SBA Cyber Awareness Act (Cong. Rec., Nov. 2, 2021)

Summary

This is H6088 of the Congressional Record, House, November 2, 2021, with interleaved columns of suspension debate. The Chair puts the question on the motion by Ms. Velazquez to suspend the rules and pass H.R. 4256, and Mrs. Boebert demands the yeas and nays, so further proceedings are postponed. Ms. Velazquez then moves to suspend the rules and pass H.R. 3462, the SBA Cyber Awareness Act, which would require an annual report on the cybersecurity of the Small Business Administration. Ms. Chu and Mr. Luetkemeyer speak in support of H.R. 4256, the Investing in Main Street Act, which would raise the cap on bank investments in SBICs from 5 percent to 15 percent, with the views attributed to the speakers.

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“SBA Cyber Awareness Act (Cong. Rec., Nov. 2, 2021).” Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2021-11-02-crec-2021-11-02-pt1-pgh6088-22120cf9de/, SHA-256 b1b91adae67ac9eda3be99b16b7945548b7d5014358f0f069acd4cf2aef002f2.

Full text

H6088 CONGRESSIONAL RECORD — HOUSE November 2, 2021
Mr. Speaker, I reserve the balance of The members of the House Small The SPEAKER pro tempore. The
my time. Business Committee, both Republican question is on the motion offered by
Ms. VELÁZQUEZ. Mr. Speaker, I and Democrat, often talk about small the gentlewoman from New York (Ms.
yield 3 minutes to the gentlewoman businesses being the backbone of the VELÁZQUEZ) that the House suspend the
from California (Ms. CHU), a sponsor of U.S. economy. This is not just a talk- rules and pass the bill, H.R. 4256, as
the bill. ing point but a simple statement of amended.
Ms. CHU. Mr. Speaker, I rise in fact. Small businesses are major con- The question was taken.
strong support of H.R. 4256, the Invest- tributors to our Nation’s success and The SPEAKER pro tempore. In the
ing in Main Street Act, which would prosperity. As we face economic uncer- opinion of the Chair, two-thirds being
make a simple, commonsense change tainty due to the pandemic, we look to in the affirmative, the ayes have it.
to small business investing laws to en- our small businesses to be leaders in Mrs. BOEBERT. Mr. Speaker, on that
sure that SBA-certified Small Business the private sector and to help revi- I demand the yeas and nays.
Investment Companies, or SBICs, can talize our communities. The SPEAKER pro tempore. Pursu-
take full advantage of capital available For 63 years, the SBIC program has ant to section 3(s) of House Resolution
from banks and Federal savings asso- injected capital into small businesses 8, the yeas and nays are ordered.
ciations. by allowing financial institutions or Pursuant to clause 8 of rule XX, fur-
Even though banking rules allow fi- Federal savings associations to invest ther proceedings on this motion are
nancial institutions to invest up to 15 in SBICs up to 5 percent. But times postponed.
percent of their capital and surplus in change, programs need updating, and f
SBICs, small business investing rules now, more than ever, small businesses
SBA CYBER AWARENESS ACT
cap these same investments far lower, in the SBIC program need access to ad-
at just 5 percent of capital and surplus. ditional capital. The increase from 5 Ms. VELÁZQUEZ. Mr. Speaker, I
The Investing in Main Street Act percent to 15 percent investment stipu- move to suspend the rules and pass the
amends this outdated law to ensure lated in this bill is a necessary reform bill (H.R. 3462) to require an annual re-
that banks can invest the full 15 per- that will help small businesses get port on the cybersecurity of the Small
cent in SBICs, a simple change that back on their feet. Business Administration, and for other
will dramatically increase the amount Mr. Speaker, I want to thank my col- purposes.
league Congresswoman CHU for her The Clerk read the title of the bill.
of investment capital available to our
leadership on this issue, and I urge my The text of the bill is as follows:
country’s small businesses.
colleagues to support this bill. H.R. 3462
By raising this cap, this legislation
will deliver more investments and Ms. VELÁZQUEZ. Mr. Speaker, I Be it enacted by the Senate and House of Rep-
have no further speakers, and I am pre- resentatives of the United States of America in
more financing to our small businesses Congress assembled,
