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New Faces in Support of Small Business
The 118th Congress is officially underway, both the Senate and House have finally finished organizing themselves, this includes appointing members to committees. As it relates to small business policy and oversight, we have some new faces leading and joining the committees of importance.
Senate Small Business and Entrepreneurship Committee
The Senate committee will continue to be chaired by Senator Ben Cardin (D-MD); who has led the committee for six years, playing a crucial role in the Covid-19 relief efforts that supported the small business and self-employed communities. Per his stated focus, “Senator Cardin’s top priority as Chair is to use federal policies and congressional action to achieve equity for under-served entrepreneurs in a holistic way.”
The Republicans have chosen Senator Joni Ernst (R-IA) to serve as ranking member, following the contentious leadership of Senator Rand Paul (R-KY) who served as ranking member for four years. Senator Ernst, whose partners were small business owners, is the first female combat veteran elected to serve in the United States Senate.
The committee members largely remain the same, the Republicans have extended a seat to incoming Freshman Senator, Ted Budd (R-NC).
House Small Business Committee
With the flip in the House, the Republicans have assumed the chairmanship of the House Small Business Committee, placing Congressman Roger Williams (R-TX) atop the committee. A small business owner for nearly 50 years, running a family-owned car dealership and calf-cow operation, makes him uniquely suited to serve and lead the committee.
Former Chair of the Committee, Rep. Nydia Velázquez, assumes the ranking member position on the committee. She has served on the committee since her election to the House in 1992.
As we approach the 2025 expiration of the Tax Cuts and Jobs Act (TCJA) provisions, the tax committees in both the House and Senate will continue to be the epicenter of action.
Tax Committees
The Senate Finance Committee will continue to be led by Senator Ron Wyden (D-OR) and Senator Mike Crapo (R-ID). In the House, the Ways and Means Committee is being led by new Chairman Jason Smith (R-MO) who ascended to the committee leadership following the successful tenure of Rep. Kevin Brady (R-TX) who retired at the end of the 117th Congress. Rep. Richard Neal (D-MA) maintains his leadership role as the ranking member.
Most of the activity we will see around small business policy will be generated by these four committees. We will continue to provide timely updates and analysis of tax proposals and legislation as the 118th Congress jumps into its work.