the i want to thank all of you for being here tonight and a special thanks to my family, some of them could be here. all of you. [cheering] certainly without the efforts of our volunteers i wouldn't be standing here tonight to the three rounds we have to go. i want to thank my opponents.

the connecticut family. [applause] our families always get along and they don't always agree but in the end stand together. whatever our disagreement primary i was one thing here our party, state and country rob simmons and enormous debt of gratitude for his service. [cheering and applauding]

we owe a debt to ship economy and individual rights. [applause] all of the people connecticut. [cheering] day we started this campaign support of the voters of netiquette list out by the establishment for the pendant on the. it is interpreted by. he earned.

humbled to have earned your support. [cheering] [cheering] [chanting] weekend almost 11 months ago today and send them advantage over offense and many of the house and and had the most

incredible experiences leading in talking with all the people connecticut. more cities and more and more of the wonderful people of netiquette. [applause] i want to understand your problems and they want to hear about them first hand. 3000 race to know about it. [cheering] anderson people are hurting because i see it all around our state. i know it feels like because i've been there. people asked me everyday

melinda, why did you decide to run the united states senate let's integrate. the american dream is just jeopardy a suburban our lifetime. for our children and grandchildren,

[applause] is the billion dollars in spending, it's less. [applause] he is or isn't higher taxes on job creators, his lower taxes. [cheering and applauding] little megan had a right. [cheering] with this president and congress had a wrong. [applause]

fantasy and the impact higher taxes regulation and continuing uncertainty small businesses are trying to work within i understand how it is negatively impacting them. we will send it to washington who understands that. [cheering] [cheering] [chanting]

the pledge to you that i will be a voice for change democrats and drive a new direction. this campaign is about you. [applause] hired me and i work for you. [cheering] thank you for everything you've done campaign. our campaign starts tonight in the starts of all of you.

[cheering and applauding] you very much and god bless you. [cheering] the origin of definitively he. let's begin where your story begins growing up in north carolina, and only child.

i have but dual advantage, and older persons perspective as well as length parents perspective. >> i guess i still am a tomboy.

>> can you recall the best advice she's ever given you? >> she always stressed with me to be yourself always do your best to be yourself regardless of what company you are in you are trying to represent. >> what did your parents think? he was 16. >> you come to your office?

>> not a lot. after restarting dating, he left my mom and dad of the summers primarily we would see each other. he started college and started high school as our relationship, more serious, he would hitchhike is carolina university and back and read each other over the weekend. >> finished college in three years? >> i did. >> when did you get married? >> right out of high school.

it took him a little longer to graduate and me a little less time so he graduated together. i was 17. it was just having confidence they did make it work never thinking you wouldn't read this august will be 51 years. i think the greatest thing is you have to have separate bathrooms. [laughter] if you need to ask me why, you don't understand the whole process. [laughter]

we certainly hadn't planned on the so he moved to be closer to them. >> how much was in your checking account? >> very, very little. >> walk us through how the enterprise began for you and your husband. >> my husband is third-generation. his grandfather dabbled a bit in wrestling.

capital wrestling corporation located at 1332 and that was a territory at the time. i think it was in his blood and all he ever wanted to although he did dabble in a couple of things before my father was a schreiner and one of the

shriners was wrestling. >> or did they come up with these things? >> there very creative. they know how to live in the character. >> your son-in-law. >> he started with that name when he was wrestling with a different organization and was this aristocrat. >> you call him to play? >> i call him paul. >> a family business? >> my daughter and my son physical former for wwe and

privilege. >> one issue that you had to deal with his drugs. had it been used in your tenure? >> would put up health and wellness together with stringent drug testing policy but it's really about health and wellness because when you're performing, you're putting your life in somebody else's hands. we want to make sure you are mentally ready. >> you advised the wrestler?

>> they are athletes and entertainers so much more pleasant to match than a sporting event. >> how does it train you for your job here? growing each aspect of the business so when trump asked me to serve, he knew that i knew what it was like to build a business from the ground up, scale and grow it. >> when did you first meet trump? >> i think it was early to mid

80s. he invited us to be his guest at a rolling stones concert. we went and had a great time will. >> you had the longest relationship the president. >> that's true. we met him early on. he has performed in a couple of wwe events. he's the only president of the united states inducted into the wwe hall of fame. >> how did that come about? >> each year we conduct a celebrity who's performed at some time as well as better performers so he was once elected. >> is donald trump a person and friend to you different than the

donald trump public sees on television? >> i've known him about 25 years and is always been a loyal and trusted friend. he's a very smart businessman who. we've always enjoyed working with him. >> commission is what? >> to make sure we provide the right tools and environment so entrepreneurs can start businesses or growth businesses. they are creating jobs and it's adding to the economy because i appreciate the fact that small businesses are the engine of our economy. >> one of the biggest obstacles?

