Wosb Accountability Act

Floor Speech

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Mr. LaLOTA. Mr. Speaker, the fundamental question this bill addresses is: Should a Federal contract intended for women go to men and fraudsters, or should a Federal contract intended for women-owned small businesses actually go to women?

Fortunately, even though we Republicans and Democrats disagree on a lot in this Chamber, we agree that the contracts meant for women should go to women.

Yet, right now, under Federal law, companies can simply self- certify--check a box claiming to be a woman-owned small business--and still count toward the Federal Government's goals.

That means bad actors can game the system, take contracts they don't deserve, and rob real women entrepreneurs of the opportunities meant for them. That is wrong, and that is exactly the kind of Washington loophole I am working to close.

Self-certification invites fraud. In fact, the Small Business Administration's own inspector general has repeatedly warned about the risks of fraud under self-certification. This was especially apparent with the SBA's COVID-19 lending programs, where fraudulent self- certification led to billions of dollars in losses.

That is why I am proud to support the WOSB Accountability Act, a bipartisan effort that ensures contracts meant for women go to women.

This legislation is straightforward, Mr. Speaker. It puts an end to the days of businesses just claiming they are women-owned without having to prove it.

Under this bill, only certified and verified women-owned small businesses would count toward the Federal Government's contracting goals, just like it should be. It is high time we address this issue and empower women in business by ensuring the system works for them, not against them.

Mr. Speaker, I thank Ranking Member Velazquez, my fellow New Yorker, for partnering with me on this important piece of legislation. It is time we stop allowing fraudsters to steal opportunities meant for legitimate women entrepreneurs. I urge all of my colleagues to support the WOSB Accountability Act.

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