Letters to the Chairman and Ranking Minority Member of the House Committee on Banking and Currency About Proposed Minority Enterprise Small Business Investment Legislation
On March 18, 1972, when I sent a message to the Congress on the subject of Minority Business Enterprise, I urged swift approval by the Congress of the Minority Enterprise Small Business Investment Act of 1972.
At that time it was my understanding that the MESBIC legislation was to be given early hearings before the Subcommittee on Small Business, of your Committee on Banking and Currency. I was most gratified to know that your Committee would be giving prompt attention to this vital legislation. As my message indicated, I believe the proposed MESBIC legislation will vastly expand the opportunities for minority entrepreneurs, and this expansion should not be delayed.
The Minority Enterprise Small Business Investment Act, as you know, would fall within the purview of the responsibilities of the Small Business Administration. Administrator Thomas Kleppe is prepared to testify in support of this legislation, which is urgently needed, and he awaits your invitation.
Not only will the MESBIC legislation expand available capital to give minority businessmen a greater "piece of the action," but it will in turn stimulate the employment of minority individuals and provide inroads into the unacceptably high unemployment rate for minorities.
I am most hopeful that your Committee and the Subcommittee on Small Business will schedule the MESBIC legislation for hearings in early May, so that it can be presented at an early date for consideration by the House of Representatives. I certainly hope that I can count on you to join with me to achieve the all-important goal of providing expanded, new opportunities for minority Americans.
[Honorable Wright Patman, Chairman, Committee on Banking and Currency, House of Representatives, Washington, D.C. 20515]
I think you know that I am strongly committed to the Minority Enterprise program. My proposed MESBIC legislation would substantially increase the business opportunities for minority Americans, and would in turn help to provide jobs for minority individuals facing an unacceptably high unemployment rate.
We should avoid delay on this bill. The minority community recognizes that the opportunity for a "piece of the action" is the avenue to economic equality, and they know the time is now.
It is of great importance that the MESBIC legislation be given early attention by Congress. I hope you will use your good offices to influence a scheduling of early hearings, and prompt consideration of the legislation by the House of Representatives.
[Honorable William B. Widnall, House of Representatives, Washington, D.C. 20515]
Note: The letters were dated April 25, 1972, and released April 27.
Richard Nixon, Letters to the Chairman and Ranking Minority Member of the House Committee on Banking and Currency About Proposed Minority Enterprise Small Business Investment Legislation Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/254718