SE North Carolina News

Senators Ted Budd, Tim Scott, Adam Schiff, Marsha Blackburn, and Rick Scott have introduced the SBA Disaster Transparency Act. This proposed legislation mandates that the Small Business Administration (SBA) publicly disclose its monthly reports on the Disaster Loan Account. This initiative aligns with the Federal Emergency Management Agency's (FEMA) existing practice of transparent reporting for its Disaster Relief Fund since 2015.

Senator Budd emphasized the importance of oversight in his statement: “Recent natural disasters exposed the need for greater oversight and reform of the SBA’s Disaster Loan Account. The people of Western North Carolina should not be put in a position where the SBA’s account is depleted due to inadequate planning. These loans should follow the same reporting requirements as other agencies, like FEMA, so that funds are available when needed. I’m proud to join Senator Tim Scott to bring accountability to SBA’s disaster loans.”

Senator Tim Scott reflected on past experiences with natural disasters: “When I surveyed the devastation from Hurricane Helene, I knew the road to recovery would be long and difficult, but that South Carolinians are resilient. The SBA Disaster Transparency Act makes simple but necessary reforms to the Disaster Loan Account that will provide increased transparency and ensure Congress is able to act before it’s too late. I am grateful to my colleagues for joining me on this commonsense, bipartisan legislation. I remain committed to working on lasting solutions with President Trump and Congress to ensure we have effective, top-of-the-line disaster response efforts in place.”

Highlighting recent events in California, Senator Schiff stated: “In the aftermath of the fires in Los Angeles that have devastated our communities, we are introducing this bipartisan bill to hold the SBA accountable and improve transparency of available disaster funds. With this oversight, we can help ensure those impacted receive the support and funding they deserve in order to swiftly recover and rebuild.”

Senator Rick Scott added his perspective on government accountability: “The American people have every right to know where their tax dollars are being spent and hold their government accountable. I’m proud to join my colleagues to introduce the SBA Disaster Transparency Act to bring more transparency to the federal government.”