Bill Overview
Title: Interagency Committee on Women’s Business Enterprise Act of 2022
Description: 2 This bill revises the duties, membership, and reporting requirements of the Interagency Committee on Women's Business Enterprise. These changes include striking a requirement that the committee develop and promote new public sector programs and plans to foster women's business enterprise and, instead, requiring it to monitor the plans, programs, and operations of federal government departments and agencies to identify barriers to new business formation by women entrepreneurs.
Sponsors: Sen. Duckworth, Tammy [D-IL]
Target Audience
Population: Women entrepreneurs worldwide
Estimated Size: 13000000
- The bill targets women's business enterprises, which specifically impacts women entrepreneurs who are operating or intending to start businesses.
- Women entrepreneurs around the world face various barriers, and this bill seeks to identify such barriers within the United States federal framework, indicating its direct relevance to female business owners.
- Globally, female entrepreneurs constitute a significant portion of the entrepreneurial community, and changes at the policy level in a major economy like the U.S. can have ripple effects.
- When considering the global scale, numerous international organizations and countries may look to U.S. policies as a model or point of influence, thus affecting a broader audience.
Reasoning
- The policy specifically targets female business owners by seeking to identify and mitigate barriers in the U.S. federal system that impede women's business enterprises. This will directly impact current and aspiring female entrepreneurs, possibly increasing their opportunities and success rates.
- While the budget is limited ($5 million in year 1, $50 million over 10 years), the focus is on monitoring and identifying barriers, which limits direct monetary allocations per business but potentially offers long-term systemic benefits.
- No direct financial incentives or programs are provided by the policy, so immediate changes in individual Cantril wellbeing scores may be limited. Longer-term impact might be evidenced in increased opportunities, reduced barriers, and a supportive business environment, affecting life satisfaction of women entrepreneurs.
- The policy does not change existing programs but seeks to monitor and identify barriers, which means the effect is preventative and supportive rather than direct financial aid.
Simulated Interviews
Tech Startup Founder (San Francisco, CA)
Age: 35 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 15/20
Statement of Opinion:
- I believe that understanding and reducing barriers can genuinely help in expanding my business more effectively.
- I don't expect immediate financial benefits, but knowing that there will be a focus on barriers gives me confidence in possible future growth conditions.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Retail Business Owner (Austin, TX)
Age: 28 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- It's great that they are looking into barriers, but my immediate needs are financial due to the pandemic's aftermath.
- Still, reducing systemic barriers could help small businesses like mine in the long run.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Small Business Consultant (New York, NY)
Age: 42 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 7.0 years
Commonness: 8/20
Statement of Opinion:
- This policy could make it easier for my clients to focus on growth rather than navigating bureaucratic hurdles.
- Increased support for women-owned businesses could mean more demand for my consulting services.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 8 |
Manufacturing Business Owner (Chicago, IL)
Age: 50 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- My industry faces specific barriers that are structural and this policy might help address those.
- I'm encouraged by the commitment to remove barriers, but need specific action sooner.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Retired Business Owner (Miami, FL)
Age: 60 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- It's too late for my own business, but I support measures that make entrepreneurship easier for young women today.
- I hope my daughters will benefit from any changes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Freelance Graphic Designer (Raleigh, NC)
Age: 30 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 12/20
Statement of Opinion:
- This policy doesn't directly affect my current business model, as I'm a freelancer, but reduced barriers might help me when I consider scaling up.
- Networking opportunities may improve as more women enter entrepreneurship.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Legal Advisor for Female Entrepreneurs (Denver, CO)
Age: 45 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 6/20
Statement of Opinion:
- This could potentially draw more clients if systemic barriers are addressed, meaning more women deciding to start businesses.
- Legislative interest in reducing barriers is promising.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Investor focusing on Women-led Startups (Seattle, WA)
Age: 38 | Gender: male
Wellbeing Before Policy: 9
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- I expect this policy to create new opportunities for funding and mentorship.
- Removing barriers will likely lead to a rise in investable businesses.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 10 | 9 |
| Year 10 | 10 | 9 |
| Year 20 | 10 | 9 |
Aspiring Entrepreneur (Los Angeles, CA)
Age: 25 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 9/20
Statement of Opinion:
- I'm hopeful that this policy sets a smoother path for women like me entering the market.
- It's encouraging to see potential barriers being identified early in my career.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 9 | 5 |
Biotech Company CEO (Boston, MA)
Age: 32 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 20.0 years
Commonness: 7/20
Statement of Opinion:
- Understanding barriers can help in strategic planning for international expansion.
- I'm looking forward to more streamlined interactions with federal agencies as a result.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 10 | 8 |
Cost Estimates
Year 1: $5000000 (Low: $3000000, High: $7000000)
Year 2: $5000000 (Low: $3000000, High: $7000000)
Year 3: $5000000 (Low: $3000000, High: $7000000)
Year 5: $5000000 (Low: $3000000, High: $7000000)
Year 10: $5000000 (Low: $3000000, High: $7000000)
Year 100: $5000000 (Low: $3000000, High: $7000000)
Key Considerations
- A successful identification of barriers can lead to its removal, benefiting women entrepreneurs and the economy.
- Adequate funding and staffing for the committee is crucial to fulfill its new monitoring role.
- Long-term impact depends on the committee's effectiveness in identifying and facilitating the removal of barriers.