Senate Democrats

How It’s Playing: “Republicans Block Small Business Lending Bill”

Senate Republicans today again stood in the way of creating thousands of jobs by providing assistance for small business.  Despite their rhetoric lauding small businesses as “the economic engine of our economy” – and despite complaining just yesterday that the Senate was not moving fast enough on this bill – not a single Republican voted today to advance the measure. Their obstruction hasn’t fooled anyone: Headline after headline identifies exactly who is responsible for blocking assistance for small businesses: Senate Republicans.

HEADLINES DECRY GOP OBSTRUCTION

AP – Republicans Block Small Business Lending Bill:  “Senate Republicans blocked a bill to increase small business lending Thursday, dealing a setback to President Barack Obama’s jobs agenda.  … Much of the bill had bipartisan support, but Senate Republican leader Mitch McConnell of Kentucky said Democrats were blocking GOP amendments. Reid said Republican demands kept changing.  …The vote was 58 to 42, with all 41 Republicans voting to continue the filibuster.” [Link]

Reuters – Republicans Block Small Business Lending Plan In Senate:  “Senate Republicans on Thursday blocked a $30-billion plan to help community banks boost lending to small businesses, dealing a blow to President Barack Obama’s election-year battle to reduce unemployment.” [Link]

Bloomberg – Senate Republicans Block Small Business-Lending Bill Sought By Democrats:  “Senate Republicans blocked a measure that would cut taxes and ease credit for small businesses…  It would have provided $30 billion to banks with less than $10 billion in assets to encourage lending to small businesses. The cost of paying back those capital infusions would decline based on the level of small-business lending by the bank. The aid could spur $300 billion in lending.” [Link]

Huffington Post – GOP Filibusters Small Business Bill After Criticizing Dems For Delay:  “For several days now, Senate Republicans have ridiculed their Democratic counterparts for prioritizing campaign finance legislation over a bill that would benefit small businesses, arguing that Majority Leader Harry Reid was putting electoral advantages over jobs for everyday people.  …But when leadership brought a revised version of the small business bill to the floor on Thursday morning, they were met with united Republican opposition.” [Link

New York Times – Small-Business Bill Falters On Senate Partisanship:  “Senate Republicans on Thursday rejected a bill to aid small businesses with expanded loan programs and tax breaks, a procedural blockade that underscored how fiercely determined the party’s leaders are to deny Democrats any further legislative accomplishments before November’s midterm elections.” [Link

Las Vegas Sun (Editorial) – Helping Main Street – Senate Should Approve Legislation That Could Spark Small Businesses’ Growth:  “Senate Republicans have taken equally indefensible actions by repeatedly standing in the way of legislation aimed at sparking economic recovery.  …They have shown they couldn’t care less about Main Street.  Small businesses de-serve much better. At least they have a friend in Senate Majority Leader Harry Reid, the Nevada Democrat who aptly put his finger on why the Senate should pass this legislation.” [Link]

SENATE REPUBLICANS SAY ONE THING, DO ANOTHER

GOP RHETORIC ON STANDING UP FOR SMALL BUSINESS

VOTE TO MOVE TO SMALL BUSINESS LENDING ACT 7/29/2010

“Americans want us to focus on jobs, but by taking us off the small business bill and moving to [the DISCLOSE Act], Democrats are proving the jobs they care about the most are their own.  …Here we are in the middle of the worst recession in memory, and Democratic leaders decided to pull us off a bill that is meant to create jobs…”                                                 

                                                                -Senator Mitch McConnell (R-KY)                   July 27, 2010

NO

“And so this legislation, like it or not, has a ripple effect throughout the entire economy. This isn’t just about Wall Street; this is about Main Street. It has an impact on jobs, it has an impact on availability of credit to small businesses, which are the economic engine in our economy and which create most of the jobs.”

                                                                -Senator Jon Thune (R-SD)                                April 20,2010

NO

"Small businesses are the number one job creator in the country," said Senator Cornyn. "In this weakened economy, we must do everything we can to stimulate their growth through common sense tax relief and incentives to hire and expand.

                                                                -Senator John Cornyn (R-TX)                            June 17, 2010

NO

“Government doesn’t create jobs. The market creates jobs,” he said. “We can’t forget the small banks. They are so important to small business and that is where the jobs are created.”