>> even before i came, i toured small businesses and what i heard from them is the same thing i'm hearing today. the regulatory environment, taxes and healthcare and they are already in place in the most difficult to deal with. they need access to capital but what i have found is the general public for small businesses a large don't really know what

they have to offer. we guarantee loans and make loans available so we help get counsel and give general overall advice so when we get them through, another aspect young

entrepreneurs consulted the government to put together the government contracts. the one aspect was the disaster relief program so sandy or katrina because they can lose

their home so they want to help them get back on their feet. they get their business going the sooner the contribute to the economy. >> what are some of the biggest mistakes when starting a business? will. >> the biggest mistake is undercapitalization and tax global because things go on an erosive fashion and then something happens and you cannot managed cash very well.

often the our ceo and janitor. i canceled the young woman will soldiers going to do the billing at night. you make your money with your hand to answer the phones because in the long run the money will come back to you. >> we were growing a business but it was a great opportunity with the challenge is, how do you scale? moved across the country to develop markets and grow from a

northeastern regional the international business really a good opportunity and good vision and creative vision and push the company to grow. >> cable was very big for anybody who goes back we had show on one week when the next

market in the next market and usa cable was the first national reach we had and get the opportunity to expand. >> what we are responsible this? >> ceo of the company, a lot of strategic planning and hr, finance, operational issues and i would pitch my wagon to a star. full throttle all the time. someone who has great vision needs people who can execute so

make sure we can execute through contracts, television negotiations in the world of licensing and aspects to make them work and chill together. >> did they come by it naturally? >> they both enjoyed seeing how the business developed. i think stephanie worked as the development at one time. putting up the ring the very first job was working in the

warehouse where they were stopped and he had to sweep floors and keep things cleaned so they really learned the business from the ground up. >> early in your career did they ever ask what kind of business career this was? >> no. early on we went bankrupt. it wasn't a result of the wrestling industry investing with partners who turned out and we were the only ones left holding the note and we just couldn't do it anymore. my car was repossessed so when i

talk about risk and managing cash flow, it's something i've been through. >> often when our commuters are coming in and out of work. >> in total 100 million, what does it tell you? >> i was a total unknown and the money was spent in introducing me to the public and you are on the new york border to buy it from the new york market and the

time was very expensive. >> you lost both races, what did you learn from back? >> i learned a lot about myself. i was listening to the issues that i toured so many things

from that perspective from the political blood as well as the knowledge. >> having been on this for several months now, wise, myself on this trillion. focus on coming together the one thing i like and appreciate is our agency is the least partisan of any agency in washington not only in the house but in the senate, both sides work

together. last because everyone wants to see the economy grow and i think is a real effort to stimulate business. >> how did you personally prepare? >> there are things called murder boards, questions they think will come from the hearing. i'm very confident in the direction i give them learning about government find the bill,

his executive order relative to partnership. it's part of the workforce which we've been involved in met with business leaders and educators and everyone has the same message and in the economy. and succeed in the greater

growth and our economy. about 29 million, two out of every three are created by small business and even women businesses, women-owned are about 36% of small businesses. and making sure they have access.

and to visit with my family and it is nice to reconnect.

>> about what's next. and the next four years and suddenly you are in the government and policy and it is fascinating and intriguing. >> i was a reception in

washington commute every day and an agency in this economy. talk to me about taking this position. and he walked me to the door and just had one request and he said

a good job. if my best wasn't good enough, i gladly step aside and let somebody do a better and he said he was glad for that. and they come on board immediately and they are doing

it to go to our district office around the country. in their district. small businesses and integrate into the community and how it can impact the community. we had our leadership conference last week america will begin with the leadership conference

they had everybody and for the first time and continue with the ignite tour. and i'm going to washington, oregon and alaska these come to my state. i want to show you what we are doing and how they can be more effective.

hopefully going to puerto rico. i'm learning along the way. i am enthusiastic but i like to come back to the this runs an hour.

>> good afternoon and welcome to. minute editor with bloomberg news and 111 president of the national press club. [applause] we are pleased to welcome today's speaker, head of the small business administration, linda mcmahon. i'd like to ask you if you haven't, please turn off all cell phones. # npc live.

hold your applause until everyone has been introduced. ... senior vice president at story partners and a member of the national press club headliners team. we have dan friedman wrote these regional correspondent at hearst newspapers washington bureau of those newspapers include the stamford advocate. we have chief of staff for the u.s. small business administration. coming from this and we have

alan, president of the wharton club of washington, d.c. we have christine, television host of the next word on channel 16. and a member of the national press club headliners committee organized today's event. we have andrea stone, ceo of dynamic pro. we have kevin lindsay, retired u.s. navy captain and executive director of first global. he also helped organize today's event. thank you both. with senior business reporter at the epic times. skipping over speaker for just a moment we have betsy martin executive in residence at american university and cochair of the national press club headliners team. thank you all for being here today. [applause]

i would also like to acknowledge additional members of the headliners team responsible for organizing today's event. lisa matthews, laurie russo, danny selig, bill lord and the press club staff specifically lindsay underwood, laura coker and executive director bill mccarron. thank you. linda mcmahon serves as the 25th administrator of the u.s. small business administration. she advocates on behalf of of our country's 30 million small businesses, specifically through access to capital, federal contracting opportunities, counseling, mentorship and financial systems. she is part of what the media reports have dubbed the 14 billion-dollar cabinet at the star doldrums of administration. together with her husband, for his magazine based administrator mcmahon network over

$1 billion. an entrepreneur and business executive mcmahon is a a cofounder former chief executive officer of world wrestling entertainment of stamford, connecticut. she helped build the business out from a 13 person regional operation to a publicly traded global enterprise with more than 800 employees worldwide. one could say linda mcmahon comes to this position with her own experience in small business. administrator mcmahon step down as ceo of a company in 2009 to run for u.s. senate and was the republican nominee in connecticut in 2010 and 2012. she supports president trump's agenda for other small businesses which include backing his ongoing battle with amazon. administrator mcmahon said last month in an interview with fox news that the jury was still out on amazon's effect on small

