[Congressional Record Volume 144, Number 24 (Tuesday, March 10, 1998)]
[Senate]
[Page S1711]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


      SALUTE TO WOMEN IN BUSINESS AND THE BUSINESS WOMEN'S NETWORK

 Mrs. FEINSTEIN. Mr. President, for Women's History Month, I 
want the world to know how proud I am of the women's business 
leadership in California and the entire United States. It is with great 
pride that we recognize California is No. 1 in the number of women 
entrepreneurs as well as the fastest growing state for women minority 
entrepreneurs.
  The entire nation should celebrate with us as we recognize that there 
are almost 9 million women entrepreneurs today of which 1.1 million are 
minorities.
  The female labor force is making great strides as we project, along 
with the Bureau of Labor Statistics, that 72 million women will be 
working by the year 2005 representing 63% of women 16 and older.
  As the decade draws to an end and a new millennium approaches, we 
celebrate women entrepreneurs as the fastest growing segment in our 
economy. And may I remind you again, dear colleagues, California is No. 
1.
  Despite all the good news, women entrepreneurs still are under-served 
in access to capital. I am proud of several of the California banks 
such as Bank of America and Wells Fargo. They need to do more, as do 
all of our California banks (and all banks across the United States) to 
help finance the growth of women-owned business, the growth of 
minority-owned business, and the financing of U.S. Exports.
  How can one represent the great State of California and not talk 
about technology. It is fantastic to note that women now represent 52% 
of all Internet users. The analyst said just a few years ago we were 
technologically illiterate. We proved them wrong.
  I want to recognize the Business Women's Network (BWN) for its 
outstanding capacity and record to unite business women. BWN is a giant 
network now of 1200 women's associations whose membership total more 
than 9 million. In addition, BWN has located 750 women's web sites 
nationwide and will publish profiles of the 1200 organizations and 750 
web sites in its 1998 Directory due out in October 1998.
  Women are the economy, as University of California/Berkeley professor 
and former Chairman for the Council of Economic Advisors, Laura 
D'Andrea Tyson, reminds us of this fact. Women represent more than $3.5 
trillion in spending economy. And, women owned businesses generate over 
$3 trillion in revenue.
  Again, thanks to the Business Women's Network for helping us 
recognize that it is essential to salute business women. As my 
Congressional sisters today have selected Women in Business as the 
issue of the day, how appropriate that I, too, with the support of my 
Senate colleagues recognize the important progress women in business 
are achieving.
  I also want to salute Aida Alvarez, Administrator of the Small 
Business Administration (SBA). She single-handedly has moved women 
entrepreneurs and minority entrepreneurs up as priorities for this 
Nation. With the role of the Office of Women Business Ownership and its 
Women Centers, and with SCORE's commitment to counsel more women and 
add to its rolls more women counselors, we all say, felicitates 
Administrator Alvarez.
  I praise the National Women's Business Council for emphasizing 
critical issues such as access to capital for women entrepreneurs.
  In summary, as Women's History Month makes us stop and reflect where 
we come from, I personally want to salute all women in business and 
look forward to much greater gains for the next millennium, now not 
many months away. Congratulations to the Business Women's Network 
(BWN), and the 1200 business organizations representing entrepreneurs 
and professionals, diversity, and high and low income business 
women.

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