Markup of H.R. 2066, H.R. 4549 and Other Bills (House Small Business Committee hearing, July 22, 2025)
Summary
Transcript of the July 22, 2025 House Small Business Committee markup, Small Business Committee Document Number 119-016, of five bills: H.R. 2066, the Investing in All of America Act of 2025, H.R. 4549, the Office of Rural Affairs Enhancement Act, H.R. 4495, the SBA Fraud Enforcement Extension Act, H.R. 4491, the SBA IT Modernization Reporting Act and H.R. 3174, the Made in America Manufacturing Finance Act of 2025. Pete Stauber and Nydia Velázquez gave the opening statements. The appendix carries substitutes from Mr. Meuser and Mr. Williams, two Velázquez amendments to H.R. 3174, electronic vote results and final passage votes.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Cite this document
“Markup of H.R. 2066, H.R. 4549 and Other Bills (House Small Business Committee hearing, July 22, 2025).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/markup-of-h-r-2066-h-r-4549-and-other-bills-house-small-business-commi-0e4ac9af3d/
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MARKUP OF: H.R. 2066, INVESTING IN ALL AMER-
ICA ACT OF 2025; H.R. 4549, OFFICE OF
RURAL AFFAIRS ENHANCEMENT ACT; H.R. 4495,
SBA FRAUD ENFORCEMENT EXTENSION ACT;
H.R. 4491, SBA IT MODERNIZATION REPORTING
ACT; H.R. 3174, MADE IN AMERICA MANUFAC-
TURING FINANCE ACT OF 2025
HEARING
BEFORE THE
COMMITTEE ON SMALL BUSINESS
UNITED STATES
HOUSE OF REPRESENTATIVES
ONE HUNDRED NINETEENTH CONGRESS
FIRST SESSION
HEARING HELD
JULY 22, 2025
Small Business Committee Document Number 119–016
Available via the GPO Website: www.govinfo.gov
U.S. GOVERNMENT PUBLISHING OFFICE
62–540 WASHINGTON : 2026
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HOUSE COMMITTEE ON SMALL BUSINESS
ROGER WILLIAMS, Texas, Chairman
PETE STAUBER, Minnesota
DAN MEUSER, Pennsylvania
BETH VAN DUYNE, Texas
JAKE ELLZEY, Texas
MARK ALFORD, Missouri
NICK LALOTA, New York
BRAD FINSTAD, Minnesota
TONY WIED, Wisconsin
ROB BRESNAHAN, Pennsylvania
BRIAN JACK, Georgia
TROY DOWNING, Montana
KIMBERLYN KING-HINDS, Northern Marina Islands
DEREK SCHMIDT, Kansas
JIMMY PATRONIS, Florida
NYDIA VELÁZQUEZ, New York, Ranking Member
MORGAN MCGARVEY, Kentucky
HILLARY SCHOLTEN, Michigan
LAMONICA MCIVER, New Jersey
GIL CISNEROS, California
KELLY MORRISON, Minnesota
GEORGE LATIMER, New York
DEREK TRAN, California
LATEEFAH SIMON, California
JOHNNY OLSZEWSKI, Maryland
HERB CONAWAY, New Jersey
MAGGIE GOODLANDER, New Hampshire
LAUREN HOLMES, Majority Staff Director
MELISSA JUNG, Minority Staff Director
(II)
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CONTENTS
OPENING STATEMENTS
Page
Hon. Pete Stauber ................................................................................................... 1
Hon. Nydia Velázquez ............................................................................................. 2
APPENDIX
Additional Material for the Record:
Text of Legislation:
H.R. 2066 - Investing in All of America Act of 2025 ..................................... 18
H.R. 4549 - Office of Rural Affairs Enhancement Act ................................... 25
H.R. 4495 - SBA Fraud Enforcement Extension Act ..................................... 31
H.R. 4491 - SBA IT Modernization Reporting Act ......................................... 33
H.R. 3174 - Made in America Manufacturing Finance Act of 2025 ............. 37
Amendments:
ANS to H.R. 2066, offered by Mr. Meuser ...................................................... 41
ANS to H.R. 3174, offered by Mr. Williams ................................................... 46
Velázquez Amendment, no. 1, to H.R. 3174 ................................................... 49
Velázquez Amendment, no. 2, to H.R. 3174 ................................................... 50
Support Documents:
E-Vote Results .................................................................................................. 56
Defense Credit Union Council (DCUC) .......................................................... 60
Small Business Investor Alliance (SBIA) ....................................................... 64
Hon. Morrison Letter ....................................................................................... 66
Ready Capital Letter ........................................................................................ 67
Votes:
Meuser Amendment, no. 1, to H.R. 2066 ........................................................ 68
Williams Amendment, no. 1, to H.R. 3174 ..................................................... 69
Final Passage to H.R. 3174 ............................................................................. 70
Final Passage to H.R. 2066 ............................................................................. 71
Final Passage to H.R. 4549 ............................................................................. 72
Final Passage to H.R. 4495 ............................................................................. 73
Final Passage to H.R. 4491 ............................................................................. 74
(III)
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MARKUP OF: H.R. 2066, INVESTING IN ALL
AMERICA ACT OF 2025; H.R. 4549, OFFICE OF
RURAL AFFAIRS ENHANCEMENT ACT; H.R.
4495, SBA FRAUD ENFORCEMENT EXTEN-
SION ACT; H.R. 4491, SBA IT MODERNIZA-
TION REPORTING ACT; H.R. 3174, MADE IN
AMERICA MANUFACTURING FINANCE ACT
OF 2025
TUESDAY, JULY 22, 2025
HOUSE OF REPRESENTATIVES,
COMMITTEE ON SMALL BUSINESS,
Washington, DC.
The Committee met, pursuant to call, at 9:45 a.m., in Room
2360, Rayburn House Office Building, Hon. Pete Stauber [Member
of the Committee] presiding.
Present: Representatives Stauber, Meuser, Van Duyne, Ellzey,
Alford, LaLota, Finstad, Wied, Bresnahan, Jack, Downing, King-
Hinds, Schmidt, Patronis, Velázquez, McGarvey, Scholten, McIver,
Cisneros, Morrison, Latimer, Tran, Simon, Olszewski, Conaway,
and Goodlander.
