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Preventing SBA Assistance from Going to China Act of 2021

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Mr. Smith, for himself and others, introduces,

A BILL

To prohibit certain business concerns from receiving assistance from the Small Business Administration, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Preventing SBA Assistance from Going to China Act of 2021”.

SEC. 2. PROHIBITION ON AFFILIATION WITH THE PEOPLE'S REPUBLIC OF CHINA.

 

(a) In General.—Section 3(a) of the Small Business Act (15 U.S.C. 632(a)) is amended by adding at the end the following:

 

“(10) PROHIBITION ON AFFILIATION WITH THE PEOPLE'S REPUBLIC OF CHINA.—For purposes of this Act, a small business concern may not—

“(A) be headquarted in the People's Republic of China; or

“(B) have more than 25 percent of the voting stock of the small business concern owned by affiliates that are citizens of the People's Republic of China.”.

(b) Regulations And Guidance.—The Administrator of the Small Business Administration shall amend the regulations and guidance of the Administration, including sections 120.100, 120.110, and 121.105 of title 13, Code of Federal Regulations, to carry out the amendment made by this Act.

PES: Prevents SBA assistance from going to China if said small business is headquarted or has more than 25% of voting stock in the PRC.

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Mr. Speaker, 

I motion for UC on this common sense bill to ensure that no money that is to help America's Main Street goes to China.

I yield.

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Mr.speaker,

I object the Secretary of state designate has made it quite clear that the goal of this administration is to improve relations with China,  and this bill condricts that aim. And unless there is a rash of American small businesses fleeing to china I dont nessacerily see the need for this bill.

I yield.

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Sorry, I was looking for the ladies' room.

Edited by LMR
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Mr. Speaker,

Its a sad day in America when the other side chooses China over the American small business owner. This bill would hardly strain relations with the Chinese if our goal is to have better relations. I think we need to do what is right and prevent money from the SBA from going to china. 

I yield.

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Mr.Speaker,

We aren't choosing China over US business in fact we are trying to help both US businesses and up starting a more capitalistic system in China by allowing our companies to compete overseas instead of stifling them. It's also important to note the SBA doesn't give money to China but to the businesses and that excludes small businesses all over the world to aide there economies. So the big question here is why only target China, especially as that would lead to further economic hostilities then the ones we are facing thanks to the previous administration.

 

I yield. 

Edited by Batman
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Mr. Speaker,

The gentleman has stated the whole point of this bill. The United States Small Business Association does not exist to "start a more capitalistic system in China." It exists to help the American citizen start up a business and live out the American dream. A vote for this bill is a vote for the American worker.

I yield.

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Mr.Speaker,

If the gentlemen opposite cared for the American worker he'd support a minimum wage increase but that's another debate for another bill. In an effort to make the bill a bit better I make the following amendment 

Quote

(B) have more than 25 percent of the voting stock of the small business concern owned by affiliates that are citizens of the People's Republic of China.”.

I yield

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Mr. Speaker,

I oppose this amendment because it will basically neuter the bill. Getting rid of this clause will effectively allow the Chinese to infiltrate America's Main Street. I think this would be a higher security concern.

I yield.

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Mr.Speaker,

Believe it or not the Chinese aren't the only ones who own stock in American countries, a great many countries control stock in companies I don't know why the gentlemen considers Chinese entrepreneurs are only trying to do the American companies harm while no other forgiven investors are.

I yield. 

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Democrats: 30 Aye, 190 Nay

Republicans: 189 Aye, 26 Nay

Final Vote Totals: 219 Aye, 216 Nay

 

Bill Passes

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25 minutes ago, TexAgRepublican said:

Mr. President,

I move for unanimous consent.

I yield.

 

Mr President, '

I object

I yield

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