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Monday, October 1, 2007

The White House Strongly Opposes House Passage of H.R. 3567.

The White House has issued an official statement in opposition to on H.R. 3567, the Small Business Investment Expansion Act of 2007. In the statement the Office of Management and Budget said, "The Administration strongly opposes House passage of H.R. 3567," in addition to, "The Administration also strongly opposes the proposed change to the definition of a small business for the purposes of venture capital investment. This redefinition strips the elements of independent ownership and control that identify small business ownership under current law. Not only would this change be inequitable for actual small businesses, but it would be a step backward from our recent progress in addressing the misidentification of large firms as small businesses for Federal procurement purposes."

Here is a link to the official statement:

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