Committee now moves to
    consideration of H.R. 3854. The Clerk will report the title of
    the bill.
        The Clerk. To amend the Small Business Act and the Small
    Business Investment Act of 1958, to improve programs providing
    access to capital under such Acts and for other purposes.
        Chairwoman Velazquez. I ask unanimous consent that the bill
    in its entirety be open for amendment at this time. Does any
    member seek recognition for the purpose of offering an
    amendment?
        [No response.]
        Chairwoman Velazquez. Seeing no amendments, the question is
    on reporting H.R. 3854. All those in favor say aye.
        [Chorus of ayes.]
        Chairwoman Velazquez. Those opposed say no.
        [No response.]
        Chairwoman Velazquez. The ayes have it. The bill is adopted
    and reported.
        This concludes Committee business for today. I ask
    unanimous consent that the Committee is authorized to correct
    section numbers, punctuation, cross-references, and to make
    necessary technical and conforming corrections on the bill
    considered today.
        Without objection, so ordered.
        This markup is now adjourned.
        [Whereupon, at 10:40 a.m., the Committee was adjourned.]

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