H.R.3496 - Northern Mariana Islands Small Business Access Act (119th Congress)
Summary
H.R.3496, the Northern Mariana Islands Small Business Access Act, aims to amend the Small Business Act to include the Commonwealth of the Northern Mariana Islands (CNMI) in the microloan program. This inclusion would allow small businesses in CNMI to access microloans, potentially stimulating economic activity. The bill specifically amends sections of the Small Business Act related to microloan eligibility.
Expected Effects
The primary effect of this bill would be to expand access to microloans for small businesses in the CNMI. This could lead to increased business formation, job creation, and economic development within the CNMI. The technical amendment corrects a grammatical error, ensuring clarity in the law.
Potential Benefits
- Increased access to capital for small businesses in the CNMI.
- Potential for job creation and economic growth in the CNMI.
- Support for entrepreneurship in an underserved region.
- Alignment with the goal of promoting economic development in US territories.
- Correction of a technical error in the Small Business Act.
Potential Disadvantages
- Potential for increased administrative burden on the Small Business Administration.
- Risk of loan defaults if businesses are not properly vetted.
- Limited impact on the overall US economy due to the small size of the CNMI economy.
- Possible unintended consequences from amending the Small Business Act.
- May require additional oversight to ensure funds are used effectively.
Constitutional Alignment
The bill appears to align with the Constitution, particularly the Commerce Clause (Article I, Section 8), which grants Congress the power to regulate commerce with foreign nations, and among the several states, and with the Indian tribes. While CNMI is not a state, Congress has broad authority over US territories. The bill also aligns with the general welfare clause of the preamble.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).