[Congressional Record Volume 166, Number 214 (Thursday, December 17, 2020)]
[Extensions of Remarks]
[Page E1172]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           IMPORTANCE OF MINORITY AND WOMEN OWNED BUSINESSES

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                            HON. KWANZA HALL

                               of georgia

                    in the house of representatives

                      Thursday, December 17, 2020

  Mr. HALL. Madam Speaker, I rise today to speak to the importance of 
Minority and Women owned businesses.
  During the Obama Administration, this body, together with our 
colleagues across the Capitol, passed Dodd-Frank--legendary financial 
reforms in the wake of the great recession.
  One of the key parts of this legislation was Section 342, the office 
of minority and Women inclusion. The law ensured the eventual 
development of standards for the following areas:
  Equal employment opportunity and the racial, ethnic, and gender 
diversity of the workforce and senior management of the agency;
  Increased participation of minority-owned and women-owned businesses 
in the programs and contracts of the agency, including standards for 
coordinating technical assistance to such businesses; and
  Assessment of the diversity policies and practices of entities 
regulated by the agency.
  But this cannot be enough.
  We must also ensure that legacy banks and black own banks are sources 
of capital to support financing of projects for minority communities.
  We must also ensure that we support the MBDA, the Minority Business 
Development Agency.
  The MBDA is the only federal agency tasked with promoting the growth 
and competitiveness of minority-owned businesses.
  Madam Speaker, if we do this, we in this Chamber will ensure that the 
promise of the American Dream is within reach of all who seek it, 
especially those groups that have been historically marginalized.

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