for whom even small investments can pared to close. I reserve the balance of
my time. SECTION 1. SHORT TITLE.
mean so much. Already, SBICs have This Act may be cited as the ‘‘SBA Cyber
Mr. LUETKEMEYER. Mr. Speaker, I
helped companies like Tesla, Apple, Awareness Act’’.
have no further speakers, as well, so I
and Intel get off the ground back when SEC. 2. CYBERSECURITY AWARENESS REPORT-
will close. The SBIC program has deliv- ING.
they were just starting out.
ered for small businesses for many Section 10 of the Small Business Act (15
SBICs fill a gap in the investment
years. It is time we update the program U.S.C. 639) is amended by inserting after sub-
ecosystem and level the playing field
to match other Federal Rules and en- section (a) the following:
by providing equity investments and fi-
sure the program continues to serve ‘‘(b) CYBERSECURITY REPORTS.—
nancing opportunities to the smallest ‘‘(1) ANNUAL REPORT.—Not later than 180
our communities in the future. This is
businesses which face the highest bar- a commonsense step to increase the days after the date of enactment of this sub-
riers to secure investments from tradi- amount of investment that an SBIC section, and every year thereafter, the Ad-
tional, private investors. can receive. ministrator shall submit a report to the ap-
The nearly 300 certified SBICs in op- Mr. Speaker, I urge my colleagues to propriate congressional committees that in-
eration today have invested or com- cludes—
support H.R. 4256, and I yield back the ‘‘(A) an assessment of the information
mitted $32 billion in small businesses balance of my time. technology (as defined in section 11101 of
nationwide. Last year, in my State of Ms. VELÁZQUEZ. Mr. Speaker, I title 40, United States Code) and cybersecu-
California alone, SBICs made nearly yield myself the balance of my time. rity infrastructure of the Administration;
300 financings, totaling over $670 mil- As the small business economy recov- ‘‘(B) a strategy to increase the cybersecu-
lion. By raising the investment cap ers from the COVID–19 pandemic, en- rity infrastructure of the Administration;
from 5 to 15 percent, we could poten- trepreneurs will need as many options ‘‘(C) a detailed account of any information
tially triple those investments in the for affordable capital as possible. The technology equipment or interconnected sys-
years to come. That growth will be so SBIC program fills the gap between the tem or subsystem of equipment of the Ad-
important as our country continues to ministration that was manufactured by an
availability of venture and private eq-
entity that has its principal place of business
recover and rebound from the COVID uity capital and the needs of small located in the People’s Republic of China;
pandemic. businesses in startup and growth situa- and
America’s small businesses have en- tions. ‘‘(D) an account of any cybersecurity risk
dured one of the most challenging peri- For decades, this program has chan- or incident that occurred at the Administra-
ods in our country’s history, and now is neled patient capital to leading-edge, tion during the 2-year period preceding the
the time to help them rebuild and high-growth companies. Some of our date on which the report is submitted, and
grow. Nation’s most successful corporations any action taken by the Administrator to re-
I want to thank Representative received early-stage funding from spond to or remediate any such cybersecu-
GARBARINO for his partnership on this rity risk or incident.
SBICs. Without it, they would not be
‘‘(2) ADDITIONAL REPORTS.—If the Adminis-
legislation, and Chairwoman the companies they are today. The bill trator determines that there is a reasonable
VELÁZQUEZ and Ranking Member we are considering today will lead to basis to conclude that a cybersecurity risk
LUETKEMEYER for their strong support. additional investment by SBICs, which or incident occurred at the Administration,
I urge a ‘‘yes’’ vote on this bill. will, in turn, lead to strong economic the Administrator shall—
Mr. LUETKEMEYER. Mr. Speaker, I growth in our local communities. ‘‘(A) not later than 7 days after the date on
yield such time as he may consume to The Investing in Main Street Act has which the Administrator makes that deter-
the gentleman from New York (Mr. bipartisan support, and it is endorsed mination, notify the appropriate congres-