business. she sent amazon provides startups with an opportunity to boost sales but that comes at a price. she also said the number one concern among small-business owners when she began her sba role was tax cuts. with those now in place uses the number one issue is being able to find enough qualified workers. that should be good news for those who are graduating or looking for work. overall, small business optimism remains the. >> when high as measured by the national federation of independent businesses monthly index. in april that optimism index reached a record high, and april was also the 17th consecutive month of historically high readings. government is back on the side of business, administrator mcmahon headset. we are so happy to have her here today. please join me in welcoming

administrative linda mcmahon to the national plus,. [applause] -- national press club. >> administrator mcmahon. >> thank you very much. pleasure to be a. what am i going to do with it? >> hopefully that will -- we will see what you do. >> thank you so, so much. what a nice crowd. as we isis this afternoon. and i want to thank the national press club for money here today at a ducey some familiar faces out in the audience. i'm very pleased to see some of you i have seen in a long time. i want to thank c-span and public radio for covering us as well. and i'm just really delighted to be here. those of us who are in public service have the opportunity to meet such a diversity of people

come and hear so many interesting stories on a routine basis. that's part of public service that i really like the most. whenever i arrived at it this is what i'm doing my road tours and the owner or owners of this businesses come up to greet me, they take such pride in telling me about their business, how they started, how they have grown and what challenges they faced or what one's they are still facing. for those of you in the room and i know there are several, who on your businesses you understand what i mean when i tell you that entrepreneurs business is really personal to them. it's like an extension of them. when president trump asked to take on this job, he told me he wanted someone who actually had built a business, someone who had experienced the ups and downs and would fully understand the issues facing our small businesses today.

i'm happy he has confidence in my ability to do this job. today i want to talk to you about the state of small business in america. we talk a lot about the importance of small business because small businesses really do drive our economy. 99.7% of 99.7% of businer country are small businesses. nearly two-thirds of net new jobs in the private sector are created by small businesses. because of how vital they are to our economy and because the small business sector historically has led this nation out of economic recessions and into periods of growth, i'm always very focused on listening to what small business owners have to say. so here's what they're telling us. the nfib is reporting a 45 year high in small business optimism.

a cnbc survey conducted last quarter measured the highest ever surge in small business optimism. small business optimism matters. entrepreneurs are risk takers by definition. when they feel confident about the future we see more started and we see more growth. that's exactly what they're telling us. a ubs poll conducted recently found that nearly half of all small businesses will invest more in their businesses in the upcoming months. a third of small business and increase hiring. so the question is what led to all this optimism? i'm here today to tell you this surge in small business optimism and everything that flows from that didn't happen just by accident. it's not the result of some cyclical realignment. it's not happening because of public policy decisions that were made years ago. it is happening i believe as a direct result of this presidency leadership.

both the tone and the policies coming out of washington are different. small businesses see a president who was not only bullish on america but also aggressively driving bold, pro-growth public policies. here's what's happening as result. unemployment claims today they are at their lowest levels since the early 1970s. the unemployment rate is at 3.9%. african-american employment rates are at their lowest levels ever recorded. unemployment among women is at the lowest level in 18 years. last month the federal government took in a record $218 billion surplus. inflation is barely above 2%, and wages are rising. you're right, andrea, those graduating classes today e really at a good time. i have given two commencement speeches over the last couple of

weeks and i've told all the students it's a great time for you to be graduating. interestingly there was a prevailing sentiment among small businesses that government is back on their site. it's reflected in economic indicators and it's what i'm hearing on a on a routine m small businesses all across the country. i get asked all the time whether i think the tax cuts have benefited small businesses. i see nightly debates on cable television over whether the tax cuts had any positive impact on small businesses or if the only beneficiaries are really large corporations. if we want the answer to that question why don't we ask the actual small business owners? now that's something i pledge to do when i began my, quote, ignite to work last may. and my goal is to visit all 68 sba district offices around the country. i made a pledge to do that when

i became administrator of the sba because i thought how better to get to know all of my district offices than to go there to see how they operate. they are actually people on the ground. they're interacting with our lenders and customers. it are the voice in the face of sba. so i wanted to see firsthand. but i didn't just want to go to this district offices. so the district offices set up for me business roundtables, visits to small businesses in the area. i did a lot of local and continue to do a lot of local media because a lot to talk about all of the opportunities in the programs and sba has to offer. when i talked to the small businesses entered firsthand from them, prior to tax cuts being made, the primary thing i heard from them was please, help the president with the tax cuts programming. that would mean so much to us, to pay less taxes.

i heard about regulatory rollbacks. now that the tax cuts are in place and hear from those small businesses, i'm doing what i said it's going to do, i'm hiring more people, i'm going my business, i'm really grateful for the president. that level of optimism is still staying high because the tax cuts are now in place. i hear a bit more now about healthcare reform and that you're a bit more now, not a bit more, the primary thing i hear mostly from small businesses today is there's a a shortagen our workforce in skilled labor. so as i said it's a good time for graduates today. bank of america recently conducted a nationwide survey and found 37% of small businesses are planning to invest in their businesses in 2018 as a direct result of the tax cuts. bank of america has had a small business described the tax cuts as a game changer.

and she is right. they're absolutely changing the game and they're doing that specifically by taxing small business owners at a lower rate and by affording them new rules on expensing. many small businesses will get a deduction of 20% for business income. and before the tax cuts were enacted, income would pass through to the small business owners on the personal taxes were it was tax at rates as high as 39.6%. businesses have the ability to deduct the costs and equipment, rather than having to take depreciation over several years on new equipment. instead of less than memorable savings, maybe the spread out over years, the impact that is immediate and unmistakable. as i visited several businesses, one i referenced often because it stuck in my mind, it was a bread baker of massachusetts.

