[Congressional Record Volume 149, Number 69 (Friday, May 9, 2003)]
[Extensions of Remarks]
[Page E917]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        TELECOMMUNICATIONS OWNERSHIP DIVERSIFICATION ACT OF 2003

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                           HON. BOBBY L. RUSH

                              of illinois

                    in the house of representatives

                          Friday, May 9, 2003

  Mr. RUSH. Mr. Speaker, I rise today to introduce the 
Telecommunications Ownership Diversification Act of 2003. This bill 
would level the playing field so that economically disadvantage 
businesses owners could enter the communications field. As you know, 
since the passage of the 1996 Telecommunications Act there has been an 
unprecedented growth in the Telecom sector, which has often been 
referred to as the telecommunications revolution. However, 
conspicuously absent from this revolution has been minority and 
economically disadvantage business owners. They have in essence been 
left on the fringes of this telecommunications revolution. There are 
many factors attributed to this lack of participation but chief among 
them is the lack of capital. Because entry into the telecommunications 
field is extremely capital intensive, many deserving, well qualified 
small business owners have been denied entry into this vital sector 
because they lack access to the needed capital to compete with large 
companies.
  My bill would remedy this problem by making minor changes to the 
existing tax code, so that individuals who are currently under-
represented in the ownership of telecommunications would be able to 
compete on an equal footing with large companies. It would provide 
sellers of telecommunications assets a tax deferral when those assets 
are bought for cash by certain small businesses. And it would provide 
investors an incentive to consider certain small businesses by 
providing a reduction in tax on gains from investing in these 
companies.
  Former Chairman Kennard once eloquently stated that ``ACCESS'' is the 
civil rights of the 21st century. I believe the Telecommunications 
Ownership Diversification Act embodies the essence of this statement by 
making economically disadvantaged small business owners not only 
consumers of technology but also producers of technology. I hope that 
all my colleagues will join me in supporting this important initiative.

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