Mr. STAUBER. [Presiding.] The Committee will now come to
order and a quorum is present. Before I get into my comments, I
would like to say it is going to be a busy day. We are going to have
Members from both sides of the aisle coming to and from the Small
Business Committee. So just be aware that there will be comings
and goings of Members.
So without objection, the Chair is authorized to declare recess of
the committee at any time. As required by House rules, a copy of
the legislation measures have been made available to Members and
the public at least 24 hours in advance. Pursuant to committee rule
13 and House rule XI, all votes will be rolled to the end of the
meeting. Without objection, the committee will vote electronically
in accordance with Committee rules and regulations developed by
the House Committees on Rules and Administration.
Before recognizing myself for opening remarks, I want to pass
along a brief message from Chairman Williams, who could not be
here today due to a family matter. He is very proud of the progress
made by this Committee this year, especially the five bills being
considered today. The Chairman urges support of all five bills for
consideration today and looks forward to this Committee con-
tinuing its great work for the American people.
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And I will recognize myself for opening remarks.
Today we will mark up five important bills that support small
businesses across America. These bills will revitalize American
manufacturing, support rural entrepreneurs, protect taxpayers’ dol-
lars, and hold fraudsters accountable. Small businesses are vital to
the American economy. Under President Trump’s leadership, small
business optimism is at an all-time high and that didn’t happen by
accident. It happened because we are cutting taxes, reducing bur-
densome regulations, and ensuring entrepreneurs have the freedom
to grow. These bills build on all that momentum.
This Committee is dedicated to unleashing American manufac-
turing, strengthening our domestic supply chains, and keeping in-
vestment in good paying jobs at home rather than overseas. These
bills reflect those same commitments. We will meet the needs of
small American manufacturers, encourage greater private invest-
ment into critical technologies, and reinforce support for rural en-
trepreneurs. Additionally, these bills hold fraudsters accountable to
preserve taxpayer trust.
Members of this Committee on both sides of the aisle have been
working tirelessly to get these bills to where they are today. I look
forward to working with my colleagues so we can continue to pass
meaningful legislation that empowers small businesses and
strengthens our communities.
With that, I look forward to today’s markup and yield to the dis-
tinguished Ranking Member from New York, Ms. Velázquez.
Ms. VELÁZQUEZ. Thank you, Mr. Chairman, for holding this
markup to discuss policies that will strengthen the services SBA
provides to America’s 35 million small businesses.
Today we will consider four bipartisan bills negotiated in good
faith and in the spirit of collaboration. First, the Investing in All
of America Act of 2025, as amended, will give small business in-
vestment companies, or SBICs, additional leverage when they in-
vest in small businesses in rural or underserved communities,
small manufacturers, or small businesses critical to our national
security.
Second, the Office of Rural Affairs Enhancement Act will em-
power the SBA’s Office of Rural Affairs by elevating its leader’s
role to that of an Assistant administrator and requiring the office
to host webinars and outreach events.
Third, the SBA Fraud Enforcement Extension Act would hold
fraudsters accountable for exploiting pandemic relief programs in-
tended for America’s small restaurants and performance venues by
extending the statute of limitation for fraud offenses.
And fourth, the SBA IT Modernization Reform Act of 2025 would
require SBA to implement 11 recommendations made by the Gov-
ernment Accountability Office to reform future IT modernization
projects.
These four bills make commonsense policy changes that will
meaningfully make the SBA a stronger resource for small busi-
nesses across the country. I am proud to support them and I thank
my colleagues on both sides of the aisle for their hard work and
thoughtful discussion to get these bills to a good place.
Unfortunately, we were not able to reach an agreement on the
Made in America Manufacturing Finance of 2025. On the surface
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the idea may sound good, but with any bill you must get past the
message and do the due diligence on the policy. I, however, I am
not ruling out further negotiations over the summer provided you
work with us to raise loan limits for small manufacturers in a way
that maintain the integrity of SBA lending programs and protects
taxpayers’ dollars.
Thank you and I yield back.
Mr. STAUBER. Thank you very much. Does any other Member
seek recognition for the purpose of making an opening statement?
H.R. 2066
Seeing none, we will now move to consideration of the first bill.
Consideration of H.R. 2066, Investing in All of America Act of
2025. The committee now moves to consideration of H.R. 2066, the
Investing in all of America Act of 2025, introduced by Representa-
tives Meuser and Scholten. The clerk will report the bill.
The CLERK. H.R. 2066, a bill to amend——
Mr. STAUBER. Without objection, H.R. 2066 is considered as
read and open for amendment.
The bill sponsor, Mr. Meuser, has an amendment in the nature
of a substitute at the desk. The amendment has been distributed
in advance. The clerk will report the amendment.
The CLERK. Amendment in the nature of a substitute to H.R.
2066 offered by Mr. Meuser.
Mr. STAUBER. Without objection, the amendment is considered
as read and the substitute will be considered as base text for the
purpose of further amendment.
I now recognize the bill sponsor, Mr. Meuser, for a statement on
the bill and the amendment.
Mr. MEUSER. Thank you, Mr. Chairman.
My bipartisan legislation, H.R. 2066, the Investing in All of
America Act, would incentivize small business investment compa-
nies, SBICs, to deploy additional capital to small businesses located
in rural or low-income areas, as well as small businesses in manu-
facturing and national security technology sectors. SBICs are pri-
vately owned and managed investment funds that are licensed and
regulated by the SBA. These companies raise private capital which
is then matched with SBA guaranteed leverage. SBICs invest both
their private capital and SBA leverage into qualifying small busi-
nesses and communities across the country. Importantly, the SBIC
program operates at zero subsidy cost to the American taxpayer.
Over the past 2 decades, SBIC backed businesses have created
3 million new jobs and supported an additional 10.5 million jobs
over the last 2 decades. Over the last 5 years, SBIC has invested
over $130 billion in small businesses across America, including
$1.3 billion in my home state of Pennsylvania.
