To express the sense of the Congress that the Administrator of the Small Business Administration should be designated by the President as a member of the Cabinet and to raise the annual rate of basic pay of the Administrator.

Expresses the sense of the Congress that the Administrator of the Small Business Administration should be designated by the President as a full member of the Cabinet, to serve as the President's principal advisor on all small business matters.

Amends Federal law to raise the Administrator's pay to an executive level commensurate with cabinet status.