Small Business Reorganization Act of 2019

Floor Speech

I rise in support of the bill. I want to thank the gentleman from Rhode Island for his leadership on this issue.

The bankruptcy system is a critical component of our economy. It provides an important step, an important safety net for households and entrepreneurs when they need a fresh start. It also stabilizes and encourages lending, because it is a tried-and-true way for creditors to recover as much as feasible when things go wrong for borrowers.

It is particularly important that the Bankruptcy Code work for small businesses. Small business owners are the backbone of communities across our country. It is their risk-taking that drives the creation of new jobs in America. When they need the Bankruptcy Code's help to reorganize their debts and keep their businesses going, the Bankruptcy Code should be there as a tool to help them.

That is why I am particularly happy that the House today considers the Small Business Reorganization Act. This important bill offers long- needed reform of Chapter 11 in the Bankruptcy Code to help small businesses, and I am proud to introduce it, along with Chairman Cicilline.

I want to thank the full committee chairman, Chairman Nadler, and Ranking Member, Mr. Collins, for their support for this legislation and for being original cosponsors this term.

Mr. Speaker, this bill promises to finally make Chapter 11 work for the entrepreneurs whose small businesses are critical to life in communities across this Nation, and I encourage all my colleagues to support the bill.

I yield back the balance of my time.

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