Congressman Al Green Joined U.S. Department of Commerce to Celebrate Permanent Codification of the Minority Business Development Agency Made Possible by his Minority Business Resiliency Act

(Washington, D.C.) – On Tuesday, September 20, 2022, Congressman Al Green released the following statement:

“I was excited to attend the reception celebrating the permanent codification of the Minority Business Development Agency (MBDA) thanks to the passage of my bill H.R. 2689 – The Minority Business Resiliency Act. The MBDA is a federal agency dedicated to assisting minority business enterprises that was created in 1969 by way of an executive order, but not made permanent. My Minority Business Resiliency Act permanently establishes the MBDA under federal law and authorizes $110 million in annual funding to the MBDA through fiscal year 2025. It also negates the risk of the MBDA being eliminated with each incoming administration.”

“The MBDA’s permanent codification is a milestone achievement that will benefit minority businesses across our nation because it can now receive funding from Congress on an annual basis. This new permanent status and stream of funding each fiscal year will increase the MBDA’s capacity to help minority entrepreneurs overcome barriers that have historically prevented them from accessing essential capital for their business growth. This will help close the racial wealth gap that has existed in the United States for far too long.”

“Minority businesses are integral to the U.S. economy and I am proud to support their development. I am grateful to House Financial Services Committee Chairwoman Maxine Waters and members of the House Financial Services Committee for their support. I thank U.S. Secretary of Commerce Gina Raimondo for her leadership and welcome Donald R. Cravins, Jr. as the new Under Secretary of Commerce for Minority Business Development.”