Though the SBIC program is successful, recent studies have
shown that less than 20 percent of SBIC investments reaches low-
to middle-income communities, especially rural ones. The Investing
in All America Act encourages private capital investments in parts
of America that are often overlooked by not counting dollars in-
vested in these areas against individual SBIC’s leverage cap.
It is important to note that the bonus leverage included in this
legislation does not change the cost or the risks of the SBIC pro-
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gram. The existing model operates at no cost to the taxpayer and
this will remain the same.
The Trump Administration SBA Administrator Kelly Loeffler are
focused on fueling small business growth and reinvigorating domes-
tic manufacturing throughout the United States. This legislation
supports that effort by encouraging increased private investment in
the manufacturing sector. By expanding access to capital and re-
ducing barriers to entry, this legislation helps manufacturers scale
operations and create high-quality American jobs.
Before I conclude, Mr. Chairman, I would like to ask unanimous
consent to insert a letter into the record from the Small Business
Investor Alliance in support of this legislation.
Mr. STAUBER. Without objection.
Mr. MEUSER. Thank you. I would also like to thank Representa-
tive Scholten for her partnership on this legislation and the bipar-
tisan group of Members who have cosponsored it. I would also like
to thank Chairman Williams for bringing this bill forward for con-
sideration today.
This legislation will have the tangible positive impacts we plan
for them to have for our communities. A similar version of this leg-
islation passed this committee and house unanimously last Con-
gress. So I encourage my colleagues to support this legislation.
And, Mr. Chairman, I yield back.
Mr. STAUBER. I now recognize the bill’s cosponsor, Ms.
Scholten, for a statement on the bill and the amendment.
Ms. SCHOLTEN. Thank you, Mr. Chair. I am so proud to speak
on my bill, the Investing in All of America Act, which I am so
proud to cosponsor with Mr. Meuser.
Michigan is home to almost 1 million small businesses. That is
99.6 percent of all privately owned businesses in the state. On any
given day the issue of access to capital is among the greatest chal-
lenges for our small businesses. For low-income or rural commu-
nities and small manufacturers, this issue hits even closer to home.
Recent studies have shown that less than 20 percent of small
business investment companies, their funds, are reaching these
communities. For a program with a long history of success, this dis-
parity is unacceptable and it is incumbent upon us in this com-
mittee to remedy the program so it serves small businesses in
every corner of our country. That is why I am so proud to lead the
Investing in All of America Act, which would incentivize the de-
ployment of additional capital to the communities and small manu-
facturers that need it most.
Simply put, this bill would exclude certain amounts of leverage
invested in these businesses from the SBIC’s leverage cap. This bill
will enable further support for small businesses and underserved
communities in addition to small manufacturers and other busi-
nesses in critical manufacturing sectors. This bipartisan solution
would bolster the SBIC’s program success as a zero subsidy public-
private partnership by encouraging investments in rural areas and
industries that are vital to the nation’s defense both here in West
Michigan and across the country. It is critical that these businesses
can get the investment they need to continue growing our economy.
I strongly urge Members to vote yes on this important legislation.
Thank you, Chair. I yield the rest of my time.
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Mr. STAUBER. Thank you. Are there any other Members who
wish to be recognized for a statement on the bill?
Seeing none, I would now like to recognize the Ranking Member
to speak on the bill and the amendment.
Ms. VELÁZQUEZ. Thank you, Mr. Stauber. And thank you to
Representatives Meuser and Scholten for your bipartisan leader-
ship on this bill.
H.R. 2066 makes statutory improvements to the SBIC program
to provide SBICs with access to additional leverage when they in-
vest in certain sectors. Due to their often capital-intensive nature
and early revenue profile, small businesses operating in America’s
critical technology sector need institutional investors with longer
term time horizons to raise capital. Yet due to statutory constraint,
these investors are often limited in their ability to participate in
the SBIC program.
By providing SBICs with additional leverage flexibility, H.R.
2066 more appropriately matches the SBIC program with the cap-
ital needs for America’s small businesses in critical sectors. This
alignment will enable the SBA and Defense Department to con-
tinue to successfully carry out their joint SBIC critical technology
initiative. And by providing SBICs with additional bonus leverage,
we are encouraging investment in small businesses in our commu-
nities that need it the most.
I again want to thank both Representatives Meuser and Scholten
for their leadership on this issue. I also want to thank Chairman
Williams and his team for their collaboration on technical edits to
this bill. I believe through the effort of all parties, we have gotten
this bill to a good place. I am proud to support it and encourage
Members to vote yes.
I yield back.
Ms. KING-HINDS. [Presiding.] Thank you. I now recognize my-
self to speak in support of this legislation for 5 minutes.
One of the most significant barriers to economic growth across
our country is the lack of access to capital for small businesses.
While some regions and industries are flush with investment, too
many small businesses struggle to secure the funding they need to
grow. H.R. 2066, the investing in All of America Act, is a bipar-
tisan, commonsense bill that strengthens one of the federal govern-
ment’s most successful public-private partnerships, the Small Busi-
ness Investment Company Program, or SBIC. This program was
created to unlock private capital and fuel small business growth.
SBICs are privately managed investment funds licensed and reg-
ulated by the SBA. The SBA provides government-guaranteed
funding to qualified SBICs to increase investments in small busi-
nesses. This bill would further strengthen the SBIC program by en-
couraging investments in rural areas, American manufacturing,
and critical national security technologies.
Additionally, this bill directs no new spending and mandates, al-
lowing the program to continue operating at zero cost to the tax-
payer. With these improvements, SBIC could unleash nearly 20 bil-
lion into American small businesses, expand operations and drive
job creation across America.
I urge my colleagues to vote yes on H.R. 2066, and I yield back.
Does anyone wish to offer an amendment?
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If none—seeing none, the question now occurs on the adoption of
the substitute amendment offered to H.R. 2066 by Mr. Meuser.
All those in favor, say aye.
All those opposed, say no.
In the opinion of the Chair, the ayes have it. The amendment in
the nature of a substitute to H.R. 2066 is adopted.
The question is now on favorably reporting H.R. 2066, as amend-
ed, to the House.
All those in favor, say aye.
All those opposed, say no.