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GARBARINO). by the Small Business Investor Alli- sional committees of the cybersecurity risk
Mr. GARBARINO. Mr. Speaker, I or incident; and
ance.
‘‘(B) not later than 30 days after the date
thank Chairwoman VELÁZQUEZ and I want to applaud Ms. CHU and Mr.
on which the Administrator makes a deter-
Ranking Member LUETKEMEYER for GARBARINO for their bipartisan work on mination under subparagraph (A)—
giving me the opportunity to support this SBIC program. I urge my col- ‘‘(i) provide notice to individuals and small
H.R. 4256, the Investing in Main Street leagues to vote ‘‘yes,’’ and I yield back business concerns affected by the cybersecu-
Act of 2021. the balance of my time. rity risk or incident; and

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November 2, 2021 CONGRESSIONAL RECORD — HOUSE H6089
‘‘(ii) submit to the appropriate congres- The SBA has taken the necessary result, a glitch in the EIDL application
sional committees a report, based on infor- steps to recover from these incidents, system led to an exposure of personal
mation available to the Administrator as of but we want a notification system in information of over 8,000 applicants
the date which the Administrator submits
place before the next cybersecurity with no public announcement of the
the report, that includes—
‘‘(I) a summary of information about the breach. data breach until weeks later.
cybersecurity risk or incident, including how This bill sets new reporting require- The SBA Cyber Awareness Act would
the cybersecurity risk or incident occurred; ments to ensure congressional and pub- direct SBA to issue an annual report
and lic awareness of cyber incidents at the assessing its cybersecurity infrastruc-
‘‘(II) an estimate of the number of individ- SBA. I would like to thank my col- ture. The bill would also require the
uals and small business concerns affected by leagues, Mr. JASON CROW from Colorado SBA to report cyber-threats, breaches,
the cybersecurity risk or incident, including and Mrs. YOUNG KIM from California, and cyberattacks to the House Small
an assessment of the risk of harm to affected Business Committee and the Senate
for introducing this bill.
individuals and small business concerns. Small Business and Entrepreneurship
‘‘(3) RULE OF CONSTRUCTION.—Nothing in Mr. Speaker, I urge my colleagues to
support this bill, and I reserve the bal- Committee and notify affected individ-
this subsection shall be construed to affect
the reporting requirements of the Adminis- ance of my time. uals and small businesses within 30
trator under chapter 35 of title 44, United days of an incident.
b 1300 Cyberattacks are one of the biggest
States Code, in particular the requirement
to notify the Federal information security Mr. LUETKEMEYER. Mr. Speaker, I threats to our economy, small busi-
incident center under section 3554(b)(7)(C)(ii) yield myself such time as I may con- nesses, and way of life. This bill would
of such title, or any other provision of law. sume. ensure that we are doing everything we
‘‘(4) DEFINITIONS.—In this subsection: Mr. Speaker, I rise in support of H.R. can to protect the millions of small
‘‘(A) APPROPRIATE CONGRESSIONAL COMMIT- 3462, the SBA Cyber Awareness Act. businesses that the SBA serves and
TEES.—The term ‘appropriate congressional
Mr. Speaker, the importance of being prepare them for 21st century threats.
committees’ means—
cyber ready cannot be overstated. This I would like to thank Chairwoman
‘‘(i) the Committee on Small Business and
Entrepreneurship of the Senate; and goes for individuals, businesses, and VELÁZQUEZ and Ranking Member
‘‘(ii) the Committee on Small Business of even our Federal Government. LUETKEMEYER for the bipartisan sup-
the House of Representatives. H.R. 3462 takes important strides to port and my friend, YOUNG KIM from
‘‘(B) CYBERSECURITY RISK; INCIDENT.—The ensure the agency that was created to California, for joining with me on this
terms ‘cybersecurity risk’ and ‘incident’ assist and aid the Nation’s smallest very important effort.
have the meanings given such terms, respec- firms, the Small Business Administra- Mr. Speaker, I encourage all of my
