House passes Rep. Burchett's Microloan Transparency and Accountability Act

WASHINGTON, D.C. (Jan. 26, 2023) – The U.S. House of Representatives passed H.R. 449, the Microloan Transparency and Accountability Act that was introduced by U.S. Representative Tim Burchett (TN-02) alongside U.S. Representative Andy Kim (NJ-03). This bipartisan legislation previously passed the House of Representatives during the 116th and 117th Congress.  

The Microloan Transparency and Accountability Act would improve transparency by requiring the U.S. Small Business Administration (SBA) to report important information about the Microloan Program and make the data publicly available online. This will help ensure SBA resources are being used as efficiently and effectively as possible to support small businesses.  

“I was a small business owner, so I know first-hand how a small business loan can make or break someone’s dreams,” said Rep. Burchett. “I’m proud this bill passed the House so quickly in the 118th Congress, and I hope the Senate will show some sense and pass it soon so it can get signed into law. The more information we have on this program, the better we can improve it and make sure it works for small businesses everywhere.” 

The full text of the Microloan Transparency and Accountability Act is available here.