CNN.com: What facet of the new economy has had the greatest impact on small businesses? For example, productivity, new markets, faster pace of business...

Sen. Bond: Well, I think from hearing today in the committee, on e-commerce, it's clear that there are new opportunities. Many, many small businesses are purchasing online. We heard concerns expressed today that small businesses are having difficulty becoming sellers online, so that's something that has to be worked on.

Obviously, the speed of operations is a great benefit to any business that can utilize that, either in its transactions or in other dealings, research, for example. These things can be a tremendous benefit for small business. And obviously, the e-business side is going to be an increasingly important part of the way we do business in the United States, and we want to do everything we can to ensure that small businesses have the access and have the information on how to do business in e-commerce.

CNN.com: In your opinion, what are the greatest obstacles facing businesses in the "new economy?"

Sen. Bond: Well, time, money, fear, information, and the digital divide. They have to learn how to do business on the Internet. One of the things we heard today that was a major problem was how to prepare for a 24 hour a day, 365 days a year operation. They have trouble estimating the quantity of business that would be generated by an Internet presence, where a large number of orders could threaten to overwhelm a small business.

They also need to be sure that their business is protected from cybercriminals. This is something that I've heard from small businesses in Missouri as well as what we heard today in our hearings. There are problems with getting enough skilled employees, and how many are needed, and getting the capital that they need to make sure that they are fully prepared for the e-business opportunities that come along.

CNN.com: Do you think e-commerce will replace traditional brick-and-mortar business, or is it just going to be another option for consumers?

Sen. Bond: I don't believe that Internet retailers will ever fully replace bricks-and-mortar businesses. There are too many goods and services that individuals have to purchase face to face. Many people want to go in and look at the goods, feel the quality of the goods, shake hands, deal with people face to face. And I think that's going to continue to be there.

Nevertheless, about every business I know of can benefit in some way from using the Internet. Even if, say, they're in retail sales, they can purchase their equipment and even, perhaps, some of the things they sell. There are real advantages for a small business to utilize the Internet for their supply needs, such as wider access to a range of goods.

We heard today examples where the Internet provides easy access to the best price for the items that they purchase. In some instances, a small business can purchase through the Internet at one-half the price that some people are quoting them today.

CNN.com: Is the committee dealing directly, in terms of legislation, with ways of assisting business in getting online, or do you anticipate that coming up in the future?

Sen. Bond: Any additional legislation would probably be through the commerce committee or the judiciary committee. We heard some discussions about the need for legislation, but I think the first and most important rule to follow is a rule from medicine: first, do no harm.

Many concerns were raised about privacy and confidentiality. Some of the people participating in the forum today said that there are existing laws and technology is developing to ensure that small business has the necessary protection. In that instance, we want to be very careful, proposing a broad federal mandate or a restriction on the Internet, unless we find that there are specific areas where technology and existing laws alone cannot be protection. We deal every day with excessive government legislation and regulation burdening small business, and we want to make sure that we're part of the solution, not part of a brand new problem.

CNN.com: Then you wouldn't favor the Small Business Administration (SBA), for example, assisting businesses in getting online?

Sen. Bond: The SBA has a wide range of business assistance. The Small Business Development Corporations, companies that are in many locations in every state, provide small businesses with the kind of administrative assistance they need, from financing to retailing to personnel management. Someone with a good idea and a good product or good service may not know how to market it.

We also have SCORE, the service core of retired executives, which can help them. Certainly, the small business development companies and SCORE, I'm sure, are going to be called on to assist small businesses in developing their e-commerce capabilities.

CNN.com: Do you know of, or have you seen, any particular types of small businesses that are adapting particularly well to the new economy?

Sen. Bond: Well, there are a number of small businesses that are very exciting, small businesses that are actually providing services to other small businesses. They serve as a great link for small businesses. One young entrepreneur came in, talking about an e-marketplace opportunity she'd just established, where she provides a marketplace for industrial supplies for small businesses. Those Small businesses are at the leading edge of e-commerce, and there are a number of different areas where small businesses are making a major difference.

One witness was talking about how, when she posted all the sites where you could buy AA batteries, some were asking 82 cents, and some were being bid at 32 cents. That means that small businesses needing to buy AA batteries can get them at less than half the price of other sellers. These services that are being provided offer, I think, great benefits to other small businesses and also show that there are small businesses that are on the leading edge.

CNN.com: Is more legislation needed specifically to address privacy issues in transactions online?

Sen. Bond: Privacy issues are one of the great concerns that many small businesses have. Sometimes it's a perceived lack of privacy; if someone thinks their personal information will be used for purposes they haven't authorized, they'll be reluctant to take advantage of the opportunities.

However, as I said before, Congress should be cautious when attempting to regulate a new and evolving industry. Before we go forward with establishing new general government mandates that could hamper the growth of the industry, it would be prudent, in my view, to allow the industry to establish its own standards for privacy, develop the technology that they think will assure privacy, and only if those appear to be insufficient should Congress move in.

There are certain areas where Congress has moved. In 1998, the children's online privacy protection act established fair information practices for commercial Web sites directed at children under 13, or sites that knowingly collect personal information from children under 13. But before we push for additional legislation, we want to be very well informed about what is being done through voluntary standards, through technology, and finally we want to make sure we do no harm.

CNN.com: At the moment, online purchases don't carry sales tax, generally, which is an advantage for online retailers. Should that remain as it is?

Sen. Bond: I think this is one of the areas where we have to be concerned about the competitive disadvantage of "main street" small business, and that has an effect on state and local governments. We want to make sure that electronic commerce continues to grow and prosper. There are ongoing efforts to simplify state and local sales tax rules and establish a uniform system, which could be good starting points.

The current moratorium continues through October of next year, over 17 months, and I think we need to watch carefully how those develop to ensure that there is a level playing field and that there is no undue burden, either on e-commerce sellers or on the local businesses and the local government that are financed with sales tax in their areas.

CNN.com: Do you personally shop on line?

Sen. Bond: As a matter of fact, I just sent a birthday card online a couple of weeks ago. I purchased a weed torch to burn some weeds in my yard and to light some native grasses I wanted to burn. Before that, I used the Internet to sell some yard sale items that came back with a pretty nice return. So I am definitely not fully qualified, but I have taken advantage of it and look forward to doing so more.