Written by: Dr. Terry Neese, Former NWBC Council Member
WASHINGTON, D.C., October 24, 2018 – The National Women’s Business Council (NWBC) is celebrating the anniversary of the passage of H.R. 5050, the Women’s Business Ownership Act tomorrow, October 25, 2018. The passage of this legislation, and its resulting impact on women business owners, would not have been possible without some incredible, tenacious women that I am fortunate to have worked with. This week, in particular, has me reminiscing on the 1986 White House Conference on Small Business and how that set the stage for HR 5050. For me, on August 16, 1986 the Conference opened a door I didn’t realize was closed. The biggest lesson we learned was that organizing, educating, and cultivating partnerships is paramount.
HR 5050 was historic – it only took 103 days from introduction to passage. On October 25, 1988, President Ronald Reagan signed H.R. 5050, making it the law of the land. This unprecedented piece of legislation gave women business owners in the United States critical resources to build their enterprises and succeed in their respective fields.