i was touring his facility and i must tell you, if you've been into a bread baking facility and the bread is coming warm out of the oven, all you really want to do is have a pound of butter and grab the loaves from all over. it was really great. it was a family business that started small and built, and he told me, he said i'm so happy with the tax cuts. he said, primary because you see this big oven over here? at evan cost 1,000,000 one half dollars. because of expensing under the new tax cuts i'm going to buy a new oven and i'm going to bring on new accounts, hire more people. i'm going to expand my facility. those are the stories i heard. then i talked to a beer brewer, a micro brew up in pennsylvania. he was walking me through and i was looking at these big mixing vats for the different flavors of -- did you know they have chocolate flavored beer?

wasn't my favorite but but t to taste a few as well. but this brewer told me, not only am i going to buy now another mixing that, because i will have more product, and i distribute it not just here but i but i also have a small café out front. and what i'm noticing is i have more and more customers, and those customers have more money in their pockets to spend so they're coming. so i've have a double benefit. these are real stories. i think it's important for us to be out and listen. one of the folks that's on the dice this afternoon, andrea stone, who was recognized before, but andrea, stand up again if you will. andrea is a small business owner from arlington, virginia. i do, andrea. 12 discussion launch dynamic pro incorporated. she decided after chelating years of experience in the field

of business services the time was right to take a calculated risk, hang out her own shingle at open her own consulting business. andrea is here today and we appreciate very much your sharing the dais with us in coming in. andrea says that tax cuts have allowed her to hire more people, specifically a full-time employee dedicated to marketing. my advice to small business owners always is hire that person to do the thing that's not going to bring in revenue if it detracts from what you having to do. so andrea said that she hired this full-time marketing person because a lot of our time that needed her attention in the business was spent on marketing, and now she could devote her time and energies to the things that only she could do to drive for business. she also told us a few of her employees have told her they have more take-home pay as a

result of the new tax cuts. john sayers is another small business owner who was here today. 17 years ago he started as a asa one-man operation with $1000 in borrowed capital and makeshift basement office. today he's -- he has a three of employees and offices in washington, san diego and maine. john issued today and john, would you stand up again please so we can just acknowledge you as well. thank you both. john told us for the first time you see his like washington is focused on small business growth and that he can see the optimism reflected in the eyes of his employees. like andrea, john told us that his employees are seeing more money into paychecks, and as result of the tax cuts he was able to hire two additional business development employees. ask again, john, for your story

to small businesses are benefiting from these tax cuts. they are making investments, expanding, and creating jobs. listen to this. there's another way in which small businesses are benefiting from the tax cuts. it may sound a little bit counterintuitive but many small businesses are benefiting from the fact that bigger corporations are paying lower taxes. by what do i mean by that? these tax cuts are not a zero-sum game in which every dollar that corporations save somehow comes at the expense of small business owners. the fact is as corporations pay a lower rate, they also invest. they expand their businesses. and whatever large corporations invest, expand and hire, small businesses are the beneficiaries. entire local economies can be formed around small businesses supporting a major corporation. some of the rhetoric coming from

leaders on capitol hill, rhetoric in support of repealing these tax cuts is really troubling. i think it would actually have a negative impact on the growth that we are experiencing today. tax cuts are one way this administration is helping small businesses. another way is through reductions in time-consuming regulations and compliance costs. compliance costs for small businesses, this was a shocker for me, averages about $11,700 per year per employee. that's a lot of money to take out of the bottom line of a small business. by the way, that is more on an employee basis and large corporations pay. this president has canceled, delayed or eliminated hundreds of onerous regulations. the administration is also looking at changes that could make healthcare more affordable and more accessible for small businesses. the result of all this is that

business leaders are less likely to see regulations as a ast to businesses, and nfib is research backs that up. another way in which this administration is helping small businesses is by making capital available for small businesses through various loan guarantee programs offered by the small business administration. i'm very proud to report the sba wrapped up a record fiscal year for lending in the last fiscal year total lending to small businesses was in excess of $30.5 billion. that helped create that help create more than 650,000 jobs. a significant portion of these loans were distributed to minority applicants. the community advantage program serving emerging and underserved borrowers grew by more than 11%, and the sba's microphone program assisting small entrepreneurs grew to more than $68 million. in addition to access the capital the sba plays a key role

in providing access to mentoring. the sba trained or counseled more than 1.4 billion clients on starting and growing businesses using our resource partners like score, sbdcs, women business centers. i have talked to so many small businesses who have utilized and sought access from these resource partners and advice in the mentoring and the time that the volunteers spend is for free. the consumer or the prospective business owner doesn't pay for that. often i've been told if it weren't for that counseling, even though i found access to capital, i wouldn't really know how to develop my business plan, my marketing plan, and how to grow my business. from the government contracting perspective, agencies are on track to exceed a small business contracting goal of 23%.

