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Straight Talk E-News

Small Biz Straight Talk

Washington, D.C., February 9, 2010

News from Ranking Member Sam Graves and Committee Republicans: (Please send any member media activity to Kelly.Hoffman@mail.house.gov)

• Ranking Member Sam Graves (R-MO) on increasing the debt limit in the St. Joe News

• Ranking Member Sam Graves (R-MO) “Opposes Increasing Debt Limit”

• Ranking Member Sam Graves (R-MO)  “Lawmakers find fault with budget plan” in the St. Joe News

• Ranking Member Sam Graves (R-MO) statement on the President’s small business lending plan

• Ranking Member Sam Graves (R-MO) released a statement on the President’s budget

• Rep. Roscoe Bartlett (R-MD) says “Roadmap for America's Future is Far Superior to President's FY 2011 Budget”

• Rep. Steve King (R-IA) op-ed “American Jobs Should Go To American Workers”

• Rep. Lynn A. Westmoreland (R-GA) on “Lady (Liberty) in Red”

• Rep. Mary Fallin (R-OK) says “Nation Can't Afford President's FY2011 Budget”

• Rep. Vern Buchanan (R-FL) spoke on the House floor that "We Need Cuts"

• Rep. Blaine Luetkemeyer (R-MO) believes “Hard-Working Families Cannot Afford Increase in Government Debt, Votes Against Measure”

• Rep. Blaine Luetkemeyer (R-MO) spoke out on the House floor “Fighting the Debt”

• Rep. Mike Coffman (R-CO) says “Budget Evidence That President’s Rhetoric Doesn’t Meet Reality”

Must-Reads from the Week:

• LA Times: Owners are skeptical of Obama plan

• Boston Herald: Reviews mixed on President Obama’s business plans


Administration and the SBA:

• On Tuesday, President Obama unveiled his plan to use $30 billion from the TARP bank bailout program for a small business lending fund to try to spur job growth. The proposal would take the $30 billion and give it to community banks to help spur lending to small businesses.  Many oppose the plan because they believe that the TARP money should be returned to the U.S. Treasury. Critics of the plan also say that small businesses are reluctant to hire or borrow money in an uncertain environment brought on by Washington.

• On Wednesday, the Treasury Department announced that it will be using $1 billion from the Troubled Asset Relief Program to increase lending in lower-income areas.  The proposal, which doesn’t require Congressional approval, would utilize banks, thrifts, or credit unions that are certified by Treasury as community development financial institutions (CDFI).  These institutions tend to invest in areas not typically served by traditional banks or urban and rural areas marked by poverty

• On Thursday, Commerce Secretary Gary Locke announced details on a new National Export Initiative in order to meet President Obama’s goal of doubling the nation’s exports over five years to $3 trillion a year. View the release here. 

• On Friday, President Obama announced two legislative proposals, one to temporarily allow small businesses to refinance existing, qualified commercial mortgages into SBA's 504 program, and a temporary increase in Small Business Administration Express Loans from $350,000 to $1 million. The two proposals would require Congressional approval.

Review of House Activity:

 

 

• On Thursday, the House passed H.J. Res 45. This legislation will increase the national debt limit by a record $1.9 trillion, for a total limit of nearly $14.3 trillion – roughly $46,000 for every person in America. The House also voted to pass PAYGO, which would establish "pay as you go" rules that mandate that Congress find ways to pay for an additional spending.  According to House Budget Committee Ranking Member Paul Ryan, “What pay/go does is it locks in deficits at current levels and it doesn't address the spending crisis.” The debt ceiling increase passed, 217-212, while PAYGO passed, 233-187. Not a single House Republican voted for either measure. This legislation has already passed the Senate and will now go to the President.
 
• On Thursday, the House passed H.R. 4061, the “Cybersecurity Enhancement Act of 2009”, by 422-5. This legislation would direct federal agencies to craft federal cybersecurity research and development updates.

Legislation and Letters Circulating Around the House: (If you would like to publicize your small business effort in Congress, please email Paul Sass at Paul.Sass@mail.house.gov)
 
• Rep. Sullivan (R-OK) Seeks Original Cosponsors to Protest Unconstitutional Health Care Mandates in House/Senate Health Reform Bills - Rep. Sullivan is seeking cosponsors on a resolution stating that a mandate for individuals to purchase health insurance is unconstitutional. The resolution demands the removal of the individual health insurance mandate from any final health care reform bill. At least 29 state legislatures are looking to limit or oppose single-payer provisions and health care mandates that would require purchase of government approved health insurance.  If you have any questions or would like to cosponsor, please contact John Rainbolt at 225-2211 or John.Rainbolt@mail.house.gov.

Review of Senate Activity:

• On Thursday, Senate Small Business Committee Chairwoman Mary Landrieu (D-LA) and Ranking Member Olympia Snowe (R-ME) introduced legislation to modernize the Small Business Administration’s government contracting programs. Ranking Member Snowe had the following to say about the bill, “Federal contracting opportunities have served as a vital tool for American small businesses, helping them to grow, expand, and hire.  Yet the ability of these companies to earn Federal contracts is frequently stunted by the egregious and repeated failure of Federal agencies to meet their statutory 23-percent small business ‘goaling’ requirements.”  View the press release here.
 
• On Thursday, Senate Democrat leaders introduced a jobs bill. They intend to advance their jobs proposals in the Senate through a series of smaller bills. Democrats also propose injecting about $20 billion into the government's highway trust fund, which is facing a shortfall that some lawmakers fear could interrupt highway construction. The request is riling some Republicans, who are concerned about the federal deficit. If a jobs bill passes in the Senate next week, it faces skepticism in the House, which passed its own $155 billion jobs package in December.

Other Small Business News off the Hill:

• The GAO released a report on the New Markets Tax Credit

• The GAO published a report on the status of SBA's Implementation of Provisions in the American Recovery and Reinvestment Act of 2009

• The Small Business & Entrepreneurship Council issued a release, “President's TARP for Small Business”

• Heritage Foundation released a memo, “Hiring Tax Credit Will Not Create Long-Term Jobs”