tively, under section 2209(a) of the Homeland colleagues to join with us and support
tion, has the ability to access its own
Security Act of 2002.’’. this bill.
cybersecurity framework.
The SPEAKER pro tempore. Pursu- Additionally, H.R. 3462 requires the Mr. LUETKEMEYER. Mr. Speaker, I
ant to the rule, the gentlewoman from SBA to report to Congress on its cyber yield such time as she may consume to
New York (Ms. VELÁZQUEZ) and the infrastructure. the gentlewoman from California (Mrs.
gentleman from Missouri (Mr. LUETKE- Unfortunately, cyberattacks are too KIM).
MEYER) each will control 20 minutes. Mrs. KIM of California. Mr. Speaker,
common in today’s world.
The Chair recognizes the gentle- I would like to thank Ranking Member
Vulnerabilities will be used and taken
woman from New York. LUETKEMEYER and Chairwoman
advantage of by criminals.
VELÁZQUEZ for their leadership in
GENERAL LEAVE We must take steps now to enhance
bringing these bipartisan pieces of leg-
Ms. VELÁZQUEZ. Mr. Speaker, I ask and protect our Federal Government.
islation to the House floor for votes
unanimous consent that all Members H.R. 3462 does just that.
today.
may have 5 legislative days in which to I want to thank the gentleman from I rise in strong support of H.R. 3462,
revise and extend their remarks and to Colorado (Mr. CROW) and the gentle- the SBA Cyber Awareness Act. This is
include any extraneous material on the woman from California (Mrs. KIM) for a bill I have had the pleasure to co-lead
measure under consideration. having the foresight to work on such with my colleague, Representative
The SPEAKER pro tempore. Is there an important measure. I also thank the JASON CROW of Colorado, to improve
objection to the request of the gentle- chair for pushing forward this legisla- the Small Business Administration’s
woman from New York? tion. H.R. 3462 was favorably reported transparency and alert mechanisms
There was no objection. out of the Committee on Small Busi- when a cyberattack or intrusion takes
Ms. VELÁZQUEZ. Mr. Speaker, I ness in July. place.
yield myself such time as I may con- Mr. Speaker, I urge my colleagues to Under the legislation, the SBA will
sume. pass the bill today on the House floor, be required to conduct an annual as-
Mr. Speaker, I rise in support of H.R. and I reserve the balance of my time. sessment of IT equipment and cyberse-
3462, the SBA Cyber Awareness Act. Ms. VELÁZQUEZ. Mr. Speaker, I curity capabilities and provide Con-
This bill directs the SBA to issue re- yield such time as he may consume to gress with a detailed account of any
ports that assess its cybersecurity in- the gentleman from Colorado (Mr. cybersecurity risk of SBA equipment
frastructure and report cyber threats, CROW). that was primarily manufactured in
breaches, and attacks. Mr. CROW. Mr. Speaker, I rise today the People’s Republic of China. Addi-
For more than 25 years, the SBA’s Of- in support of H.R. 3462, the bipartisan tionally, under this bill, the legislation
fice of Inspector General has listed IT SBA Cyber Awareness Act. directs the SBA Administrator to no-
security as one of the most serious As we all know, small businesses are tify Congress and small businesses of a
management and performance chal- the backbone of our economy, and they cyberattack within 30 days after the
lenges facing the agency. These vulner- are certainly the backbone of my com- SBA decides that it was subject to a
abilities were further exposed during munity. However, these small busi- cyber hack.
the rollout of the SBA’s COVID–19 re- nesses are also increasingly the target Fifty percent of small businesses
lief programs. The unprecedented de- of cyberattacks and theft of data and with 500 or less employees say it is
mand for the SBA’s relief programs in- intellectual property. very likely that they will experience a
undated SBA’s legacy systems leading Unfortunately, Federal agencies are cyberattack in the next 12 months, and
to back-end system crashes, portals op- not immune to such attacks either. 1 in 4 are experiencing more
erating slowly, and a glitch that led to For more than 20 years, SBA’s Office of cyberattacks compared to a year ago.