additionally, we met key goals as a relates to small disadvantaged businesses and service disabled veteran owned businesses. in 2017 are disastrous assistant program responded to three major hurricanes, harvey, irma and maria. our disaster staffing surged to more than 5200 employees to support the economic recovery efforts. they processed more than 300,000 applications, proving more proving more than $6.7 billion in low interest disaster loans. it's important after a disaster we get small businesses back on the seat and back in their homes. it's the only time sba is welcome home mortgages because it is so important for the community that small businesses get back up and running. we processed these loans in record time, an average of 16 days for homes and 24 days for

businesses, which is a major improvement compared to recent large disaster events. in fact, we cut the time in half. i came into this job to advocate on behalf of small businesses, but with a particular interest in advancing women-owned businesses. i mention our flagship 78 loan program which is run by partnerships with nearly 2000 banks and other financial institutions. that program had a banner year for women last year. 30% of our flagship loans went to women-owned businesses. two out of every five dollars sba approved in the micro loan program went to women. we've announced plans for dramatically improving the way in which we help identify women-owned businesses to qualify to bid for government contracts. since i'm on the topic of sba, imagine that, i want to make a very important point. washington is frankly described

as a dysfunctional town where nobody wants to work together. i can tell you it is certainly not the case at sba. it's not the case among the various committees of jurisdiction in both the house and in the senate. there is truly a bipartisan atmosphere focus on improving what this agency does every single day. now that doesn't mean we agree on everything all the time, but it does mean the discussions are supported, civil and constructive and they're almost always conducted in good faith. my tenure thus far at the sba has restored my hope that we can find broad areas of agreement and work together in a way that benefits small businesses and entrepreneurs. it's really been a remarkable experience. small businesses really are the engine that drives this american economy. they are the innovators, the

builders, the people responsible for moving goods into living important services. they are not asking washington to hand them success on a silver platter. they just want government to create an environment that allows them to focus on developing an idea, bringing it to market, and generating a profit. but let's not forget that in addition to being the backbone of the economy in this country, small businesses are also the glue in our communities and the support system for the families who live there. thank you all very much. [applause] >> climb up on the stool. always delicate. in front of a room with a skirt

on. >> administrator mcmahon, thank you so much for joining us here today. we have a lot of good questions and you've touched on a lot of very important topics in your comments. one of the things you mentioned was regulation. so the sba, if i'm not mistaken, reviews all regulations affecting small pieces before goes into effect. what is agency doing now to make sure regulatory burdens don't fall disproportionately on small business? >> what the aspects of the sba is the office of advocacy, which is actually a quasi-independent agency, though its house within sba. and the role of advocacy really is to make sure that when rules and regulations are being promulgated, regulations primarily, at the individual agencies to make sure sba has a seat at the table. we don't always get to have regulation not go through that

we would like to see not go through, but the other side of the advocacy position is to then be out on the road listening to businesses who are then being affected by those regulations so than the office of advocacy publishes a report to congress to hopefully get those regulations changed. >> could you give an example of something, regulation that you might be working towards changing? >> i'm not at this point working on any particular regulation that what i did all the time from small businesses is that they have had been relievee burden of compliance with regulation and reducing that cost. so while there might be a small business here that has one regulation, one over here that has another, basically what i'm hearing is that the cost of regulation is being reduced and, of course, that's more money to the bottom line. >> studies have noted a lower

small business participation rate for millennials then for either gen xers are baby boomers at comparable ages. what do you think the efforts -- sba can do but that? >> part of what sp does and it talked about in remarks, having these resource partners like our sbdcs which are small business development companies that are primarily affiliated with universities. on a grant program. we provide part of their operating capital. they raise the other aspect of that. they have an opportunity to meet with a lot of millennials and potential business owners to guide them through the maze of how to think about starting their business. i think in our school offices which are manned by volunteers and a lot of them are retired business executives, or active business executives. it's really difficult sometimes

to tell a young entrepreneur who is a great idea, this is going to be the best thing, and i know that i can make this work, i know that this is something i need to get developed. but they don't know how to really go about it. if speaking to counseling and mentoring, sometimes being told this is really not a good idea, you need to take it back, you need to polish it a little bit, you need to think about how you going to grow it or scale it. come back, let's talk about again. i think we need to be available to get that kind of advice. part of what i do when it out on my road to her and visiting these offices, the ignite tour, i tell everybody i'm on fireeye want them to be on fire. when it out i do a great deal of local media because i think sp is best kept secret in the country. not because there are not many businesses who think about loans with sba but they really don't

know about all of the mentoring aspects of what's available and to be able to get that advice and that counsel. there's a program called emerging leaders which is for businesses that are already up and running in underserved areas. it's almost like a graduate course in business. it's seven months and it's free. all of these things are so helpful to businesses and a just want to get the word out more that these are available. >> that's very important. we have a question you that specific to the region of appalachia, but i think that this could also apply to some of the places in the country. is there a push to increase small business startups in appellation to try to give hope to youth who may otherwise be drawn to drugs or opioid abuse? >> we don't have a program i'm aware of that specifically focused on appellation.

however, we do have our 60th district offices around the country. so the outreach the most offices hopefully is in areas where we do have underserved communities. that's why all of these resource partners attic keep referencing are so important, because they can give guidance and they can show, sometimes somebody just need a little wind beneath their wings. they just need a little bit of that support system. and when they get that, they can flourish. the education that's necessary in underserved communities as well as the support system is vital for that growth. >> absolutely. i have a question here about farmers specifically. farmers and ranchers are facing a a tough farm economy with bankruptcies on the rise. the house is truly debating a version of the 2010 farm bill. do do you support this legislation? what else should be considered as a relates to small business

in agriculture? >> about a month ago i spent a day on the road with secretary perdue in his rv. well now, that's an experience in and of itself. >> how big was that rv? >> it was just a small rv. we had an opportunity, we were in rural ohio and we did a town hall. we visited a couple of farms and innocent. he is so fluent in the needs and concerns of the farming community. i would clearly defer to him because even though farms, about a small farms are small businesses, i have not really addressed with the farming community per se what their issues are. from the small businesses that i deal with, what truly come across my sphere right now is really more access to capital and the mentoring. >> what about cybersecurity?

