Congressman Fortenberry's New GI Bill Promises Veteran Entrepreneurship And Jobs Creation; Bill Authored By Service Disabled Veteran

    PALM SPRINGS, CA, October 19, 2011 /24-7PressRelease/ -- On October 13, with little fanfare, Congressman Jeff Fortenberry (NE-1) introduced the Veterans Entrepreneurial Transition (VET) Act of 2011, a landmark new GI Bill that would allow veterans to use their already budgeted educational benefits earned under existing GI Bills, to start up new small businesses.

The VET Act (H.R. 3167) is a GI Bill aimed at addressing the unacceptably high veteran unemployment rate, as well as to help quickly re-build a new generation of veteran-owned small business enterprises across America as the backbone of new job creation.

This GI Bill was written as a revenue-neutral piece of legislation, meaning that enactment of the new bill and payout of veterans benefits would have a nominal effect on the Federal Budget, perhaps generating a budget surplus. In fact, the new GI Bill simply provides a small business ownership option to which veterans can apply the value of educational benefits earned under existing GI Bills.

Patriot Enterprise Project, Inc, a nonprofit GI Bill advocate, estimates that the VET Act could foster tens of thousands of new small businesses, and upwards of five hundred thousand new jobs veteran and civilian.

Key immediate and long-term objectives of this landmark, non-partisan GI Bill are:
- A self-employment veterans benefits option for the over 1,000,000 unemployed veterans
- It would return 100% of the veterans benefits back to the Federal budget through new employee payroll tax revenue.
- Produce an estimated $100 billion reduction in long-term veteran health and senior care.
- As a new recruiting incentive, this GI Bill would reduce the Department of Defense's $5 billion recruiting and retention budget, while increasing the quality of new recruits.

Veterans and small business service organizations supporting the new GI Bill include Federal Allies Institute, National Guard Association of the United States, Partnership for America and Vietnam Veterans of America.

Fortenberry said "Giving veterans entrepreneurial opportunity by giving them access to capital through a benefit that's already defined by the federal government to us seems a way to meet multiple policy objectives of job creation, assistance to veterans and empowerment of small business entrepreneurs"

The new GI Bill was originally authored by Andy Gibbs, Chairman of Patriot Enterprise Project, a nonprofit advocating passage of the Vet Act of 2011.

Gibbs suggests that "Creating a landmark GI Bill that could change the future for a million veterans should be the job for a national veteran service organization with a huge budget and legal staff, not for an ex-combat medic working on a shoestring budget. I could sit back and hope, or learn the legislative process and lead out. I'm not one to sit back and hope."

California Assemblyman V. Manuel Perez was an early supporter, and opened a valuable channel for Gibbs to get some direction from a few legislative consultants.

Gibbs is a service disabled Vietnam-era veteran, and Palm Springs-based small business owner. Last November, he attended Ernst & Young's Entrepreneur Growth Forum in Palm Desert where Aneesh Chopra, President Obama's Chief Technology Officer was scheduled to speak.

During a panel discussion on veteran entrepreneurship, Chopra said "it doesn't take an Act of Congress to help veterans get into business - the government has websites". Gibbs argued that "an 'Act of Congress' is precisely what's required; I'm writing a new GI Bill".

A year later, H.R. 3167 is what Chopra termed "impossible".

Gibbs notes "Palm Springs, CA is about as far removed from Capital Hill as you can get. I applaud Congressman Fortenberry for bridging the distance, and introducing America's next GI Bill."

According to the Department of Veterans Affairs, 40 percent of returning veterans will never earn a degree under the existing GI Bill, and more than 35 percent want to own a small business.

Under the VET Act, veterans could quickly start small business, becoming farmers, ranchers, plumbers, heavy equipment operators, small town doctors, and nurses.

The new GI Bill still has a long road to enactment, with reviews by the House Committees for Veterans Affairs, Small Business, and Agriculture.

Gibbs hopes that the official introduction of H.R. 3167 will now help his nonprofit organization start generating the donations required to support a stepped-up advocacy program through 2012.

"If this Bill isn't signed by President Obama by September, it will be lost in the elections, and we'll need to start from scratch again in 2013. Veterans, and America need jobs now. It's the right bill, at the right time, for the right reasons".

ABOUT PATRIOT ENTERPRISE PROJECT

Patriot Enterprise Project, Inc. is a nonprofit company headquartered in Palm Springs, California. Founded by service-disabled veteran Andy Gibbs, it was formed for the sole purpose of authoring and advocating passage of a landmark GI Bill that would return a key provision in President's 1945 GI Bill of Rights to a 21st Century GI Bill - namely, affirmative support for veterans who would start new businesses or agribusinesses.

Gibbs started his research and drafting of the new GI Bill in early 2010. Nearly two years later, the bill has been introduced in Congress as The Veterans Entrepreneurial Transition Act of 2011.

For interviews, or to obtain additional information or supporting documents, please contact:

Andy Gibbs
Patriot Enterprise Project
C: (530) 200-5511
[email protected]
http://www.VetActof2011.org

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