July 22, 2010

WASHINGTON - Ranking Members of the Committee on Small Business and Entrepreneurship argued back and forth over the $30 Billion Small Business Lending Act on Thursday, July 22, 2010.

Transcript Chairman Senator Mary Landrieu (D-Louisiana)
"This bill didn't go through the Senate Banking Committee, I want to agree. Thank God it didn't! You know the last two bills that did? One was TARP I, which nobody likes, and then TARP II came through, and then the big bank regulatory bill came through that committee. So I hope the Ranking member is not trying to convince me or the Republicans that that committee has produced really great legislation. To stand up in the Senate and say, the small business lending bill didn't go through the banking committee which has been roundly criticized by their side for too much regulation is more than I can stand. Thank goodness this didn't go through the banking committee."
Watch the Video http://www.youtube.com/watch?v=bhdqBmKuYEc

Transcript: Ranking Member Senator Olympia J. Snowe (R-Maine)
"First of all I hope we could offer other amendments as well in addition to this. I think that it is critically important first and foremost. Like you had the opportunity to offer an amendment, I would hope that on our side of the aisle that they would have the ability and the prerogative to offer amendments as well. And then we look at the end of the day and obviously I know you feel, the senator from Louisiana feels very strongly about this amendment obviously I have some deep concerns and I certainly hope to support this legislation, without this amendment, but if it is the will of the Senate then obviously I will continue to support that and hopefully we can move forward.

But I would not, you know, I just think that it is critically important in respect to this particular initiative that a number of these issues have to be addressed. Final analysis when talking about 30 billion dollars we can't do that lightly and it certainly, there a number of issues that have been raised ones that I raised here today that clearly would have to be resolved, in my estimation so I think the next standpoint I would have considerable concerns, you know, if it was left to the United States Senate in that manner because it raises the cost, I think to the tax payers indisputably, secondly as to whether or not it's going to create risky behaviors in the part of the banks that assuming this legislation. And if it does add cost to the tax payers, then obviously we would have to think about that very carefully with because as of, as you know, it does raise 1.1 billion dollars at least according to your projection, but if you use a true realistic analysis, as we did with the TARP program, it would cost the tax payers $6.2 billion dollars."