May 09, 2024 Board of Trade

Testimony: Support for DC’s ‘BEST Act’, advancing economic equity and fostering entrepreneurship

About this Testimony:

Board of Trade President & CEO Jack McDougle submitted testimony on May 9, 2024, in favor of fully supporting the BEST Act, which was before the D.C. Council’s Department of Licensing and Consumer Protection Oversight Hearing before the Committee on Public Works and Operations. This piece of legislation would help spark economic equity and allow for a community that fosters entrepreneurship, which is much needed to help spark economic growth in the Greater Washington region.

Submitted Testimony: 

On behalf of the Greater Washington Board of Trade, we submit testimony in full support to the BEST Act and underscore its critical importance in advancing economic equity and fostering entrepreneurship in the District of Columbia.  

In Mayor Bowser’s Fiscal Year 2025 Budget Proposal, the inclusion of funding for the BEST Act reflects a strategic investment in our city’s economic vitality and the well-being of our communities. By reducing licensing fees, streamlining business license categories, alleviating late fees, and exempting micro-businesses earning less than $10,000 in annual revenue from licensing fees, the BEST Act addresses longstanding barriers to entrepreneurship, particularly for those from traditionally disadvantaged backgrounds. 

The Board of Trade recognizes the transformative potential of the BEST Act in promoting economic inclusivity and opportunity. Its provisions align with our commitment to fostering a business environment that empowers entrepreneurs from all walks of life to thrive and succeed. By leveling the playing field and removing obstacles to entry, the BEST Act paves the way for greater economic participation and prosperity for all residents of our District. 

Moreover, the Council’s Office of Racial Equity has affirmed that the BEST Act is poised to improve economic outcomes for Black, Indigenous, and other residents of color who seek to establish or grow their businesses. In a budgetary climate marked by heightened challenges for marginalized communities, it is imperative that the Council supports initiatives like the BEST Act, which serve as critical lifelines to entrepreneurship and economic advancement. 

Furthermore, the Board of Trade firmly believes that the BEST Act will contribute to the District’s ongoing recovery from the pandemic and promote small business growth. By fostering an environment conducive to entrepreneurship and innovation, the BEST Act will drive job creation, stimulate economic activity, and fortify our city’s resilience in the face of adversity. 

In conclusion, I urge you to support and prioritize the full funding of the BEST Act. By doing so, we reaffirm our collective commitment to building a more inclusive, vibrant, and prosperous economy for the benefit of all residents of our District. 

Thank you for your attention and dedication to this matter.