Economy
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On Tuesday, I attended the Small Business Committee’s hearing entitled “Main Street Under Attack: The Cost of Small Crime on Small Business”
Washington, D.C. – The House Small Business Committee today unanimously advanced H.R. 3496, the Northern Mariana Islands Small Business Access Act, legislation introduced by Congresswoman Kimberlyn King-Hinds to give entrepreneurs in the Marianas access to the Small Business Administration’s microloan program for the first time. The bill was reported out of committee on a 27 to 0 vote.
Washington, D.C. – Congresswoman Kimberlyn King-Hinds (R-Northern Mariana Islands) joined Congresswoman Stacey Plaskett (D-U.S. Virgin Islands), Congresswoman Amata Radewagen (R-American Samoa), and Congressman James Moylan (R-Guam) in introducing H.R. 5960, a bipartisan bill to restore duty-free treatment for low-value shipments from the U.S. territories following the recent suspension of de minimis privileges under Executive Order 14324.
I had the great pleasure of meeting with executives from Zo Motors this week, joined by Dr.
Residents across the Marianas have been feeling the effects of recent federal changes that caused low-value shipments from the territories to be treated as if they were coming from foreign countries. People were being charged rates and classifications that simply do not reflect who we are under U.S. law.
Once the government shutdown concludes, my bill, the Northern Mariana Islands Small Business Access Act (H.R. 3496), will be scheduled for markup in the House Small Business Committee. This legislation would make the CNMI eligible for the federal Microloan Program, giving local entrepreneurs and small business owners greater access to federal financing as we continue rebuilding our economy. Currently, the program supports up to 300 intermediary lenders each year, guaranteeing every state and U.S. territory, except the Marianas, a minimum allocation of funds.