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a data breach of applicants’ personal Inspector General has listed IT secu- During the COVID–19 pandemic, the
information. rity as one of the most serious manage- SBA handled a record number of loans
SBA failed to make any public an- ment and performance challenges fac- and services to help small businesses in
nouncement about the data breach, and ing the agency. need. With that came a higher number
it took weeks for the agency to send During the pandemic, demand for re- of sensitive personal and business in-
paper notifications to affected individ- lief programs like PPP and EIDL have formation that was handled by the
uals. overwhelmed SBA’s IT systems. As a Federal Government.

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H6090 CONGRESSIONAL RECORD — HOUSE November 2, 2021
We must ensure entrepreneurs and Lastly, I want to thank Congressman CROW ‘‘(3) DATABASE.—The Director shall estab-
small business owners have the con- and Congresswoman KIM for introducing and lish and maintain an electronic database of
fidence that the SBA has the IT capa- shepherding this bill. the types of covered services provided by
bilities and tools to keep their infor- each 7(a) agent.
The SPEAKER pro tempore. The ‘‘(k) DEFINITIONS.—In this section:
mation safe from cyberattacks. This question is on the motion offered by ‘‘(1) 7(a) AGENT.—The term ‘7(a) agent’
bill, H.R. 3462, is an important step in the gentlewoman from New York (Ms. means a person who provides covered serv-
doing just that. VELÁZQUEZ) that the House suspend the ices on behalf of a lender or applicant.
Mr. Speaker, I urge my colleagues rules and pass the bill, H.R. 3462. ‘‘(2) COVERED SERVICES.—The term ‘covered
from both sides of the aisle to support The question was taken. services’ means—
H.R. 3462. The SPEAKER pro tempore. In the ‘‘(A) assistance with completing an appli-
Ms. VELÁZQUEZ. Mr. Speaker, I am opinion of the Chair, two-thirds being cation for a loan under section 7(a) (includ-
prepared to close, and I reserve the bal- ing preparing a business plan, cash flow pro-
in the affirmative, the ayes have it. jections, financial statements, and related
ance of my time. Mrs. BOEBERT. Mr. Speaker, on that
Mr. LUETKEMEYER. Mr. Speaker, I documents); or
I demand the yeas and nays. ‘‘(B) consulting, broker, or referral services
yield myself such time as I may con-
The SPEAKER pro tempore. Pursu- with respect to a loan under section 7(a).’’.
sume for the purpose of closing.
Mr. Speaker, I believe now is the ant to section 3(s) of House Resolution (d) EFFECTIVE DATE.—This Act and the
8, the yeas and nays are ordered. amendments made by this Act shall take ef-
time to act to prepare our financial in- fect 6 months after the date of the enact-
stitutions for cyber intrusions. Requir- Pursuant to clause 8 of rule XX, fur-
ther proceedings on this motion are ment of this Act.
ing the SBA to assess its own cyber in-
postponed. The SPEAKER pro tempore. Pursu-
frastructure is an important step to en-
f ant to the rule, the gentlewoman from
sure the agency can continue to serve
New York (Ms. VELÁZQUEZ) and the
as a leader for our Nation’s 31 million SMALL BUSINESS 7(a) LOAN
small businesses. gentleman from Missouri (Mr. LUETKE-
AGENT TRANSPARENCY ACT MEYER) each will control 20 minutes.
Congress should make certain that
the Federal Government is cyber pre- Ms. VELÁZQUEZ. Mr. Speaker, I The Chair recognizes the gentle-
pared on behalf of the Nation’s small move to suspend the rules and pass the woman from New York.
businesses, entrepreneurs, and start- bill (H.R. 4481) to amend the Small GENERAL LEAVE
ups. Business Act to establish requirements Ms. VELÁZQUEZ. Mr. Speaker, I ask
Mr. Speaker, I encourage my col- for 7(a) agents, and for other purposes. unanimous consent that all Members
leagues to support H.R. 3462, and I yield The Clerk read the title of the bill. may have 5 legislative days in which to
back the balance of my time. The text of the bill is as follows: revise and extend their remarks and in-
Ms. VELÁZQUEZ. Mr. Speaker, H.R. H.R. 4481 clude extraneous material on the meas-
3462 adds new layers of Congressional ure under consideration.
oversight to regularly assess SBA’s IT Be it enacted by the Senate and House of Rep- The SPEAKER pro tempore. Is there
and cybersecurity systems and con- resentatives of the United States of America in
objection to the request of the gentle-
Congress assembled,
trols, and it will go a long way to in- woman from New York?
SECTION 1. SHORT TITLE.
crease transparency in the event of an- There was no objection.
This Act may be cited as the ‘‘Small Busi-