                                                                -Senator Richard Shelby (R-AL)                      March 10, 2010

NO

“Second of all, this money has not gotten to the most important part of our economy, and that’s small businesses. Small businesses are the job generator of America.”                                                              

                                                                -Senator John McCain (R-AZ)                    February 17, 2010

NO

“We know that between 75 and 80 percent of the jobs created in the country are created by small business.  …It would be a job killer. It would be exactly the wrong thing to do anytime, but especially when we’re in the middle of a recession.”

                                                                 -Senator Jon Kyl (R-AZ)                                    July 12, 2009

NO

A BROAD COALITION OF GROUPS SUPPORT HELPING SMALL BUSINESSES

Independent Community Bankers of America: “…(T)his fresh program approach will attract a broader spectrum of community banks to boost small business lending and job growth.  We applaud the new program focused on getting funds to Main Street small businesses using Main Street community banks.” [James MacPhee, ICBA Chairman / Camden Fine, President and CEO – 6/7/2010]

The Financial Services Roundtable: “I write today in support of the Small Business Lending Fund Act of 2010.  …Access to capital and credit is a critical issue facing small business today.  As a nation, we must ensure that viable small businesses have access to financing so that entrepreneurs can again play a prominent role in leading our country’s economic recovery.” [Steve Bartlett, President and CEO – 6/29/2010] 

American Bankers Association: “Since banks are a reflection of their communities, they are suffering with the communities they serve. Yet even in areas beset by poor economic conditions there are strong borrowers.  …This legislation will serve as another tool for community banks to meet the needs of small businesses in their communities, and we urge the Senate to pass this legislation.” [Floyd E. Stoner, Executive Vice President – 6/29/2010]

Louisiana Bankers Association: “This legislation will serve as another voluntary tool for community banks to meet the needs of small businesses in their communities.  …This legislation will help ensure that consumers know what they are buying and that if scammed, they know where to turn for help.  It will also put in place a consumer watchdog that will crack down on fraud and abuse and ensure consumers receive the information about financial products they need the most.” [Robert T. Taylor, CEO - 6/29/2010]

Women Impacting Public Policy: “The bill contains a number of provisions that will benefit small businesses, such as increasing loan limits and available capital for small businesses, providing tax incentives for small business owners, restoring parity to the Small Business Administration’s (SBA) small business contracting programs, and addressing contracting bundling and subcontracting in federal procurement.  … The bill has far reaching effects for small businesses, and we urge you to support this important legislation.” [Barbara Kasoff, President and CEO – 7/14/2010]

National Association For The Self-Employed: “We believe the combination of tax incentives and financing options will help new businesses build a solid foundation and help existing businesses keep their doors open.  …The self-employed and micro-businesses have long been pillars of innovation and job creation, fueling much of what is great about America. Legislation that supports these enterprises is not only in the best interest of small business, it’s in the best interest of our nation. Healthy small businesses mean healthy families, healthy communities and a healthy economy.” [Robert Hughes, President – 7/13/2010]

South Carolina Small Business Chamber of Commerce: “While the SBA has had some success in increasing the number of loans to small businesses, much more needs to be done in this area specifically. General promotion of the financial  health of small businesses is also important for an economic recovery. Your Small Business Jobs Act of 2010 addresses both concerns.  …[We] vigorously support the Small business Jobs Act of 2010…” [Frank Knapp, Jr., President & CEO – 7/12/2010]

United States Hispanic Chamber of Commerce: “The passage of this Act is critical for our small businesses that have the expertise and the will to grow, but lack the necessary capital to move forward.  We believe that the passage of the Small Business Lending Fund Act is a necessary step for opening the channels to lending to Hispanic small businesses in our communities.  By providing up to $30 billion in capital to small banks, this funding will go directly to the community banks that service our businesses.” [Javier Palomarez, President and CEO – 7/21/2010]

Las Vegas Chamber of Commerce: “Small businesses need more help to get back on their feet, and they need it as quickly as possible. The Small Business Jobs Act will give entrepreneurs valuable assistance and strong, tangible incentives that can help spur business investment and job growth that are essential to economic recovery.” [Matt Crosson, President and CEO – 7/13/2010]

National Gay & Lesbian Chamber of Commerce: “As you know, small businesses are the engine that runs the American economy, and we are pleased to endorse this legislation with the hopes that it will boost all American businesses and communities.  … We are particularly pleased to see tax provisions including “capital gains exclusions” and “start-up deductions” in this legislation as well as various provisions and changes in Small Business Administration loans, as these will ensure our small business members will be able to continue the path of growth many are already on.” [Justin Nelson / Chance Mitchell, Co-Founders and Presidents – 7/15/2010]

Bookmark and Share