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Posted at 06:34 PM on Friday, December 12, 2008 by post8333WASHINGTON, Dec. 12, 2008--The Veterans of Foreign Wars of the U.S. is calling on Congress to stop appropriating federal funding for the Veterans Business Development Corporation, which is better known as The Veterans Corporation, or TVC.
Congress created TVC in 1999 to provide military veterans with the resources and guidance necessary to start small businesses, but an investigation report released yesterday by the Senate Committee on Small Business and Entrepreneurship revealed that TVC failed to achieve its goals.
According to the bipartisan report by committee chairman John Kerry (D-Mass.) and ranking member Olympia Snowe (R-Maine), TVC failed to establish and maintain veterans business resource centers, it didn't become self-sufficient as required, and the use of federal funding for executive compensation and questionable expenditures was deemed unacceptable.
The Senate committee recommended that TVC no longer receive any federal funding for fiscal 2009 and beyond. The VFW national commander agrees.
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A copy of the report is available here.