In the opinion of the Chair, the ayes have it, and H.R. 2066 is
agreed to.
Yes. For what purpose does the gentleman seek recognition?
Mr. MEUSER. I would like to request a recorded vote.
Ms. KING-HINDS. A recorded vote has been requested. A roll
call vote is ordered. Pursuant to Committee rule 13 and House rule
XI, further proceedings on the bill are postponed.
H.R. 4549
The Committee now moves to consideration of H.R. 4549, the Of-
fice of Rural Affairs Enhancement Act, introduced by Representa-
tives Goodlander and Wied. The clerk will report the bill.
The CLERK. H.R. 4549, a bill——
Ms. KING-HINDS. Without objection, H.R. 4549 is considered as
read and open for amendment.
I now recognize the sponsor of the bill, Mrs. Goodlander, for a
statement on the bill.
Ms. GOODLANDER. Thank you, Madam Chair, Ranking Mem-
ber Velázquez. Thank you for the opportunity to speak about this
bill.
I am very proud to sponsor the Office of Rural Affairs Enhance-
ment Act. This is a bipartisan, commonsense bill that is going to
ensure the voices of rural America aren’t just heard, but they are
prioritized within the Small Business Administration. Look, this
bill comes directly from conversations that I have had with rural
small businesses all across my home state, New Hampshire. Every-
where I go, from Chesterfield to Colebrook, I hear the same basic
thing from so many small rural businesses: that federal programs
designed to help them are simply not tailored to their needs and,
even more often, they fail to be able to reach them at all. I have
heard this from farmers in Loudon as recently as Saturday, from
retailers in Lisbon, small manufacturing businesses in Swanzey,
and loggers in West Stewartstown.
Thirty-five years ago, in 1990, the Office of Rural Affairs was cre-
ated to address this precise set of problems. But what we have seen
over the last 35 years is that this office has underperformed. It has
been chronically understaffed and under-resourced. It needs clear
direction. It needs stronger tools to really be able to do what we
all want to do, which is to deliver for our rural small businesses.
And that is exactly what our bill aims to do.
It ensures that the office is led by someone with direct experience
in rural economic development. This is a big core pillar, which is
accountability. It requires annual reporting to Congress, which is
going to be very valuable reporting that will help us track and keep
this office accountable with respect to impact and improvement.
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And it is also going to improve access. This bill mandates regular
outreach to small businesses in meaningful ways that are going to
ensure that the Small Business Administration is meeting small
businesses in rural America precisely where they are.
So this bill is about accountability, it is about access, and above
all, it is about basic fairness, basic fairness for rural America’s en-
trepreneurs and small businesses who are far too often forgotten,
who have been unheard for far too long, and who have so much to
offer our great country. So in passing this bill, we are saying—we
would be saying clearly to our rural small businesses, we see you,
we hear you, and we are fighting for you.
So I urge all of my colleagues to join me in supporting the Office
of Rural Affairs Enhancement Act. And I want to thank my col-
league from the great state of Wisconsin, Tony Wied, for partnering
with me in this bipartisan effort.
And with that, I yield back.
Ms. KING-HINDS. Are there any other Members who wish to be
recognized for a statement on the bill?
Seeing none, I would like to recognize the Ranking Member to
speak on the bill and amendment.
Ms. VELÁZQUEZ. Thank you, Madam Chair. I am pleased to
support legislation to enhance the Office of Rural Affairs, and I
commend Ms. Goodlander, Mr. Wied, and Mr. Golden for their com-
mitment to making this office operate more effectively for rural
small businesses.
In 2019, Mr. Golden, as a former Member of the Small Business
Committee, raised this as one of his top priorities for the Com-
mittee. Because the office has been largely vacant for 15 years, he
worked to ensure resources were devoted to the office. Similar leg-
islation was approved by the Committee in the last Congress. I am
delighted that Ms. Goodlander is championing it this Congress.
Rural small businesses are powerful drivers of economic growth
across the country, fueling the agriculture, tourism, manufacturing,
and energy sectors. Yet they receive disproportionately fewer SBA
loans and resources than their urban counterparts. In fiscal year
2025, only 16 percent of 7(a) loans and 13 percent of 504 loans got
to rural areas.
So, today, we are sending a message to 7(a) lenders and 504 com-
panies that rural America must be taken care of. By codifying the
Office of Rural Affairs, we will ensure that rural entrepreneurs
have a permanent advocate at SBA to help them overcome per-
sistent challenges. We have heard the challenges and we know the
gaps. Now it is time to act. I urge my colleagues to vote yes.
I yield back my time.
Ms. KING-HINDS. Thank you, Ranking Member.
I now recognize myself to speak in support of this legislation for
5 minutes.
I rise in support of H.R. 4549, the Office of Rural Affairs En-
hancement Act. Rural small businesses face distinct and persistent
challenges that often hinder their growth and sustainability. These
challenges include a shortage of business assistance resources and
limited access to capital. This bill addresses these challenges by
clarifying the critical role of the SBA’s Office of Rural Affairs in
rural entrepreneurship.
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A recurring theme with the Office of Rural Affairs is that it often
goes unused or is ignored at the detriment of many rural commu-
nities. At the heart of this bill is a commitment to leadership that
understands and prioritizes the rural economy. This bill ensures
that the office will be utilized to reach rural entrepreneurs where
they are, Main Street America. These efforts will strengthen local
networks and equip entrepreneurs with the knowledge and support
necessary for long-term growth. H.R. 4549 is about investing in the
future of rural America, creating jobs, and ensuring resources
reach all businesses across America.
I urge my colleagues to support this legislation, and I yield back.
Does anyone wish to offer an amendment?
Seeing none, the question is now on favorably reporting H.R.
4549 to the House.
All those in favor, say aye.
All those opposed, say no.
In the opinion of the Chair, the ayes have it, and H.R. 4549 is
agreed to.
Mr. MEUSER. Madam Chair?
Ms. KING-HINDS. For what purpose does the gentleman seek
recognition?
Mr. MEUSER. I request a recorded vote.
Ms. KING-HINDS. A recorded vote has been requested. A roll
call vote is ordered. Pursuant to Committee rule 13 and House rule
XI, further proceedings on the bill are postponed.