i had a question about cybersecurity. one of the biggest challenges to small businesses, and, of course, other american business, is from hacking and other i.t. or cyber issues. what is the small business administration doing on its own and with homeland security and is agencies to protect small businesses from these threats? also it can be sometimes more difficult for a small business to do with a threat like that. they don't maybe have the same computer department that a fortune 500 company would, or the same types of access to that expertise. >> it's a real issue. part of what sba is doing for small business is, first of all, making them aware that they can be targets for cybersecurity. many of them don't know that. that would even think about it. why would they want to hack into me? or utilize that trail to get somewhere else. we do provide again the

mentoring and the counseling to make sure businesses are aware that what companies can provide those services for them at low cost. i think most importantly it's making sure they are aware this is something they need to address. >> do you fine small businesses are often more frequently the target of hacking than large business because it's usually get into a small business? are they under greater threat? >> i don't have any stats on that at all. i think sitting here in washington we know that cyber threats are very real. we got all kinds of folks to be able to prevent that. >> here's another kind of cyber question. cryptocurrency is changing the way business conducts financial transactions. can you comment on this as the trend and how it affects small business? >> i have not had that question from a single small business i've met with or dealt with. >> well, that's telling. that's something.

>> and i have discussed it with our lending partners. but look, we're constantly and about a change and so as bitcoin and other cryptocurrency become more of lending currency that might affect small businesses, we'll have to address that and stay up on it. >> so moving into a more macro picture, how do you feel current u.s. trade policy impacts small business growth and development? do you have concerns about current policy as relates to our relationship with china or the renegotiation of nafta? >> that's a whole lot of question there. they goes and so we different aspects, but there again, small businesses are often exporters. a lot of the export economy of the country is a result of small businesses exporting their goods and services. so we want to make sure the

trade policy is favorable towards those businesses. but as we've seen over decades, we've had an unfair trade policy. we want to make sure that trait is there, it's reciprocal. i sorely support the president's goal that he wants to put america first and american businesses first. >> can you talk a little bit about the specifics of what sba might be doing to make those trade policies more fair? >> sba, we have a seat at the table through our international trade office in the negotiations. but the negotiations are just ongoing at this point. you hear about what's going on and that's about all we know at this particular point. negotiations are in place. want to make sure it's very favorable to small businesses and to our country. >> does the sp work with other federal agencies at the department of commerce or with

state agencies specific on improving the export atmosphere for small businesses? >> often the sba's international trade person is located around the country, and we have -- i i forget the numr of members that we have. but co-located in the commerce office. they have access to guiding small businesses into those areas. sba has a program called step, and they are grants to states to help develop markets outside of the united states for those businesses, sort of provide dollars to attend trade shows, et cetera. and the money goes to the governors of the states and the governors the distribute that money to businesses within interstate. >> one of the biggest obstacles to small business exporting is they don't always have the resources to protect their intellectual property. he is the sba, either on its own

or with the department of commerce, taking steps to protect small businesses from ip ipa abuses? if so, what steps? >> i think that's a general concern for all businesses in the country, not just small businesses. and clearly i was, in a former life, aware of how important it is to protect trademarks and intellectual property. i think that something that is ongoing as a look i think it critical shish and scum et cetera, is to protecting intellectual property. >> are you happy with the current government tax plan? or do you think you could still use some tweaking before this administration of the office? >> i was very happy to see the tax cuts passed, , and for all f the things that talk but in my prepared remarks. we are seeing the effects of those tax cuts. the president is always talking about perhaps other levels of tax cuts, but but i don't wo get head of the administration in commenting on that.

>> could you give us hypothetical examples? >> i don't talk about hypotheticals. >> all right. are you looking to give an incentive or tax breaks to brick-and-mortar small business so they can compete more effectively with online business? >> and my looking to? i'm not quite sure i understand the question. the sba, the administration in general. >> i think what the sba really is trying make sure of is we can help counsel the brick-and-mortar businesses. mainstreet usa is incredibly important. as i mentioned those small businesses are the glue in the community. so how do we help them compete with other businesses? one of the things i like to talk to them about is to make sure to make sure you have unique product in your store, in your

brick-and-mortar. how'd you get people to come into your store? more often than not it's being able to provide personalized service. i can give you a personal example. there is a store in my hometown that carries a lot of the same brands that bigger stories do but it's very convenient for me to go to that store and shop because they know, is a family business, they know what my schedule is like. they'll often open or stay open later. they'll provide seamstress service for getting my clothes. and things like that. that service makes so much difference, and you can't do that online. i often talk about personalized service can really make a difference. >> i do have one more question about taxes and competition for small business. small businesses in high-tech states say that tax bill will hurt them, the 2017 tax bill,

because it will make them less competitive with businesses in low tax states. what is your response to that? >> well, i think you have to look at what they competitive factors always are. if somebody else has a break you don't have, you may be at a disadvantage. there's a company up in buffalo, new york, that i visited and we were talking about tax cuts and he was telling me, he said i i might not get as much of a tax break is some else is going to get but let me tell you what i'm already seeing. he said i might not have as great a tax break but i've got more people coming through my door because they got a tax break. they have more money in their pockets so my customer base is growing. my revenues are increasing. so while my percentage might not

be the same us somewhere else, i'm benefiting from the increase in revenues. so he was all for it. >> can you tell us a little bit, you've been meeting with small business owners all over the country. in your conversations with them i'm sure they bring up lots of issues that maybe you hadn't even considered before he became head of the sba. maybe, maybe not, maybe you considered everything. could you give us some examples perhaps of things you are hearing that are causing you to consider policy changes that you could push for or other new initiatives? >> i can honestly say that i'm not getting those kinds of issues currently. i may as were out and asked tax cuts now or in the marketplace more and we're looking at other issues. let me give you one thing that i was surprised about.

