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Pelosi Remarks to Minority Business Summit

September 14, 2005

Pelosi Remarks to Minority Business Summit

Wednesday, September 14, 2005

Contact: Brendan Daly/Jennifer Crider, 202-226-7616

Washington, D.C. â€" House Democratic Leader Nancy Pelosi spoke today at a Minority Business Summit, hosted by Congresswoman Nydia Velazquez (D-NY) and Democrats on the House Small Business Committee. The forum focused on the role minority entrepreneurs play in the small business community. Below are Pelosi’s remarks as prepared:

â€Å"Thank you for being with us today at the 4th Annual Minority Business Summit.

â€Å"Thank you, Congresswoman Velázquez, for putting together today’s summit, for your outstanding leadership as Ranking Democrat on the Small Business Committee, and for being such an eloquent and powerful voice for small businesses in the Congress. No wonder you were named Woman of the Year by Hispanic Business Magazine in 2003.

â€Å"Thank you, Agnes Briones, for joining us from my home city of San Francisco and for your leadership as director of the San Francisco Small Business Commission. As Director, Agnes works to ensure that the City promotes the economic health of its small business community. Agnes is the highest-ranking Filipina-American in the San Francisco city government.

â€Å"As you all know, small businesses are the engine of our economy, providing three out of every four new jobs nationwide, representing more than 95 percent of all employers, creating half of our gross domestic product.

â€Å"Minority firms are a vital part of this engine, owning18 percent of the nation's 23 million companies, and employing almost 5 million Americans. This number of minority-owned businesses just keeps growing, soaring 31 percent to more than 4 million from 1997 to 2002.

â€Å"The value of entrepreneurial spirit is strong in every culture. Hispanics own 1.6 million businesses, African Americans own 1.2 million businesses, Asians own 1.1 million businesses, and Native Americans and Alaska Natives own a quarter of a million businesses.

â€Å"Democrats believe that expanding opportunities for minority-owned businesses to contract with the federal government grows small businesses and improves the federal marketplace. In the wake of Hurricane Katrina, we need to provide opportunities for small, local, and minority-owned businesses to play a major role in the rebuilding, but the Bush Administration is trying to undermine our efforts, and put minority small businesses at a disadvantage in receiving federal contracts.

â€Å"Democrats believe that the federal government should be helping, not hindering small businesses from getting ahead. We will also oppose any effort by the Bush Administration to leave minority small businesses out of the contracts awarded during recovery from Hurricane Katrina.

â€Å"As small business owners you are creating the new technology, the new products, and more effective business operations. You are the leaders in innovation. You are the backbone of the American economy and the embodiment of the American dream.

â€Å"That is why it is imperative that we hear directly from you about the issues facing small businesses across the country. Your wisdom can help us promote policies and legislation that will help you achieve your goals â€" not stand in your way. We look forward to hearing from you today about your ideas and we hope that this day will be as beneficial for you as it will be for the Democratic Members who participate.

â€Å"Thank you all for coming.”