Beatty Again At Forefront for Minority-Owned Businesses as COMPETES Act Passes House

WASHINGTON, D.C. — Today, the U.S. House of Representatives passed H.R. 4521, the America COMPETES Act of 2022, by a vote of 222-210. Included in the bill were two amendments introduced by U.S. Congresswoman Joyce Beatty (OH-03) to ensure that minority-owned businesses, veteran-owned businesses and women-owned businesses are full and active participants in America's coming manufacturing transformation.

"I remember all too well how small and minority-owned businesses were left out of the tens of billions of dollars from the Paycheck Protection Program (PPP) at the beginning of the pandemic. Now, as we recommit to boldly and strategically invest in our nation's future with the COMPETES Act – I am continuing to fight for greater access for women- and minority-owned businesses," said Beatty. "According to the Small Business Administration, less than 2% of all federal contracts go to Black or Hispanic owned small businesses. With my amendment, we will take an important step toward addressing the existing barriers and make sure all Americans benefit from these necessary investments."

Beatty's amendments would establish an Office of Opportunity and Inclusion in the Department of Commerce to ensure that economically disadvantaged individuals, minority-owned businesses, veteran-owned businesses and women-owned businesses are full and active participants in America's coming manufacturing transformation.

If signed into law, the America COMPETES Act would make transformational investments in research, innovation and American manufacturing that would decrease reliance on foreign manufacturing and ensure America can outcompete any nation in the world, now and for decades to come.

The passage of The America COMPETES Act comes on the heels of Intel's announced plans to build a new $20 billion semiconductor production facility in New Albany, Ohio.

From the very beginning of the pandemic, U.S. Congresswoman Joyce Beatty (OH-03) has continually called for greater federal assistance for truly small businesses, including minority-owned, independent contractors, and 1099 workers. In fact, as the Chair of the House Financial Services Subcommittee on Diversity and Inclusion, Beatty took a lead role in helping to draft the proposal allocating tens of billions of dollars from the Paycheck Protection Program (PPP) for community development financial institutions and other non-traditional lenders that have historically served communities of color as well as rural and urban areas.