other IT or cyber incident. ness 7(a) Loan Agent Transparency Act’’.
Ms. VELÁZQUEZ. Mr. Speaker, I
Congress and the American people yield myself such time as I may con-
SEC. 2. REQUIREMENTS FOR 7(a) AGENTS.
need to know that the SBA’s systems sume.
(a) OFFICE OF CREDIT RISK MANAGEMENT
are fully operational and capable of DUTIES.—Section 47(b) of the Small Business Mr. Speaker, I rise in support of the
handling the next surge. This bill takes Act (15 U.S.C. 657t(b)) is amended— bill before us today, H.R. 4481, the
a step towards rebuilding the trust and (1) in paragraph (2), by striking ‘‘and’’ at Small Business 7(a) Loan Agent Trans-
confidence in the SBA’s IT infrastruc- the end; parency Act.
ture. (2) in paragraph (3), by striking the period This bill would establish a registra-
Mr. Speaker, I thank my colleagues and inserting a semicolon; and tion system for 7(a) loan agents that
for their work, I urge Members to vote (3) by adding at the end the following new assigns each a unique identifier and
‘‘yes’’ on this bill, and I yield back the paragraph:
collects data to help SBA track and
balance of my time. ‘‘(4) any 7(a) agent.’’.
(b) ENFORCEMENT AUTHORITY.— evaluate loan performance for loans
Ms. JACKSON LEE. Mr. Speaker, I rise in generated through agent activity.
(1) OFFICE OF CREDIT RISK MANAGEMENT.—
support of H.R. 3462, the ‘‘SBA Cyber Aware- Our committee has consistently
Section 47(e) of the Small Business Act (15
ness Act,’’ which will strengthen our knowl- U.S.C. 657t(e)) is amended by inserting ‘‘or heard from agency watchdogs about
edge of cybersecurity threats to the small 7(a) agent’’ after ‘‘7(a) lender’’ each place the increased risk associated with
businesses of America. such term appears. loans originated through loan agents.
In short, this bill mainly requires that the (2) LENDER OVERSIGHT COMMITTEE.—Section In October 2021, SBA’s Office of In-
Small Business Administration (SBA) conduct 48(c)(2) of the Small Business Act is amended spector General identified increased
an annual report that assesses the cybersecu- by striking ‘‘and any Lending Partner or
risk introduced by loan agents as one
rity infrastructure of the SBA. Intermediary participant’’ and inserting ‘‘,
any 7(a) agent (as defined in section 47), or of the agency’s top management and
Mr. Speaker, the unfortunate reality is that
any Lending Partner or Intermediary partic- performance challenges facing the
our Nation’s small businesses are under at-
ipant’’. agency this fiscal year.
tack—they are increasingly the target of cyber-
(c) REGISTRATION SYSTEM.—Section 47 of H.R. 4481 addresses the IG’s finding
security breaches. the Small Business Act (15 U.S.C. 657t) is
In fact, the SBA has listed IT security as by establishing a registry and includ-
amended by adding at the end the following ing loan agents as entities against
one of the most serious management chal- new subsections:
lenges facing the administration for more than which SBA’s Office of Credit Risk Man-
‘‘(j) REGISTRATION SYSTEM FOR 7(a)
twenty years. agement may issue formal or informal
AGENTS.—
Fifty percent of small businesses say that it ‘‘(1) IN GENERAL.—The Director shall estab- enforcement actions.
is likely they will experience a cyberattack in lish a registration system for 7(a) agents Earlier this Congress, our committee
the next twelve months. that assigns a unique identifier to each 7(a) approved this bipartisan bill on a unan-
One in four small businesses indicate that agent and collects data necessary for the Di- imous basis, and I am proud to support
they are facing more cyberattacks compared rector to submit the report required under it again today.
to a year ago. paragraph (4). I applaud my colleagues, Mr. PHIL-

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Small businesses are the backbone of this ‘‘(2) REQUIREMENTS.—A 7(a) agent shall— LIPS and Mr. MEUSER, for identifying
‘‘(A) register in the system established this issue and working together on a
country, and we owe it to them to be diligently under paragraph (1) before providing covered
aware of threats to their private information services to a lender or applicant; and
commonsense solution. I ask all of my
and their livelihoods. ‘‘(B) effective 1 year after the date of the colleagues to support this bill.
That is why I rise in ardent support of the enactment of this subsection, submit an an- Mr. LUETKEMEYER. Mr. Speaker, I
SBA Cyber Awareness Act, and that is why nual fee for such registration to the Direc- yield myself such time as I may con-
the bill has bipartisan backing. tor. sume.

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