“Jobs! Jobs! Jobs!” – that was the focus of a hearing held by the Subcommittee on Innovation, Entrepreneurship, and Workforce Development of the House Small Business Committee, reflecting the importance of new job creation in the wake of Covid-19. Economists estimate that as many as 10 million jobs may have been lost due to the pandemic and nearly 75% of small businesses, traditionally an engine of new job creation, have suffered in the economic downturn. The devastating impact on the U.S. labor market makes new job creation an urgent national priority.
Dr. J.D. LaRock, President and CEO of NFTE, was invited to provide testimony at the hearing. He expressed NFTE’s strong support for S. 389/H.R. 1226, the Next Generation Entrepreneurship Corps Act, a bill that would spur economic growth and job creation in economically distressed regions of the United States by establishing competitive entrepreneurial fellowships. The bipartisan legislation, advanced by Senators Chris Coons and Time Scott in the Senate and Representatives Jason Crow and Troy Balderson in the House, would not only promote job creation but also address the opportunity gap, which has been exacerbated by the Covid-19 pandemic. Under the proposed program, entrepreneurial fellowships would provide two-year stipends for entrepreneurs in underserved communities, along with mentorship and networking opportunities as well as both short-term and long-term access to capital.
Read the written testimony of Dr. LaRock or watch the recording of the June 30, 2021 hearing with Dr. LaRock and other leading experts on entrepreneurship and workforce development.