H.R. 4495
The Committee now moves to consideration of H.R. 4495, the
SBA Fraud Enforcement Extension Act, introduced by Representa-
tives Downing and Conaway. The clerk will report the bill.
The CLERK. H.R. 4495, a bill to extend the statute——
Ms. KING-HINDS. Without objection, H.R. 4495 is considered as
read and open for amendment.
I now recognize the bill sponsor, Mr. Downing, for a statement
on the bill.
Mr. DOWNING. Thank you, Madam Chair.
Over the course of the coronavirus pandemic, the Small Business
Administration carried out an extensive effort channeling funding
to small businesses facing unprecedented economic challenges. In
total, during this period, SBA provided over $1.2 trillion in emer-
gency loans and grants to small businesses. Two of these SBA
COVID era programs, the Restaurant Revitalization Fund and the
Shuttered Venue Operators Grant, targeted financial assistance to-
wards businesses that rely on confined gathering places and were
thus disproportionately harmed by lockdown policies.
While COVID era SBA programs in many cases delivered much
needed aid to small businesses, they were also exploited to an un-
acceptable degree by criminals seeking to defraud American tax-
payers and secure illegitimate loans and grants. According to a
2023 report from the SBA’s Office of Inspector General, SBA dis-
tributed over $200 billion in potentially fraudulent funds in its
COVID era programs. This level of fraud undermines the integrity
of the SBA. It is essential that we track these criminal fraudsters
down and hold them accountable.
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Notably, the statute of limitations for prosecuting fraud for SBA’s
Restaurant Revital Revitalization Fund and the Shuttered Venue
Operators Grant is set to expire in December. If Congress doesn’t
act, law enforcement will not be able to investigate and prosecute
these crimes. This is why I introduced H.R. 4495, the SBA Fraud
Enforcement Extension Act. This bill extends the statute of limita-
tions from 5 years to 10 years for fraud with respect to SBA’s Res-
taurant Revitalization Fund and Shuttered Venue Operations
Grant. This extension will provide critical time for law enforcement
to track down fraudsters and hold them accountable. Moreover, it
will establish parity with the statute of limitations for fraud for
other SBA COVID era programs, like the Paycheck Protection Pro-
gram and the Economic Injury Disasters Loan.
I would like to personally thank my colleague and former Air
Force veteran, Dr. Conaway, for co-leading this legislation with me.
The fraudulent spending of federal taxpayer dollars undermines
our trust in our government. It is essential that law enforcement
is given the proper tools and authority to punish those who subvert
the integrity of the SBA and to ensure fraudsters face con-
sequences for their actions.
With that, I urge my colleagues to support this legislation. And,
Madam Chair, I yield my time.
Ms. KING-HINDS. Thank you.
I now recognize Mr. Conaway for a statement on the bill.
Mr. CONAWAY. Thank you, Madam Chairman. And thank you
certainly to my friend and fellow Air Force officer, Troy Downing,
for joining me in bringing this, well, this important program to ac-
count for those parts of the program that didn’t work according to
the expectations of the American people.
The American people understood very well how important it is to
help during the pandemic. But these are taxpayer dollars, and the
American people expect that those taxpayer dollars are going to be
spent according to the law and that those who violate the law
should be held to account for those transgressions.
More than 30 million small businesses were negatively impacted
by the COVID-19 pandemic. The federal government quite properly
took action in an unprecedented way to ensure that money flowed
into our small businesses, which are so important to our economy.
And over the course of 18 months, the SBA administered 4 major
loan programs and delivered 22 million loans and grants totaling
$1.2 trillion. It is estimated after the SBA undertook its review and
issued a report called ‘‘ Protecting the Integrity of Pandemic Relief
Programs,’’ an estimated one-third of that $1.2 trillion went to per-
sons who fraudulently obtained them and businesses who fraudu-
lently obtained them.
As of June this year, the Office of Investigator General has
opened 31—I would say just 31 investigations related to potential
fraud in these programs by opening 25 cases in the Restaurant Re-
lief Program and 6 open cases in the Shuttered Venue Program. To
date, the OIG’s efforts have resulted in charges against 25 individ-
uals with 14 criminal convictions and more than $61 million in re-
covery. However, it remains important for OIG that it has the ap-
propriate amount of time to process these fraudulent claims and
why it is so important that the Congress act to extend the statute
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of limitations so that the SBA and the OIG can get after these
fraudsters who have taken advantage of the largesse and gen-
erosity and goodwill of their fellow citizens here in the United
States.
I would note that in the Restaurant Revitalization Fund, nearly
$29 billion was spent in that program. And in the Shuttered
Venues Operators Grant, just about $15 million was spent in that
program.
We understand small businesses in Jersey. It is nearly half of
our jobs are created there. We have tens of thousands of res-
taurants and hundreds of thousands of small businesses. They are
very important to our economy. But all of those people, all of those
people work very hard and they want their tax dollars spent in a
way that meets their expectations for a competent program that is
free of fraud. That is the best way, one certainly good way to elimi-
nate fraud and waste in federal spending.
So, as has been mentioned, the statute of limitations will be ex-
tended. And I only hope that as we look forward in time that we
will have enough people there to actually get after all this money
and take whatever other steps we need to take to make sure that
these fraudulent funds are returned to the federal government, so
that the people who, through their tax dollars, support them, can
be confident that we are doing the accountability job we must do
here in the government.
Thank you again to my colleague. And thank you, Madam Chair-
man, for allowing this bill to move forward.
Ms. KING-HINDS. Are there any other Members who wish to be
recognized for a statement on the bill?
Seeing none, I would like to now recognize the Ranking Member
to speak on the bill.
Ms. VELÁZQUEZ. Thank you, Madam Chair. And I would like
to lend my support to the legislation sponsored by Mr. Downing
and Dr. Conaway. I commend both of you for working together to
extend the statute of limitations from 5 years to 10 years for the
additional COVID programs.
This bill is a good complement to the one former Ranking Mem-
ber Leutkemeyer and myself enacted into law for the PPP and
EIDL. During the pandemic, the SBA executed 14 years of lending
in 14 days to help keep small businesses stay afloat. This program
helped millions of small businesses across the country.
