Representative Harley Rouda's Research and Development Bill Passes the House Unanimously
For Immediate Release
Contact: Andrew Noh
WASHINGTON, D.C. – Today, the House of Representatives passed H.R. 206, the Encouraging Small Business Innovation Act introduced by Representative Harley Rouda (D-CA-48) and cosponsored by Representative Adriano Espaillat (D-NY-13) by voice vote.
“I’m honored that the House of Representatives unanimously passed my bill today,” said Representative Harley Rouda. “As a businessman and entrepreneur, I know how hard it is for companies to invest in their ideas and then bring them to market. My bill will add new investment to the Small Business Innovation Research Program (SBIR) and the Small Business Technology Transfer Program (STTR) programs while increasing competitiveness and diversity. These two programs have invested over $34 million in CA-48 businesses since 2011 and stand to invest more with passage of my bill.”
“I’m proud to support the Encouraging Small Business Innovation Act,” said Congressman Adriano Espaillat (NY-13). “The SBIR and STTR programs are an invaluable resource for helping small businesses grow and develop because they stimulate the kind of innovation and growth that keep America competitive while creating good jobs in our communities. I was proud to work with Ranking Member Nydia Velázquez on this legislation when it passed during the 115th Congress, and I am glad to see one of my new Democratic colleagues become its champion. I congratulate Rep. Harley Rouda on seeing this legislation pass once again in the House, and I look forward to continuing to work with him to promote the success of small businesses around the country.”
H.R. 206, the Encouraging Small Business Innovation Act
The Small Business Innovation Act empowers small businesses by including Small Business Investment Companies as potential investors in the Small Business Innovation Research Program (SBIR) and the Small Business Technology Transfer Program (STTR) programs. These two programs invested over $34 million in CA-48 businesses since 2011 and stand to invest more with the addition of Small Business Investment Companies.
The bill also increases the capital available for private investors by excluding the amount of any investment made to SBIR/STTR participants. And funding isn’t the only issue H.R. 206 addresses. We know that the lack of competitiveness and diversity continue to raise concerns with both programs. The Small Business Innovation Act addresses also removes a statutory requirement to increase diversity by allowing agencies to use part of their SBIR allocation to conduct outreach to women-owned and minority-owned firms.