President Barack Obama signed an executive order Monday instructing the U.S. Small Business Administration to establish an Interagency Task Force on Veterans Small Business Development. Obama said he is committed to ensuring that small businesses, including those owned by service-disabled veterans, have fair access to federal government contracting. "Indeed, where small businesses have the capacity to do more, we should strive to exceed the statutory goals," Obama said.

Olympia J. Snowe (R-Maine), Ranking Member on the U.S. Senate Committee on Small Business and Entrepreneurship proposed the task force January 31, 2007, at a committee hearing. In February 2008, then President George W. Bush signed the Military Reservist and Veteran Small Business Reauthorization and Opportunity Act (P.L. 110-186) into law which contained the language to establish the task force, which should have happened nearly two years ago. 

"It is imperative that the Administration utilize this task force in a robust manner to truly improve the conditions that promote veteran entrepreneurship, particularly regarding access to capital and Federal contracting opportunities, and I will be providing stringent oversight of this panel," Snowe said.

According to the order, the Task Force shall:

(a) consult regularly with veterans service and military organizations in performing the duties of the Task Force; (b) coordinate administrative and regulatory activities and develop proposals relating to: (i) improving capital access and capacity of small business concerns owned and controlled by veterans and service-disabled veterans through loans, surety bonding, and franchising;  (ii) ensuring achievement of the pre-established federal contracting goals for small business concerns, to name a few.

To read the memorandum issued by the White House, click here.