Oklahoma Senator Co-Sponsors Bill To Close Small Business Admini - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |


Oklahoma Senator Co-Sponsors Bill To Close Small Business Administration

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File photo of the U.S. Capitol File photo of the U.S. Capitol

North Carolina Senator Richard Burr is planning to revive a bill almost identical to one proposed in the Reagan Administration that would close the Small Business Association.

Co-sponsored by Indiana Senator Daniel Coats and Oklahoma Senator Jim Inhofe, the bill would combine the SBA with the Department of Commerce and the Department of Labor.

Opponents of the bill believe the purpose is to obscure hundreds of billions in fraud that has been uncovered in small business contracting, especially at the Department of Defense.

Federal investigations have found billions in federal small business contracts have actually gone to many of the nation's largest defense contractors.

Recent data from the Federal Procurement Data System shows 235 Fortune 500 firms received federal small business contracts last year.

If the bill becomes law, the Department of Commerce, which represents the 235 Fortune 500 firms, would have complete control over all federal small business programs.

A survey conducted by the American Small Business League showed that only two Chambers of Commerce out of the 3000 polled would support the bill.

According to the U.S. Census Bureau, there are 28 million small businesses in America which are responsible for 90% of net new jobs, 50% of the Gross Domestic Product, 50% of the Private sector work force and 90% of all U.S. exporters.

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