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ome Ownership Affordabi g/center-for-housing-and-policy/data-and-tools/nome-ownership

Rent Report,” Ja (accessed January 24, 2023). include governmen GSEs)—namely, cit guarantee, which reduced interest rates for mortgage borrowers, helped cause more of the sing than might otherwise have been Housing Finance: An Upda

ity Monitor (HOAM) Index,”

nuary 4, 2023, https://www.

subsidies and government Fannie Mae and Freddie Mac. “The

the case.” Congressional Budget e,” August 2018, p. 7, https://

accessed January 24, 2023). , Reserves of Depository Institutions Data Series TOTRESNS (accessed January 24, 2023).

ter and Andrew T. Young, “A Theory of Selffolk System, 1825-1858,” Journal of Economic Behavior & Organization, Vol. 156 (December 2018), pp 13-22. so strengthen the incentives of bank depositors (customers) and bank shareholders

olios. Deposit insurance undermines the former, as even President Franklin -resort lending undermine the latter.

S are supplying the U.S. dollars. Legislation would been needed that includes a umber of U.S. dollars along with their own notes.

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Includes Proposal to Study Return to Gold Standard,” The Wall Street Journal,

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or Other Purposes (Gold Standard Restoration congress.gov/117/bills/hr9157/BILLS-117hr9157ih.

o. 2 (Spring/Summer 2012), pp. 333-347, rnal/2012/7/v32n2-9.pdf?mod=article_inline

dard,” Cato Journal, Vol. 32, No. 2 (Spring/ iles/serials/files/cato-journal/2012/7/v32n2ion: A Case for Friedman’s k-Percent Money

s Explicit Inflation Target,” Federal Reserve 15, 2019, https://Awww.frbsf.org/wp-content/

arket,” ation-targe

The Wall Street Journal, August -could-boost-job-marketnflation%20Target%20Could%2evel%20Federal,help%20bolster%20

.com/content/02c8a9ac-b71d-4cef-a6ff

20

SMALL BUSINESS ADMINISTRATION

Karen Kerrigan

MISSION STATEMENT

The U.S. Small Business Administration (SBA) supports U.S. entrepreneurship and small business growth by strengthening free enterprise through policy advocacy and facilitating programs that help entrepreneurs to launch and grow their businesses and compete effectively in the global marketplace.

OVERVIEW

Created almost 70 years ago, the SBA was launched under the Small Business Act with a mission to “aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns.”! According to its current mission statement:

The U.S. Small Business Administration (SBA) helps Americans start, grow, and build resilient businesses.

SBA was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns; preserve free competitive enterprise; and maintain and strengthen the overall

economy of our nation.’

The SBA’s founding mission has evolved over time as programs have been expanded or implemented, subject to the philosophical grounding of each Administration as well as assorted economic challenges and the occurrence of natural disasters. Because of its distinct role in the federal government, the SBA became