Unsurprisingly, there was fraud committed by bad actors looking
to take advantage of our work to assist entrepreneurs in their time
of need. While we may never know the full extent of that fraud,
we do know for certain that the majority of that fraud took place
in the first 9 months of the pandemic.
To combat fraud, the previous administration reinstated the in-
ternal controls in the PPP and EIDL programs and put strong up-
front controls in place for the RRF and SVOG programs. And for
the most part, it worked. Today, the Office of Inspector General’s
work has resulted in charges against 25 individuals, 14 criminal
convictions, and more than $61 million in recovery. The OIG has
31 open RRF cases and 6 open SVOG cases. While these numbers
may seem modest, each case is complex, involving layered trans-
actions, full documentations, and financial concealment. These
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cases take time to investigate and prosecute, and we owe it to the
experts doing the work to give them the tools they need.
But I will be remiss if I didn’t mention that extending the statute
of limitations is only part of the equation. We also need to provide
full funding so that they have the resources to root out fraud. And
we cannot talk about fraud and then look the other way while the
administrator cuts the agency staff by 43 percent. More than 100
employees were reviewing these cases’ awards to ensure the money
were used in accordance with the terms of the grant. And despite
multiple requests for information about staff cuts, we do not know
whether SBA retained these employees. Without sufficient funds
dedicated to oversight and investigative staff, SBA and the OIG
may not be able to fully recover the monies.
In closing, I commend Mr. Downing and Mr. Conaway for leading
this effort and support the bill. I yield back.
Ms. KING-HINDS. Thank you.
I now recognize myself to speak in support of this legislation for
5 minutes.
H.R. 4495 is essential to extend the soon to expire statute of lim-
itations for two pandemic era relief programs, Shuttered Venue Op-
erators Grants and Restaurant Revitalization Fund. First, I want
to thank my colleagues across the aisle and their staff for working
with us to deliver this important piece of legislation.
Taxpayer dollars should be protected at all costs. Unfortunately,
fraudsters, too many fraudsters stole COVID relief funds from
small businesses across the country. These fraudsters hope that the
statute of limitations for their crimes pass, allowing them to skirt
justice. We cannot let this happen. This Committee is committed
to holding fraudsters accountable.
Earlier this year, the House passed H.R. 825, the Assisting Small
Businesses, Not Fraudsters Act. Once passed by the Senate and
signed into law, that bill will cut off the ability for the same indi-
viduals to have access to the agency that they defrauded.
The Ranking Member led the charge in the 117th Congress to
hold fraudsters accountable in the Paycheck Protection Program
and COVID Economic Injury Disaster Loans. I am glad this bipar-
tisan effort will do the same for SVOG and RRF programs. This
legislation sends a clear message that the era of taking advantage
of the American taxpayer is over.
I urge my colleagues to support this legislation, and I yield back.
Does anyone wish to offer an amendment?
Seeing none, the question is now on favorably reporting H.R.
4495 to the House.
All those in favor, say aye.
All those opposed, say no.
In the opinion of the Chair, the ayes have it. H.R. 4495 is agreed
to.
Mr. DOWNING. Madam Chair?
Ms. KING-HINDS. For what purpose does the gentleman seek
recognition?
Mr. DOWNING. Madam Chair, I request a recorded vote.
Ms. KING-HINDS. A vote has been requested. Pursuant to Com-
mittee rule 13 and House rule XI, further proceedings on the bill
are postponed.
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H.R. 4491
All right. The Committee now moves to consideration of H.R.
4491, the SBA IT Modernization Reporting Act, introduced by Rep-
resentatives Cisneros and Jack. The clerk will report the bill.
The CLERK. H.R. 4491, a bill to require the Administrator——
Ms. KING-HINDS. Without objection, H.R. 4491 is considered as
read and open for amendment.
I now recognize—is Mr. Cisneros available? He is? I now recog-
nize the bill’s sponsor, Mr. Cisneros, for a statement on the bill.
Mr. CISNEROS. Thank you, Madam Chair. I would like to thank
the Chairman and the Ranking Member for the support on this.
I am proud this committee can work in a bipartisan manner so
that SBA can modernize its IT infrastructure and improve its serv-
ices to small business. I thank Representative Jack for joining me
in introducing this SBA IT Modernization Reporting Act, which
will require the SBA to implement 11 recommendations made by
the Government Accounting Office to address future IT moderniza-
tion projects and keep Congress informed of those changes.
Billions of dollars in federal contracts are awarded to small busi-
nesses every year, and the SBA plays a vital role in promoting
small business participation. But over the years, the SBA’s out-
dated and inefficient IT systems have made it harder for entre-
preneurs to access the resources they need. A recent GAO report
identified critical gaps in the SBA’s modernization efforts, from
risk management to cybersecurity and budgeting. Going forward, it
is important for our small businesses that the SBA follow best
practices when modernizing IT systems.
My bill directly addresses these issues by requiring the SBA Ad-
ministrator to implement 11 GAO recommendations. It also man-
dates a clear plan of action and ensures that we in Congress are
kept in the loop by ensuring we receive a copy of the implementa-
tion plan, a briefing on the plan, and the details and timeline for
all actions within the plan. This means better oversight, better exe-
cution, and, most importantly, better service by the SBA for all
small businesses.
I worked across the aisle with Rep. Jack to introduce this com-
mon sense bipartisan legislation, which shows that modernizing
how the SBA works is not a partisan issue. Together we can ensure
that the SBA is prepared to meet the evolving needs of small busi-
nesses. I urge my colleagues to support this bill to ensure we give
the SBA modern tools it needs to support the success of America’s
small businesses.
And with that, I yield back.
Ms. KING-HINDS. Are there any other Members who wish to be
recognized for a statement on the bill?
Seeing none, I would like to recognize the Ranking Member to
speak on the bill.
Ms. VELÁZQUEZ. Thank you, Madam Chair. And thank you to
Representatives Cisnero and Jack for your work on this important
bill.
After repeated, unsuccessful attempts to develop and deploy a
platform that will be a one-stop shop for contracting certifications,
I asked GAO to review SBA efforts and figure out why they failed.
