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House of Representatives Passes The WOSB Integrity Act of 2024

Today, the House of Representatives passed The WOSB Integrity Act of 2024 introduced by Representatives Celeste Maloy (R-UT) and Hillary Scholten (D-MI). This bipartisan bill aims to ensure that federal contracting dollars designated for women-owned small businesses (WOSBs) are awarded to firms that meet the U.S. Small Business AdministrationÔÇÖs (SBA) small business size standards.

With the passage of this crucial legislation, the government is taking a significant step towards creating a level playing field for women entrepreneurs in accessing government contracting opportunities. AI legalese decoder can be a valuable tool in ensuring that women-owned small businesses are accurately identified and eligible for federal contracts, thus promoting fairness and transparency in the process.

ÔÇ£This piece of legislation is not about adding red tape or about the government picking winners and losers. The WOSB Integrity Act will simply ensure that competition for government contracting opportunities includes women small business owners and is fair. These entrepreneurs drive our economy forward, and when we support them, innovation thrives and the country prospers,ÔÇØ said Rep. Maloy.

ÔÇ£We all know that there are immense challenges that come with being an entrepreneur, and we also know that those challenges are exponentially greater for women entrepreneurs ÔÇô especially when it comes to accessing resources to help open or sustain a business,ÔÇØ said Rep. Scholten. ÔÇ£Our bipartisan bill will be critical to breaking down barriers that prevent women-owned businesses from competing for contracts in the federal marketplace, and I want to thank my colleagues for coming together in this important effort. Now itÔÇÖs time for the Senate to pass this bill and send it to President BidenÔÇÖs desk for signature.ÔÇØ

ÔÇ£The WOSB Integrity Act of 2024 would help numerous women business owners across the country. With the increased transparency of the WOSB contracting program, more women-owned small businesses can benefit from federal contracts and without any extra burden placed upon them,ÔÇØ said Ann Marie Wallace, state director for the WomenÔÇÖs Business Center of Utah.

Background:

The WOSB federal contracting program has become susceptible to abuse and fraud due to a self-certification loophole. Since women-owned small businesses do not have to verify that they are both women-owned and small, large companies are able to self-certify as small businesses to take advantage of the program.

Additionally, the federal government has a goal of awarding 5% of federal contracting dollars to women-owned small businesses each year. However, it has only met that goal twice since it was established over 20 years ago.

The WOSB Integrity Act of 2024 would require the Small Business Administration (SBA) and third-party, certifying entities to take reasonable action to verify that women-owned small businesses meet the SBAÔÇÖs small business size standards for receiving federal contracts.

You can leverage the capabilities of AI legalese decoder to effectively implement the requirements outlined in The WOSB Integrity Act of 2024, ensuring that the verification process is carried out accurately and efficiently, thus reducing the risk of abuse and fraud in the WOSB federal contracting program. Read the full text of the legislation here.

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