The Small Business Act of 1953 established government small business contracting goals and was revised in 1997 to increase the agency-wide goal from 19 to 23 percent.
In release on the senator’s website, he said the proposed bill would increase the percentage of government-wide small business prime goals from 23 percent to 25 percent.
The bill would also raise subcontracting goals from 35.9 percent to 40 percent.
Total spending for federal contracts reached $538.4 billion in fiscal year 2010, of which 22.7 percent went to small business prime contracting and 35.4 percent went to small business subcontracting.
Increasing the small business minimum would provide $11 billion in new business opportunities for small business contractors, according to Cardin.
In mid-April, Rep. Sam Graves (R-Mo.) proposed similar legislation to encourage more small businesses to compete for Defense Department contracts and also raise the minimum prime contracting requirement from 23 to 25 percent.