An efficient and fully operational IT platform is critical for the SBA
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to conduct the certifications that open the door to the federal mar-
ketplace for so many small businesses. While I urge SBA to ad-
dress the shortcomings GAO identified for the Unified Certification
Platform, I appreciate that today’s bill addresses ‘‘the underlying
issue that GAO highlighted’’ SBA does not have the processes and
procedures in place that should govern any IT modernization
project.
Failing to use best practices to manage risk, costs, and security
wastes taxpayers’ dollars and puts the information small busi-
nesses have provided to SBA at risk. The SBA IT Modernization
Reporting Act will ensure that the SBA addresses the root causes
that lead IT projects to fall behind schedule, increase cost, or out-
right fail.
Again, I appreciate the leadership of our Contracting Sub-
committee Ranking Member Representative Cisnero to move this
bill. It strikes the right balance of providing SBA with sufficient
flexibility to make necessary changes while holding them account-
able through smart congressional oversight.
I urge all my colleagues to support it, and I yield back.
Ms. KING-HINDS. Thank you. I now recognize myself to speak
in support of this legislation for 5 minutes.
I rise in support of H.R. 4491, the SBA IT Modernization Report-
ing Act. Under the Biden Administration, mismanagement of the
SBA was an all-time high. This was evident with last year’s disas-
trous overhaul of SBA’s contract certification system. This Com-
mittee raised the alarm over the unorganized plan with no internal
controls and guardrails to ensure small businesses don’t suffer.
While the SBA delayed the launch of the contract certification sys-
tem for months, they ignored our concerns. The Biden-Harris SBA
left a final product with serious flaws, including cybersecurity
risks.
Late last year, the GAO reviewed these failures and issued a se-
ries of recommendations to strengthen the SBA’s policies around IT
system upgrades. This bill requires the SBA to implement these
recommendations and establish a plan for proper safeguards. This
will prevent future disruptions and restore trust in the SBA’s abil-
ity to serve small businesses efficiently and securely.
I urge my colleagues to support this legislation, and I yield back.
Does anyone wish to offer an amendment?
Seeing none, the question is now on favorably reporting H.R.
4491 to the House.
All those in favor, say aye.
All those opposed, say no.
In the opinion of the Chair, the ayes have it. H.R. 4491 is agreed
to.
Mr. SCHMIDT. Madam Chair?
Ms. KING-HINDS. For what purpose does the gentleman seek
recognition?
Mr. SCHMIDT. Madam Chair, I request a recorded vote.
Mr. STAUBER. A recorded vote has been requested. A roll call
vote is ordered. Pursuant to Committee rule 13 and House rule XI,
further proceedings on the bill are postponed.
H.R. 3174
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Ms. KING-HINDS. The Committee now moves into consideration
of H.R. 3174, the Made in America Manufacturing Finance Act, in-
troduced by Chairman Williams. The clerk will report the bill.
The CLERK. H.R. 3174, a bill to increase loan lending——
Mr. STAUBER. Without objection, H.R. 3174 is considered as
read and open for amendment.
As designated by Chairman Williams, I now call up an amend-
ment in the nature of a substitute at the desk on his behalf. The
amendment has been distributed in advance. The clerk will report
the amendment.
The CLERK. Amendment in the nature of a substitute to H.R.
3174 offered by Mr. Williams.
Mr. STAUBER. Without objection, the amendment is considered
as read and the substitute will be considered as base text for the
purposes of further amendment.
I now recognize myself for an opening statement on the Chair-
man’s bill and the amendment.
I am proud to speak about H.R. 3174, the Made in America Man-
ufacturing Finance Act of 2025, or MAMFA for short, a bill that
the Chairman introduced on May 1, 2025. H.R. 3174 will increase
the loan limit for small manufacturers under the SBA 7(a) and 504
lending programs from 5 million to 10 million dollars. This bill will
provide American manufacturers the capital they need to invest in
new technology as well as hire, grow, and reshore jobs that have
been lost.
In the last year of President Biden’s term, the U.S. lost over
100,000 manufacturing jobs. While this alone is staggering, the de-
cline of the American manufacturing sector did not happen over-
night. It is the result of America last policies that carelessly
shipped jobs overseas, opening the door for foreign adversaries to
fill the void. We must reverse this trend which will require more
than just luck.
The ability to manufacture in the United States is vital to our
country’s economic and national security. President Trump under-
stands this. As part of his administration’s priorities, he has been
championing pro-growth and pro-American policies that are fueling
a domestic manufacturing comeback. I would like to thank FSGG
Chairman Dave Joyce and his staff for working with the Com-
mittee to provide additional loan authority for small manufacturers
to account for H.R. 3174 in the FSGG bill approved by the Sub-
committee yesterday.
H.R. 3174 is essential to keep pace with demand for capital and
bringing jobs back to the United States. That is why SBA Adminis-
trator Loeffler and manufacturing and lending stakeholders have
come out in support of this bill.
Some on the other side of the aisle plan to oppose this bill, claim-
ing that it will add risk to the SBA’s loan portfolio. But the truth
is that SBA’s modeling shows that the 7(a) loan fee structure would
actually return more fees to the SBA and help ensure the programs
remains zero subsidized, costing the taxpayers nothing.
The Chairman has worked very hard on this legislation and
wishes he could be here to speak in support of it. I urge my col-
leagues to support H.R. 3174, a crucial piece of legislation that will
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support small businesses and revitalize the American manufac-
turing base.
I now recognize the Ranking Member to speak on the bill.
Ms. VELÁZQUEZ. Thank you, Madam Chair.
One of my longstanding legislative priorities for modernizing this
504 program raises the 504 loan limit for small manufacturers. But
more can be done and I look forward to continuing discussions to
further strengthen the program.
Turning to 7(a), last Congress we heard concern from our col-
leagues on the other side of the aisle about rising default rates. I
share those anxieties and have since been working to better under-
stand the situation. But apparently, we are dismissing the default
rates and just ignoring all the data we have worked diligently to
collect. I would like to reach an agreement, but it will take more
time and more evidence to ensure we are protecting the program
and taxpayers. I am committed to continuing our discussions to
make thoughtful modifications after additional briefings with the
agency. But let me just lay out some concerns with the text as
drafted.
