Ed. Note: The following is a news release provided by the office of Rep. Steve Knight.

A small business bill penned by Representative Steve Knight, CA-25, has been signed into law by the president.

The Small Business Joint Venturing Act, or H.R. 1390, will give small businesses a better chance to compete for federal contracts by allowing them to form joint ventures and work together on contracts while maintaining their small business status.

“I am proud I could be a force for positive economic change in my first year of Congress,” said Knight. “That is exactly what I came here to do.”

The legislation was originally introduced in the House of Representatives in March, and quickly passed through the House Small Business Committee with unanimous support.

In late April it was added as an amendment to the National Defense Authorization Act for 2016, which authorizes the budgets and expenditures for most national defense operations in the upcoming fiscal year.

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The act, along with Knight’s bill, passed the House Armed Services Committee as well as both the House and Senate floors, but was vetoed by the president in November due to a disagreement over spending that was unrelated to H.R. 1390.

A compromise was reached between the president and Congress, and on Wednesday the National Defense Authorization Act and the Small Business Joint Venturing Act were signed into law.

“I am glad that my bill made its way through the twists and turns of the legislative process,” said Knight. “Ultimately, this measure will help the many small businesses in my community that want to compete for federal contracts, but don’t have the resources to do so on their own.”

The Small Business Joint Venturing Act is now law, and will be implemented by the Small Business Administration in 2016. Small businesses will be able to take advantage of its provisions late next year.