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Committee approves bipartisan substitute to S.300 to increase SBA disaster-accounting transparency
Summary
The committee agreed to a bipartisan amendment in the nature of a substitute to S.300, the Disaster Loan Account Accountability and Reform Act, to add reporting and flexibility to prevent future disaster‑loan shortfalls. The substitute was agreed by voice vote and further proceedings were postponed.
The committee considered S.300, the Disaster Loan Account Accountability and Reform Act, a bill described from the dais as intended to prevent future shortfalls in the SBA disaster loan account.
The chair explained the bill “aims to prevent an SBA disaster shortfall from occurring ever again by heightening accountability, transparency, and reporting measures at SBA,” and noted the committee had worked to produce a bipartisan substitute. Ranking Member Markey said he was “pleased that we were successful in reaching a bipartisan agreement” and that the substitute removed any provisions that would reduce benefits for disaster survivors.
Senator Schiff—who had been involved in related transparency work—praised the bipartisan negotiations and said timely notifications and reporting are essential, calling the committee an “oasis of compromise and bipartisanship when we work together.”
The chair offered an amendment in the nature of a substitute to S.300 that the record identifies as bipartisan; the substitution was agreed to by voice vote. Under a prior unanimous‑consent agreement, further proceedings on the measure were postponed for floor or later consideration.
The committee’s discussion emphasized that SBA’s 2024 disaster‑loan account experienced a months‑long shortfall that delayed assistance, and members said improved reporting and earlier communication to Congress are necessary to avoid repeating that outcome.
