"Because of the failure of the minority business development effort, I am proposing the 'Small Business and Capital Ownership Development Act, ' which we will hear testimony on today. The bill creates a small business and capital ownership development program, which is headed by a Presidentially appointed director. The bill's key purpose is to develop capital ownership through the development of small business ownership among socially or economically disadvantaged persons from groups that own and control very little productive capital. This legislation thus gives form, direction, and purpose to a business development program for minorities. For the first time, a Federal minority business development program would have its basis in legislation"--Page 2