,,ii ,calendar ,no4 #fcc #aafth ,,congress #b;d ,session ,s4 #bece ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #bd1 #bjai,ms4 ,klobuchar 7for herself1 ,mr4 ,scott of ,south ,carolina1 ,ms4 ,sinema1 and ,mr4 ,young7 introduced the following bill2 which was read twice and referred to the ,committee on ,commerce1 ,science1 and ,transportation ,december #ae1 #bjbj,reported by ,mr4 ,wicker1 with an amendment,omit the part struck through and insert the part printed in italic ,a ,,bill ,to require the ,secretary of ,commerce to conduct an assessment and analysis relating to the decline in the business formation rate in the ,united ,states4 #a4 ,short title ,this ,act may be cited as the ,enhancing ,entrepreneurship for the #bast ,century ,act4 #b4 ,findings ,congress finds the following3 7#a7 ,recent research has demonstrated that-- 7,a7 new businesses 7commonly referred to as startups7-- 7i7 are disproportionately responsible for the innovations that drive economic growth2 and 7ii7 account for virtually all net new job creation2 7,b7 the rate of formation of ,united ,states businesses has fallen significantly in recent years2 and 7,c7 as determined by widely cited research1 the decline in the rate described in subparagraph 7,b7 is occurring in all #ej ,states1 in all but a handful of #cfj metro areas examined1 and across a broad range of industry sectors4 7#b7 ,before policymakers can identify ways in which the decline in the rate described in paragraph 7#a77;,b7 may be counteracted1 the underlying causes of the decline must be identified4 7#c7 ,economists have identified several factors that may explain the decline in the rate described in paragraph 7#a77;,b71 including-- 7,a7 demographic changes caused by an aging workforce and slowing population growth2 7,b7 increased industry concentration that may make it more difficult for new market entrants to compete with established companies2 7,c7 increased risk-aversion following the financial crisis and recession that occurred in #bjjh and #bjji and deterioration of household balance sheets2 7,d7 difficulties relating to access to capital1 particularly difficulties encountered by underserved populations1 women1 and members of minority groups2 7,e7 the concentration of venture capital in only a few cities2 7,f7 record levels of student debt2 and 7,g7 inefficiencies or other difficulties relating to the commercialization of federally funded research and innovation4 #c4 ,definitions ,in this ,act3 7#a7 ,appropriate committees of ,congress ,the term appropriate committees of ,congress means-- 7,a7 the ,committee on ,commerce1 ,science1 and ,transportation of the ,senate2 and 7,b7 the ,committee on ,energy and ,commerce of the ,house of ,representatives4 7#b7 ,entrepreneur ,the term entrepreneur means an individual who founded1 or is a member of a group that founded1 a ,united ,states business4 7#c7 ,secretary ,the term ,secretary means the ,secretary of ,commerce4 7#d7 ,united ,states business ,the term ,united ,states business means a corporation1 partnership1 association1 joint-stock company1 business trust1 unincorporated organization1 or sole proprietorship that-- 7,a7 has its principal place of business in the ,united ,states2 or 7,b7 is organized under the laws of a ,state of the ,united ,states or a territory1 possession1 or commonwealth of the ,united ,states4 #d4 ,assessment and analysis 7a7 ,assessment and analysis required ,not later than #b years after the date of enactment of this ,act1 the ,secretary1 in consultation with the ,director of the ,bureau of the ,census and the ,director of the ,bureau of ,economic ,analysis of the ,department of ,commerce1 shall conduct an assessment and analysis regarding the reasons for the state of the formation of new ,united ,states businesses during a period-- 7#a7 that the ,secretary determines appropriate based on the data described in subsection 7b77#a77;,a72 and 7#b7 ending on the date on which the assessment and analysis is conducted4 7b7 ,considerations and consultation 7#a7 ,in general ,in conducting the assessment and analysis required under subsection 7a71 the ,secretary shall-- 7,a7 notwithstanding any other provision of ,federal law1 and subject to paragraph 7#b71 review data collected and maintained by-- 7i7 the ,bureau of the ,census2 7ii7 the ,bureau of ,economic ,analysis2 7iii7 the ,bureau of ,labor ,statistics2 7iv7 the ,small ,business ,administration2 7v7 the ,department of the ,treasury2 7vi7 the ,board of ,governors of the ,federal ,reserve ,system2 and 7vii7 any other ,federal or ,state agency1 or public or private sector organization1 that the ,secretary determines appropriate2 7,b7 with respect to the formation of new ,united ,states businesses1 consider the impact of-- 7i7 demographic changes caused by an aging workforce and slowing population growth2 7ii7 increased industry concentration and whether such concentration may make it more difficult for new market entrants to compete with established companies2 7iii7 increased risk-aversion following the financial crisis and recession that occurred in #bjjh and #bjji and deterioration of household balance sheets2 7iv7 difficulties relating to access to capital1 particularly difficulties encountered by underserved populations1 women1 and members of minority groups2 7v7 the concentration of venture capital in only a few cities2 7vi7 record levels of student debt2 7vii7 inefficiencies or other difficulties relating to the commercialization of federally funded research and innovation2 7vii7 the utilization of federally funded research and innovation in the commercial market2 7viii7 regulatory burden1 overlap1 complexity1 and uncertainty at the ,federal and ,state levels2 7ix7 aspects of the ,internal ,revenue ,code of #aihf that penalize1 obstruct1 or otherwise disadvantage new businesses1 or investors in new businesses1 relative to incumbent businesses1 or investors in incumbent businesses1 respectively2 7x7 foreign-born entrepreneurs and the impact of those entrepreneurs on job creation2 and 7xi7 any other factor that the ,secretary determines appropriate2 and 7,c7 consult with-- 7i7 the heads of any agencies and offices of the ,federal ,government that the ,secretary determines appropriate1 including-- 7,i7 the ,secretary of the ,treasury2 7,,ii7 the ,secretary of ,labor2 7,,iii7 the ,administrator of the ,small ,business ,administration2 7,,iv7 the ,chief ,counsel of the ,office of ,advocacy of the ,small ,business ,administration2 and 7,v7 the ,board of ,governors of the ,federal ,reserve ,system2 7ii7 entrepreneurs1 including entrepreneurs who are women or members of minority groups1 especially those entrepreneurs who founded ,united ,states businesses that experienced rapid growth2 and 7iii7 representatives from consumer1 community1 and entrepreneurship advocacy organizations4 7#b7 ,confidentiality ,with respect to data reviewed by the ,secretary under paragraph 7#a77;,a71 the ,secretary shall ensure that the data is subject to the same confidentiality requirements and protections as the confidentiality requirements and protections of the agency or entity1 as applicable1 providing the data4 7c7 ,report ,the ,secretary shall submit to the appropriate committees of ,congress a report regarding the findings of the ,secretary with respect to the assessment and analysis conducted under subsection 7a74 ,december #ae1 #bjbj,reported with an amendment