U.S. Senators Tim Scott and Adam Schiff have reintroduced the SBA Disaster Transparency Act, aiming to enhance accountability for the Small Business Administration’s (SBA) Disaster Loan Account. The legislation seeks to make monthly reporting requirements for the account publicly available, similar to the model used by the Federal Emergency Management Agency (FEMA) since 2015.
Senators Marsha Blackburn, Rick Scott, and Ted Budd are also supporting this initiative. Senator Tim Scott emphasized the importance of transparency following his observations of Hurricane Helene’s aftermath in South Carolina. “The SBA Disaster Transparency Act makes simple but necessary reforms to the Disaster Loan Account that will provide increased transparency and ensure Congress is able to act before it’s too late,” he stated.
Senator Schiff highlighted the bill’s relevance in light of recent fires in Los Angeles. “With this oversight, we can help ensure those impacted receive the support and funding they deserve in order to swiftly recover and rebuild,” he said.
Senator Budd pointed out issues revealed by recent natural disasters, stressing that “these loans should follow the same reporting requirements as other agencies, like FEMA.” Senator Blackburn echoed these sentiments, advocating for full transparency on federal spending towards recovery efforts.
Finally, Senator Rick Scott expressed his support for increased governmental accountability: “The American people have every right to know where their tax dollars are being spent.”
