"Chairman Williams: SBA's Decision to Lift 7(a) Moratorium is Irresponsible and Misguided"
Summary
A statement dated April 14, 2023 from Chairman Roger Williams (R-TX) responding to the Small Business Administration's final rule changes to its 7(a) lending program. Williams says the SBA is making itself the primary regulator of more 7(a) lenders while reducing underwriting standards for these government backed loans. He states that the office overseeing the new entities has seen a 30% staff reduction since the pandemic and that the final rule made no material changes in response to concerns raised. He says he hopes to work in a bipartisan manner to stop the rule so Congress can add guardrails to the program. The page ends with a list of related press releases dated April and May 2023.
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Full text
Chairman Williams: SBA's Decision to Lift 7(a) Moratorium is Irresponsible and Misguided Statement on 7(a) Changes April 14, 2023 Tags: Increase Oversight & Transparency 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.” Related News Chairmen Williams and Cardin with Ranking Members Ernst and Velázquez, Pen Letter to Small Business Administration (SBA) Administrator Guzman on the Departure of Former Associate Administrator Kelley May 17, 2023 | Posted in Press Releases Chairman Williams: "Taking on More Risk: Examining the SBA's Changes to the 7(a) Lending Program Part II" May 17, 2023 | Posted in Press Releases Williams, Luetkemeyer, Van Duyne, and Meuser Raise Concerns Over the SBA’s Changes to its Flagship Lending Program April 25, 2023 | Posted in Press Releases Van Duyne Pens Letter to SBA to Claw Back Fraudulent COVID Funds April 19, 2023 | Posted in Press Releases Subcommittee on Oversight, Investigations, and Regulations Hearing with SBA Inspector General Shines Light on SBA Mismanagement and Fraud April 19, 2023 | Posted in Press Releases
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- smallbusiness.house.gov