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House Proceeding on Jul 8th, 2009 :: 0:58:30 to 1:01:45
Total video length: 1 hours 41 minutes Stream Tools: Stream Overview | Edit Time

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Donald A. Manzullo

0:58:27 to 0:58:47( Edit History Discussion )

Donald A. Manzullo: let us show the american people that this is what we can accomplish when democrats and republicans work together for the mmn common good. i reserve the balance of my time. the speaker pro tempore: the gentlelady from north carolina. ms. foxx: thank you, mr. speaker. i yield two minutes to the gentleman from illinois, mr. manzullo. the speaker pro tempore: the

Donald A. Manzullo

0:58:30 to 1:01:45( Edit History Discussion )
Speech By: Donald A. Manzullo

Donald A. Manzullo

0:58:48 to 0:59:08( Edit History Discussion )

Donald A. Manzullo: gentleman is recognized for two minutes. mr. manzullo: thank you, mr. speaker. i rise in opposition to the rule. there were several germane amendments submitted that would have corrected a fatal flaw in this legislation, and some of those amendments were submitted by conessman markey and gingrey. the bill sets the precedent to redefine what means to be a small business by allowing

Donald A. Manzullo

0:59:09 to 0:59:29( Edit History Discussion )

Donald A. Manzullo: large business interests to take advantage of a small business program. i'm not disparaging the venture capital industry. it's extremendously important, plays a great part and vital le in our economy because venture capitalists fulfill a vacuum that banks simply cannot touch. banks generally do not lend

Donald A. Manzullo

0:59:30 to 0:59:52( Edit History Discussion )

Donald A. Manzullo: money for long-range research projects that are based on little collateral. however, because venture capital do not get involved in investment, the equivalent of phase 1 funding in the sbir program, efforts to dramatically expand the sbir program to v.c.-owned firms,

Donald A. Manzullo

0:59:53 to 1:00:17( Edit History Discussion )

Donald A. Manzullo: will go to the small inventor looking for the first phase of feasibility funding. according to the latest data from the small business administration, venture capitalists funded 237 startup or seed investment deals for 894 million in the entire united states in 2005.

Donald A. Manzullo

1:00:18 to 1:00:39( Edit History Discussion )

Donald A. Manzullo: in contrast, the sbir program funded 6,010 startup or seed investment deals for 1.86 billion in 2005. in addition, the venture capitalist seed deals were primarily concentrated on five states, california, maryland, massachusetts, pennsylvania and new york.

Donald A. Manzullo

1:00:40 to 1:01:00( Edit History Discussion )

Donald A. Manzullo: but sbir awards were no dispersed geographically throughout america. that's the problem. -- more dispersed geographically throughout america. that's the problem. ms. foxx: i yield one minute. the speaker pro tempore: the gentleman is recognized for one minute. mr. manzullo: thanks the problem, mr. speaker, because

Donald A. Manzullo

1:01:01 to 1:01:22( Edit History Discussion )

Donald A. Manzullo: the bill comes up as a small business bill. but the language has been changed to allow these large venture capitalist firms to displace funding designated for years for small businesses. i chaired the small business committee for six years, and year after year this issue came

Donald A. Manzullo

1:01:23 to 1:01:45( Edit History Discussion )

Donald A. Manzullo: up as to what size company should be involved in getting this type of a grant? and it just does not make sense to now expand the definition of small business to include many of these joint venture firms. or venture capitalist firms.

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