The resolution titled S. RES. 116 is a simple yet important piece of legislative acknowledgment, recognizing the extraordinary accomplishments and critical role of women-owned businesses in the United States. Proposed by a bipartisan group of Senators, it highlights several key contributions and growth trends of such enterprises, illustrating their significant impact on the nation’s economy and entrepreneurial landscape.

General Summary of the Bill

This Senate resolution aims to celebrate and formally acknowledge the achievements of women business owners in the U.S. It recognizes that there are over 14.5 million women-owned businesses in the country, employing approximately 12.9 million people and generating $3.3 trillion in annual revenue. The growth of women-owned businesses is highlighted as being nearly double the national average, reflecting an increase in their share of all U.S. businesses from 4.6% in 1972 to 39.2% in 2024. This resolution takes into account these statistics to underscore the contribution of women entrepreneurs to the economy and seeks to honor their efforts.

Significant Issues

The resolution does not present any controversial issues or propose changes to existing laws; instead, it functions as a celebratory statement. Its focus on data-driven acknowledgment provides a factual basis for recognizing the achievements of women business owners. By doing so, the resolution highlights the trend of increasing female participation in entrepreneurship and business leadership—a subject often related to discussions on gender equality and empowerment.

Impact on the Public

While the resolution itself does not enact policy changes or allocate resources, its broader impact lies in its potential to elevate public awareness regarding the contribution of women in the business sector. By officially recognizing these achievements, the resolution encourages societal support for female entrepreneurship and may inspire further initiatives to support women in business.

Impact on Stakeholders

Women Business Owners: This resolution serves to validate their efforts and successes, potentially leading to greater industry recognition and opportunities for networking and growth. It acknowledges the barriers they have overcome and, by celebrating their achievements, it might foster an environment where more women feel encouraged to pursue entrepreneurial endeavors.

Lawmakers and Policymakers: For the legislative and broader policy community, this resolution could act as a springboard for future policy initiatives aimed at supporting women-owned businesses. It implicitly raises questions about what more can be done to support this vital economic segment.

General Workforce and Economy: Recognition of women-owned businesses highlights their critical role in employment and economic output. Encouraging the growth of such businesses can lead to further job creation and innovation, benefiting the broader public.

Overall, S. RES. 116 stands as a positive acknowledgment of the contribution women entrepreneurs make to the economy. It encourages further exploration of how society can continue to support and expand upon these accomplishments, thereby sustaining and enhancing their impact on the nation’s economic landscape.