Legislation

STATE AND FEDERAL LEGISLATION

Executive Summary

Mischler Financial Group, Inc (MFG) was formed in 1994 as a result of California’s new Disabled Veterans Business Enterprise legislative mandated Program. This Program provides that annually, 3% of all contracts let by all entities of the State government and 1.5% of all contracts let by public utilities, regulated by the California Public Utilities Commission, be provided to business enterprises owned and operated by disabled veterans (DVBE). A complete outline of the California Program is available here.

Mr. Walter M. Mischler, a qualified service-disabled American Veteran, is a 1969 graduate of the United States Military Academy at West Point. He was disabled during his active U.S. Army duty from 1969 – 1974. Soon after his Vietnam tour of duty, he resigned from active duty and became successful in the financial services industry. At the request and influence of several of his clients, including the State of California, he founded the first certified Disabled Veterans Business Enterprise (DVBE) in the financial services sector in 1990. He remains active today as the Chairman, CEO and majority stockholder of Mischler Financial Group, Inc.

In 1999, business opportunities expanded for MFG as President Bill Clinton signed into law the “Veterans Entrepreneurship and Small Business Development Act of 1999″ (The Act) which was updated further by the Act of 2001. These legislative actions provide assistance to veterans who are entrepreneurs and especially to service-disabled veteran entrepreneurs. The Act requires that the Small Business Administration and other federal agencies implement policies and programs assisting veterans, particularly service disabled veterans (SDV’s), in among other things, the procurement of contracts with federal agencies. The government-wide goals for participation by SDV’s was set to be at least 3% of the total value of all prime contract awards for each fiscal year. According to legal opinion the 3% mandate applies to the financial services sector since the law seeks to improve the position of minority, women and disabled veterans business enterprises in procuring construction, commodities and professional service contracts.