maybe this is not relative to tax, but when the issue about workforce came up, and i'm talking to more and more businesses about workforce, it's not just skilled workers that they need, but they also need workers who basically have a work ethic and want to come to work. so you've got that side were dealing with. the other side of the issue, i really was surprised at the opioid issue and how prevalent it is in preventing many small businesses from having the workforce they need. i know the president is so committed to, in fact, his exact words any meeting worth that he wanted to break the back of opioids. >> i think the scope of the opioid crisis surprised a lot of people when they came to light. he is the sba come up with ideas or plans on how to help small

businesses specifically in heating with issues of the opioid crisis? >> well, there's one thing about regulation and changing laws, what i'm saying, not necessarily sba, but i think sba can help foster some of the outreach in local communities, but your hearing locally or in the news, we're hearing about practical things that are being done. doctors are not prescribing as many opioids. we are looking at alternative ways to deal with pain. hospital surgeons after surgery are not providing as many of the pain relievers that it did before, again, looking at alternate measures. so as we can continue to educate and help that messaging in our local communities, the practical

things that we can do often make the biggest differences. i think we'll continue to help on that educational level. >> with the ministering of the council that you offer small businesses. >> yes. >> great. what changes do you feel we still need to see if our healthcare rules? there have been a lot. >> relative to sba in small businesses which is kind of where my focus is, basically and that had a couple of meetings with secretary acosta which as a matter fact i think you will be rolling out in another week or two a version, a new version of associated health plans. i think this is going to be incredibly beneficial to small businesses who will be able now to be in a marketplace to buy, like like a large company would, through these associations that will be developed either geographic proximity for small businesses, industry associations, industry-specific.

i think one of the biggest benefits for small businesses is that for the first time a sole proprietor, an individual can be considered a group. that has not been the case before. so a sole proprietor will be able to go into the marketplace to buy insurance at reduced premiums. >> good. i think you alluded to this in your comments but the sba recent open nine new women's is the centers across the country to what women start and grow their own businesses. why was it so important to you to what women specifically as opposed to other gender? >> actually because we have many officers, the score offices, the sbdcs. women are often more comfortable going to a women's business center. they like the atmosphere there. of course men come there, too, not as often as women do, but women speeded how is at mr. different? >> the atmosphere is a bit

different. and women i think what they told us have greater success when they feel that the of mentoring support groups. coming to the women's business centers, not all women clearly, but some women like to have that support group. we didn't have as many women's business centers as we do of the resource partners that are out there, so now we have i think it's 109 around the country. think about it, that's still not a lot but we are providing mentoring that if thousands of women, which is terrific. we have the veterans outreach centers. we have our small business development centers. our score offices i was talking about. so do have these different points of outreach are very, very helpful. >> intensive small business ownership statistics, what proportion of small businesses are truly owned and operated by women?

how is it changing with your initiative? >> women actually own about 66% of businesses -- do you have that stat? 66% sounds high now that i said it. i think that's high but women are starting businesses often than men are in today's environment. women are getting more higher degrees than men are. i think women businesses clearly are rising and we want to support them in every way we can. >> fantastic, thank you. another gender question. failed administration, mostly, right click you think that as a woman you approached him to do or negotiation any differently than most men would? and how has your ginger worked for you as a net positive over the course of your career?

[laughing] >> i never really ever felt that i was disadvantage because i was a woman. >> i never did either applaud the. >> if anything i'm better off that being a woman. i have six grandchildren. i have three grandsons in three granddaughters. i really look at the six of them and think all have equal opportunity to do with it what to do. i want to encourage each of them to do that. when i talk to small business owners and when i do talk to women who are starting their businesses, and i can tell you, women are incredibly thoughtful. they are very attentive to detail. they want to make sure things are in place to do and often start businesses with more of a consideration for how that business can benefit the community, as well as how they can grow their bottom line. but i have never been, in my own company, there clearly was no

discrimination. but i always felt, i was never at a disadvantage. i was clearly, as far as i was concerned, the top of the ladder, not the bottom of the ladder. >> absolutely, , good. so what do you think it takes to become a business owner? do you think anyone can do it? >> i don't think anyone can become a business owner something because there's a great deal of risk taking that goes into determining to start a business. it takes such a commitment of time. if you're going to be an entrepreneur, it's a 24 hour business. you can't just leave it over here, and for those who are mothers or parent raising kids and her family, i have other obligations. there's never any real worklife balance.

i've given tons of speeches on that. basically it comes down to, there really isn't any ballot. it's just about when we hear or one we hear, and some in the middle maybe you survive. it's not easy to be a business owner. you have that certain skills and techniques. you can start a business, but can you manage it? can you manage your cash flow? it's one of the reasons this is a sales office is because they are undercapitalized and they don't have to manage cash flow. into get into that you really don't know. i think it does take particular skills to be a business owner. sometimes you can start up not knowing how strong you are and not really understanding how much of your survival instinct isn't there. so if you want to start a business, you may not succeed, give it a shot. take a risk. don't be afraid to fail. >> excellent. you said in an interview recently that a bankruptcy that happened early in your career is

very instructive for you in going forward, even though of course it was painful. what did you learn from that experience? what would you say to business owners who are on the brink of bankruptcy or whose businesses are leaning towards failing as opposed to succeeding, or who have already filed for bankruptcy? >> bankruptcy is a really tough thing to go through. my husband and i, it did happen to us early on in our career, but literally our house was auctioned off. my car was repossessed in the driveway. i was pregnant with our second child so i think when the president asked me to take on this job, and as a sit in my remarks he won a so what he what kind of been there done that, been to the ups and downs of the business, and i can walk the walk and talk the talk. what i would advise businesses to do is, you clearly have to

