I am in full support of expanding the Federal Minority Business Development Agency and making it statutorily under the control of Congress - the Small Business Initiative. My aim will be to qualify more socially or economically disadvantaged persons including Black persons, Indians, Polish, and Latinos, amongst others, to start new businesses and renaming the program to Federal Minority and Diversity Development. More credit will be granted if the businesses will be sustainable and green.
The statutory bill would include:
Centralizing and consolidating minority business development efforts of the Federal government into one single well-funded agency for example a new proposed Department of Economic Development (it will consolidate various federal programs and federal agencies including different employment and training programs and will also be responsible for regular strategic job planning just like in Germany);
Assisting minority-owned businesses' development long-term contractual relations with larger business enterprises that would facilitate integration;
Expanding access to capital by establishing new sources of capital through the use of tax credits in exchange for equity capital investments in minority-owned businesses or by an enterprise bond fund;
Establishing an MBE Academy that would provide ongoing education to minority business owners through a public private partnership;
Building a comprehensive longitudinal database that supports long-term policy analysis of the issues and opportunities;
Allocation of corporate board seats.
I also call for allocating some corporate board seats to workers -- an idea commonly known as co-determination. Used in Germany, the co-determination system has the potential not just to ensure that company policies take account of the interests of employees, but also to increase productivity by allowing workers to contribute more of their knowledge to the corporate decision-making process.