Unlocking Opportunities in Emerging Markets Act of 2020

I 116TH CONGRESS 2D SESSION H. R. 7773 To establish an Office of Emerging Markets within the Small Business Ad- ministration that will strengthen the development of small business con- cerns in emerging markets, such as those owned by women; socially and economically disadvantaged individuals, including Black Americans, Hispanic Americans, Native Americans (Alaska Natives, Native Hawai- ians, or enrolled members of a federally or State recognized Indian Tribe), Asian Pacific Americans, and other minorities; veterans; and those located in rural areas, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JULY 24, 2020 Ms. FINKENAUER (for herself and Mr. YOUNG) introduced the following bill; which was referred to the Committee on Small Business A BILL To establish an Office of Emerging Markets within the Small Business Administration that will strengthen the develop- ment of small business concerns in emerging markets, such as those owned by women; socially and economically disadvantaged individuals, including Black Americans, Hispanic Americans, Native Americans (Alaska Natives, Native Hawaiians, or enrolled members of a federally or State recognized Indian Tribe), Asian Pacific Ameri- cans, and other minorities; veterans; and those located in rural areas, and for other purposes. VerDate Sep 11 2014 16:17 Aug 15, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6652 E:\BILLS\H7773.IH H7773 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 7773 IH Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Unlocking Opportuni- 4 ties in Emerging Markets Act of 2020’’. 5 SEC. 2. OFFICE OF EMERGING MARKETS. 6 Section 7 of the Small Business Act (15 U.S.C. 636) 7 is amended by adding at the end the following: 8 ‘‘(o) OFFICE OF EMERGING MARKETS.— 9 ‘‘(1) DEFINITIONS.—In this subsection— 10 ‘‘(A) the term ‘Associate Administrator’ 11 means the Associate Administrator of the Office 12 of Capital Access of the Administration; 13 ‘‘(B) the term ‘Director’ means the Direc- 14 tor of the Office of Emerging Markets; 15 ‘‘(C) the term ‘microloan program’ means 16 the program described in subsection (m); 17 ‘‘(D) the term ‘Reservist’ means a member 18 of a reserve component of the Armed Forces 19 named in section 10101 of title 10, United 20 States Code; 21 ‘‘(E) the term ‘rural area’ has the meaning 22 given the term in subsection (m)(11); 23 VerDate Sep 11 2014 16:17 Aug 15, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7773.IH H7773 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 7773 IH ‘‘(F) the term ‘service-connected’ has the 1 meaning given the term in section 101 of title 2 38, United States Code; and 3 ‘‘(G) the term ‘small business concern in 4 an emerging market’ means a small business 5 concern— 6 ‘‘(i) that is located in— 7 ‘‘(I) a low-income or moderate-in- 8 come area for purposes of the Com- 9 munity Development Block Grant 10 Program under title I of the Housing 11 and Community Development Act of 12 1974; 13 ‘‘(II) a HUBZone as defined in 14 section 31(b); 15 ‘‘(III) a community that has been 16 designated as an empowerment zone 17 or an enterprise community under 18 section 1391 of the Internal Revenue 19 Code of 1986; 20 ‘‘(IV) a community that has been 21 designated as a Promise Zone by the 22 Secretary of Housing and Urban De- 23 velopment; 24 VerDate Sep 11 2014 16:17 Aug 15, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H7773.IH H7773 pamtmann on DSKBC07HB2PROD with BILLS 4 •HR 7773 IH ‘‘(V) a community that has been 1 designated as a qualified opportunity 2 zone under section 1400Z–1 of the In- 3 ternal Revenue Code of 1986; or 4 ‘‘(VI) a rural area; 5 ‘‘(ii) that has more than 50 percent of 6 employees residing in a low- or moderate- 7 income community; 8 ‘‘(iii) that is growing, newly estab- 9 lished, or a startup, as those terms are 10 used in subsection (m); 11 ‘‘(iv) owned and controlled by socially 12 and economically disadvantaged individ- 13 uals, including Black Americans, Hispanic 14 Americans, Native Americans (Alaska Na- 15 tives, Native Hawaiians, or enrolled mem- 16 bers of a federally or State recognized In- 17 dian Tribe), Asian Pacific Americans, and 18 other minorities; 19 ‘‘(v) owned and controlled by women; 20 ‘‘(vi) owned and controlled by vet- 21 erans; 22 ‘‘(vii) owned and controlled by service- 23 disabled veterans; or 24 VerDate Sep 11 2014 16:17 Aug 15, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H7773.IH H7773 pamtmann on DSKBC07HB2PROD with BILLS 5 •HR 7773 IH ‘‘(viii) not less than 51 percent owned 1 and controlled by one or more— 2 ‘‘(I) members of the Armed 3 Forces participating in the Transition 4 Assistance Program of the Depart- 5 ment of Defense; 6 ‘‘(II) Reservists; 7 ‘‘(III) spouses of veterans, mem- 8 bers of the Armed Forces, or Reserv- 9 ists; 10 ‘‘(IV) surviving spouses of vet- 11 erans who died on active duty or as a 12 result of a service-connected disability; 13 or 14 ‘‘(V) individuals with a disability, 15 as defined in section 3 of the Ameri- 16 cans with Disabilities Act of 1990. 17 ‘‘(2) ESTABLISHMENT.—There is established 18 within the Administration the Office of Emerging 19 Markets, which shall be— 20 ‘‘(A) under the general management and 21 oversight of the Administration; and 22 ‘‘(B) responsible for the planning, coordi- 23 nation, implementation, evaluation, and im- 24 provement of the efforts of the Administrator to 25 VerDate Sep 11 2014 16:17 Aug 15, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H7773.IH H7773 pamtmann on DSKBC07HB2PROD with BILLS 6 •HR 7773 IH enhance the economic well-being of small busi- 1 ness concerns in an emerging market. 2 ‘‘(3) DIRECTOR.— 3 ‘‘(A) IN GENERAL.—Not later than 180 4 days after the date of enactment of this sub- 5 section, the Administrator shall appoint a Di- 6 rector of the Office of Emerging Markets, who 7 shall— 8 ‘‘(i) supervise the Office of Emerging 9 Markets and report to the Associate Ad- 10 ministrator; and 11 ‘‘(ii) be in the Senior Executive Serv- 12 ice under subchapter VIII of chapter 53 of 13 title 5. 14 ‘‘(B) DUTIES.—The Director shall— 15 ‘‘(i) create and implement strategies 16 and programs that provide an integrated 17 approach to the development of small busi- 18 ness concerns in an emerging market; 19 ‘‘(ii) develop and recommend policies 20 concerning the microloan program and any 21 other access to capital program of the Ad- 22 ministration, as such programs pertain to 23 small business concerns in an emerging 24 market; 25 VerDate Sep 11 2014 16:17 Aug 15, 2020 Jkt 099200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H7773.IH H7773 pamtmann on DSKBC07HB2PROD with BILLS 7 •HR 7773 IH ‘‘(iii) establish partnerships to ad- 1 vance the goal of improving the economic 2 success of small business concerns in an 3 emerging market; and 4 ‘‘(iv) review the effectiveness and im- 5 pact of the microloan program and any 6 other access to capital program of the Ad- 7 ministration that is targeted to serve small 8 business concerns in an emerging market. 9 ‘‘(C) CONSULTATION.—In carrying out the 10 duties under this paragraph, the Director shall 11 consult with district offices of the Administra- 12 tion.’’. 13 Æ VerDate Sep 11 2014 16:17 Aug 15, 2020 Jkt 099200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6301 E:\BILLS\H7773.IH H7773 pamtmann on DSKBC07HB2PROD with BILLS