Senate Votes $30 Billion in Small-Business Aid
New York Times, 7/23/10 - The Senate voted on Thursday to include a proposed $30 billion lending program in a package of aid for small businesses, as two Republicans joined with Democrats to support the amendment.
The Senate voted on Thursday to include a proposed $30 billion lending program in a package of aid for small businesses, as two Republicans joined with Democrats to support the amendment.
The vote was 60 to 39, with Senators George LeMieux of Florida and George V. Voinovich of Ohio, delivering crucial support despite harsh criticism of the proposal by some of their fellow Republicans who derided it as a “bailout” and a mini version of the Troubled Asset Relief Program, the huge government rescue of the financial system.
The Senate must still vote on the overall small business measure, which also includes more than $12 billion in various tax breaks and an expansion of several other government lending programs. Republican leaders are pressing to offer amendments to the bill and it is not yet clear if it will be approved.
Senator Mary L. Landrieu, Democrat of Louisiana and chairwoman of the small business committed, waged a fierce fight in support of the $30 billion lending program, which would be administered by the Treasury Department through local community banks.
“This is something that we want to do to help Main Street, to help small business,” Ms. Landrieu said in one of a series of floor speeches. “This isn’t about Wall Street. It’s not about bailouts. It’s not about troubled assets. It’s not TARP. It’s a small business lending fund, a strategic partnership with community banks.”
Procedural wrangling over the amendment and other issues delayed the Senate vote until after 10 p.m.
The $30 billion lending program was so controversial that on Wednesday, the majority leader, Harry Reid of Nevada, removed it from the base text of the small business bill and instead proposed it as a separate amendment, in hopes of keeping the legislation alive even if the amendment failed.
Supporters of the lending program said that it would help community banks increase lending to small businesses and that the banks would potentially be able to leverage the $30 billion into $300 billion in loans. The Treasury Department helped design the program.
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Senate Votes $30 Billion in Small-Business Aid
New York Times, 7/23/10 - The Senate voted on Thursday to include a proposed $30 billion lending program in a package of aid for small businesses, as two Republicans joined with Democrats to support the amendment.
The Senate voted on Thursday to include a proposed $30 billion lending program in a package of aid for small businesses, as two Republicans joined with Democrats to support the amendment.
The vote was 60 to 39, with Senators George LeMieux of Florida and George V. Voinovich of Ohio, delivering crucial support despite harsh criticism of the proposal by some of their fellow Republicans who derided it as a “bailout” and a mini version of the Troubled Asset Relief Program, the huge government rescue of the financial system.
The Senate must still vote on the overall small business measure, which also includes more than $12 billion in various tax breaks and an expansion of several other government lending programs. Republican leaders are pressing to offer amendments to the bill and it is not yet clear if it will be approved.
Senator Mary L. Landrieu, Democrat of Louisiana and chairwoman of the small business committed, waged a fierce fight in support of the $30 billion lending program, which would be administered by the Treasury Department through local community banks.
“This is something that we want to do to help Main Street, to help small business,” Ms. Landrieu said in one of a series of floor speeches. “This isn’t about Wall Street. It’s not about bailouts. It’s not about troubled assets. It’s not TARP. It’s a small business lending fund, a strategic partnership with community banks.”
Procedural wrangling over the amendment and other issues delayed the Senate vote until after 10 p.m.
The $30 billion lending program was so controversial that on Wednesday, the majority leader, Harry Reid of Nevada, removed it from the base text of the small business bill and instead proposed it as a separate amendment, in hopes of keeping the legislation alive even if the amendment failed.
Supporters of the lending program said that it would help community banks increase lending to small businesses and that the banks would potentially be able to leverage the $30 billion into $300 billion in loans. The Treasury Department helped design the program.
...
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