Perhaps most frustrating is the fact that there is no evidence to
demonstrate that the 7(a) loan limit needs to be increased. In fact,
SBA data shows the opposite. There is greater demand for manu-
facturing loans of $1 million and less than there is for loans great-
er than $3 million. Since 2023, there has been over 6,300 manufac-
turing loans worth $1 million or less, but only 362 loans worth
more than $3 million. Maybe there could be a demand now that we
have erratic tariff policies harming domestic manufacturers. Unfor-
tunately, we do not know what the need is nor evidence that manu-
facturers cannot access financing in our conventional markets re-
quired by the credit elsewhere test. This remains amongst the
questions I need answer from SBA.
And I recognize the loan limits haven’t been increased since 2010
and admit there is a conversation to be had on that topic. However,
neither the SBA nor the majority have justified in any way how
they arrived at the $10 million limit. Instead, this number just
seemed to be plucked out of thin air and well beyond the adjust-
ment for inflation.
More importantly, raising the loan limits does not happen in a
vacuum. Defaults have increased annually for the last 3 years and
stands at 3.7 percent. More alarming, the 7(a) loans originated to
manufacturers have the second highest percentage of defaults in
the program. And I want to repeat that. More alarming, 7(a) loans
originated to manufacturers have the second highest percentage of
defaults in the program.
The 7(a) program is zero subsidy. But when defaults are rising,
like they are now, the SBA spends more taxpayer money to reim-
burse lenders for losses threatening the program’s ability to pay for
itself and necessitating additional congressional spending. We are
on track to reach the overall program cap for the 7(a) program and
my fear is that increasing the loan limit for manufacturers risks
allowing this loan to use up a disproportionate share of the lending
authority, which could result in fewer small dollar loans.
I recognize that the House FSGG appropriations bill proposes an
increase to the 7(a) cap and I appreciate Mr. Williams efforts on
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this point. But that is just the first step in a lengthy appropriation
process and there is no guarantee if there will be an increase at
all. I remain committed to working together to find agreement on
raising small business loans for manufacturers, but must be done
in a responsible way and not at the expense of the program’s integ-
rity. Chairman Williams and I have agreed to continue working to-
gether on this measure in an effort to make the bill as strong as
possible.
With that, I yield back.
Ms. KING-HINDS. Thank you. Are there any other Members
who wish to be recognized for a statement on the bill?
Does anyone wish to offer an amendment?
Seeing none, the question now occurs on the adoption of the sub-
stitute amendment offered to H.R. 3174.
All those in favor, say aye.
All those opposed, say no.
In the opinion of the Chair, the ayes have it. The amendment in
the nature of a substitute to H.R. 3174 is adopted.
The question is now on favorably reporting H.R. 3174, as amend-
ed, to the House.
All those in favor, say aye.
All those opposed, say no.
In the opinion of Chair, the ayes have it. H.R. 3174, as amended,
is adopted and will be reported favorably to the House.
The Committee will stand in recess subject to the call of the
Chair. Members, please return at 11 p.m. to resume consideration
of the bills—11 a.m., 11 a.m. to resume consideration of the bills
on which roll call votes were requested and postponed.
[Recess.]
Mr. STAUBER. [Presiding.] The Committee will come to order.
The Committee will resume consideration of the bills on which roll
call votes were requested and postponed. We will start with H.R.
2066.
The question now is on adopting H.R. 2066, as amended, and or-
dering it favorably to the House. The clerk will open the vote.
[The vote was taken.]
Mr. STAUBER. Are there any other Members who have not
voted or wish to change their vote?
If not, the clerk will close the vote. The clerk will report.
The CLERK. Mr. Chairman, on this vote the ayes are 23 and the
noes are 0.
Mr. STAUBER. The motion is agreed to and H.R. 2066, as
amended, is adopted and will be reported favorably to the House.
The question now is on adopting H.R. 4549 and ordering it favor-
ably to the House. The clerk will open the vote.
[The vote was taken.]
Mr. STAUBER. Are there any other Members who have not
voted or wish to change their vote?
If not, the clerk will close the vote. The clerk will report.
The CLERK. Mr. Chairman, on this vote the ayes are 23 and the
noes are 0.
Mr. STAUBER. The motion is agreed to and H.R. 4549 is adopt-
ed and will be reported favorably to the House.
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The question now is on adopting H.R. 4495 and ordering it favor-
ably to the House. The clerk will open the vote.
[The vote was taken.]
Mr. STAUBER. Are there any other Members who have not
voted or wish to change their vote?
If not, the clerk will close the vote. The clerk will report.
The CLERK. Mr. Chairman, on this vote the ayes are 23 and the
noes are 0.
Mr. STAUBER. The motion is agreed to and H.R. 4495 is adopt-
ed and will be reported favorably to the House.
The question now is on adopting H.R. 4491 and ordering it favor-
ably to the House. The clerk will open the vote.
[The vote was taken.]
Mr. STAUBER. Are there any other Members who have not
voted or wish to change the vote?
If not, the clerk will close the vote. The clerk will report.
The CLERK. Mr. Chairman, on this vote the ayes are 23 and the
noes are 0.
Mr. STAUBER. The motion is agreed to and H.R. 4491 is adopt-
ed and will be reported favorably to the House.
Without objection, the Committee staff is authorized to make
technical and conforming changes. And Members have 2 business
days to file additional supplemental, dissenting, and minority
views.
I want to thank all of you for being here today. If there is no fur-
ther business, this concludes today’s markup.
Without objection, the Committee stands adjourned.
[Whereupon, at 11:07 a.m., the committee was adjourned.]
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APPENDIX
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Æ
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File and source
- File
- CHRG-119hhrg62540.pdf
- Size
- 23,695,478 bytes
- SHA-256
- 0302143c78a8f51a28ae510dbdf68596604d90a822ef7702c1348e3ad26881e8
- Our copy
- CHRG-119hhrg62540.pdf
- Original
- www.govinfo.gov