protect your downside in any business. what we were talking about before is no how to manage your cash flow. don't let it get to the point that if the next eight happens, that next shoe falls are going to be out of business. you've got to have a stronger plan than that. >> what he found so far to be the greatest challenges in working with president trump? do you feel he's more pro-big business and he is pro-small-business? >> i don't find any challenge working with the president as long as you're prepared for what he is expecting of you. and if you have questions, , hae them well formulated. if you go in to speak with him and sit with him and to give his direction, know your stuff. because he knows his. he's demanding of you because

he's put you in a position and giving you authority to act within that position and hopefully provided you with the tools that you need. and if you don't have those tools, shame on you for not coming to get them and for saying what you need. and if you have those and you are not doing them well, you would better be able to justify why not. but he's very fair. he is a good listener and he gives good direction, and is very straightforward in his direction. >> what would you say is president trump's greatest accomplishment so far during his presidency? >> i think he's had several. certainly getting a a tax cutn through. rolling back regulations. look at where we are with our foreign policy today. i think he's had a lot of success, and more to come. >> how does your experience as a former ceo and cofounder of world wrestling entertainment

help you in this job? >> my husband and i, we started sharing a desk in our basement. and sharing a desk with your husband, let alone a copartner, and yes, this marriage did survive, matter-of-fact we have 52nd wedding anniversary this august. [applause] >> congratulations. oh, how wonderful is that? >> that deserves a round of applause here there are not too many of us to do that. but building a business from the ground up, i mean really started with a little capital, building get market by market, understand how to manage cash flow, understanding how sometimes ideas have to wait, but don't let go of them. looking for opportunities and not, sometimes you have to create opportunities but don't be afraid to take opportunities that might come your way.

i can tell you when wwe did its first wrestlemania, which was it's kind of big super bowl event in 1985, it had never been done before by a single company, a single entity, to have one even that was literally shown all around the country and our particular industry. and so it was not only the early stages of pay per view, but he was also being shown in arenas on closed-circuit projection, which it happened with boxing. so we had to have a letter of credit in order to put all of these big projectors in place. i honestly believed we get signed our children away at that point. at about 2:30 to three mnemonic on the night of the pit after having some of the receipts come in from around the country, i finally realized that we had broken even and were not going to have to draw down on the light of credit which we been

able to establish. so when you look at different plateaus aspects in your business that of early made you who you kind of our today in terms of that risk taking, what it took to get that lines of credit, all of the aspects the putting a big deal like that together, i'm not sure there's been anything that sort of prepared me to deal with all of the aspects of this is, what it was negotiated with arenas, whether was negotiating with products, industry, technology, all that, and as a continue to change it i can't they get any better place i could've had better grounding than at the vw. >> fantastic. i have one final question for you here. >> here it goes. >> congressman jordan experiences with professional wrestling come in handy while working in government? have you ever needed or wanted to pull out and over the shoulder body slam?

[laughing] >> over the shoulder body slam? >> i don't know, is that a good when we were talking about it eric something, you know, boom. [laughing] >> when i i was running for te senate in connecticut, i was asked one time, there's a lot of debate the goes on the senate floor, and how do you think you might pull everyone together at some point, what would be the remedy if all else had failed? i said maybe we just want to set up a ring down on the floor of the senate and we just invite everybody in for a royal rumble in the last man standing will get the bill passed. >> i like that idea. [applause] >> so administrator mcmahon, we would like to thank you so very much for joining us here today. i'm going to bequeath our national press club mug. we give one to each of our

esteemed speakers. we hope that, if it's your first, that it will not be your last. we do wish that use it in good health. >> thank you very, very much. i appreciate very much today. thank you. [applause] >> thank you. thank you. >> before we adjourn entirely i would like to highlight a couple of events that we have coming up at the club. next tuesday we have a luncheon with former mexican president vicente fox. later that evening actor eric bergen from madam secretary is going to be speaking to club members. made in a week we have a book event with selena zito and brad todd about their new book called the great threefold. we have fox news channels bret baier coming in to talk with his book, three days in moscow. we have jon meacham coming for a book event in june. we also have ceo of delta

airlines and the commissioner of major league baseball. i hope you all consider coming to some of these events. take a look at our website. we have a lot of things there. and with that, luncheon today is adjourned. thank you for coming. [applause] ..

welcome 20 the administrator of the united states small business administration, linda mcmahon back. [cheering] [cheering] hello, milwaukee. [cheering] america let me take a second to say hello to my delicate from connecticut my name is linda mcmahon and chair of the america first policy institute. [cheering]

he is also a friend. let me share a story. i have little bit him marlo and he welcomed me, is 4-year-old granddaughter ran up to him give him up with delight and asked her, who's the most beautiful girl in the world she said. he asked who you love most in the world? you, grandpa. he kissed her on both grabbed his hat brushed his hair and he smiled with the love only a grandfather. i first met donald trump when i was the go of entertainment. >> for some became the highest

during the company's was honored to serve in his. i travel the country, business owners and job creators and understood them and offer them. broker businesses. i travel with the president with

her cane foreign. encumbering those software. and rebuild and didn't just show personal interest. and be reelected.

and will offer new tax cuts. [cheering] and with china. if reelected, he'll do it again. [cheering] these are job creators and not very often.

and at the gates of hell to defend our. president of the united states.