(Washington D.C.) This week, U.S. Senator Joni Ernst, a Senate Small Business Committee member, questioned the head SBA official. Ernst brought the voices of the Iowa small businesses she’s heard from during her 99-county tour- to the Senate hearing. She described the significant challenges so many Iowa small businesses face due to skyrocketing inflation and supply chain issues.
Ernst pointed out that the most recent Consumer Price Index (CPI) showed that prices increased 8.5% over the last 12 months, making it the most significant year-over-year increase in the previous 40 years. At the same time, the Producer Price Index increased by 11.2%,
Isabel Guzman, Head official at the U.S. Small Business Administration, answered Senator Ernst’s question about the SBA’s response to navigate those climbing prices and prevent them from being passed on to consumers. Guzman says expanding the supply of childcare entrepreneurs is one program the administration is taking on. The other is supporting the manufacturing sector.
Ernst introduced the PRICE Act, which would require any federal spending bill from Congress to include a report on how it will impact inflation for the American people.
Ernst also led a bipartisan effort to replace Russian oil with clean, American-made renewable fuels available right now—creating jobs, lowering gas prices, and reducing dependence on our adversaries.
