Chairman Williams: SBA's Decision to Lift 7(a) Moratorium is Irresponsible and Misguided — Cmte Small Business (R)
Summary
Chairman Roger Williams (R-TX) issued a statement in response to the Small Business Administration's (SBA) final rule changes to the flagship 7(a) lending program. Williams says the SBA is moving forward with the proposal to make itself the primary regulator of more 7(a) lenders while reducing underwriting standards for government backed loans. The statement says the office that will oversee these new entities has seen a 30% staff reduction since the pandemic. Williams also says the final rule fails to take concerns raised into account and hopes for a bipartisan effort to stop the rule from moving forward.
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“Chairman Williams: SBA's Decision to Lift 7(a) Moratorium is Irresponsible and Misguided — Cmte Small Business (R).”
Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/405495-2023-04-14-chairman-williams-sba-s-decision-to-lift-7-a-morat-27069fe514/
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Chairman Williams: SBA's Decision to Lift 7(a) Moratorium is Irresponsible and Misguided Source(print): https://smallbusiness.house.gov/news/documentprint.aspx?DocumentID=405495 Chairman Williams: SBA's Decision to Lift 7(a) Moratorium is Irresponsible and Misguided smallbusiness.house.gov Cmte Small Business (R) Contact: Chairman Williams: SBA's Decision to Lift 7(a) Moratorium is Irresponsible and Misguided Statement on 7(a) Changes Washington , April 14, 2023 - WASHINGTON, D.C. – Today, Chairman Roger Williams (R-TX) issued the following statement in response to the Small Business Administration’s (SBA) final rule changes to their flagship 7(a) lending program. “The SBA is moving forward with their proposal to make themselves the primary regulator of more 7(a) lenders while simultaneously reducing the underwriting standards for these government backed loans. Considering the office that will oversee these new entities has seen a 30% staff reduction since the pandemic, it is astounding that they think they are capable of properly rooting out bad actors within the program,” said Chairman Williams . “This final rule fails to take any of the concerns raised into account and didn’t make any material changes that would provide the necessary assurances that the SBA is putting the integrity of the program at risk. I hope we will be able to work in a bipartisan manner to stop this hastily crafted, flawed rule from moving forward so Congress can put the necessary guardrails on the program to increase access to capital for entrepreneurs without adding additional risk to the government backed loan portfolio.” ###
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