BUILD Veterans Businesses Act of 2024 Better Utilizing Infrastructure for Lasting Development of Veterans Businesses Act of 2024
Impact
If enacted, HB8357 would establish new standards for the allocation of federal funds under certain highway programs, potentially increasing the share of government spending awarded to veteran-owned enterprises. This kind of legislative support could stimulate economic growth within veteran circles, helping to level the playing field in the competitive arena of small business funding and contracting, where many veteran entrepreneurs face disproportionate disadvantages.
Summary
House Bill 8357, known as the Better Utilizing Infrastructure for Lasting Development of Veterans Businesses Act of 2024, aims to ensure that not less than 3 percent of federal-aid highway program funds are directed towards veteran-owned small businesses. This legislation reflects a growing recognition of the need to support veteran entrepreneurs and enhance their access to federal contracting opportunities in infrastructure projects, which could significantly impact the economic vitality of veteran communities.
Contention
While the bill has garnered support from various quarters advocating for veteran affairs and economic inclusivity, there could be contention regarding the efficacy of mandating spending levels. Critics may raise concerns about the appropriateness of quotas in federal funding and whether such mandates could compromise the quality or efficiency of infrastructure projects. Additionally, the bill requires a uniform criterion for state certification of veteran-owned businesses, which may lead to debates about the balance between ensuring access and maintaining strict regulatory compliance.
BUILD GREEN Infrastructure and Jobs Act Better Utilizing Investments to Leverage Development and Generating Renewable Energy to Electrify the Nation's Infrastructure and Jobs Act