Dear Friends:

This week, the House considered legislation (H.R. 5297) to create a $30 billion fund for smaller financial institutions to encourage small business lending.  Although the issue of access to capital for small businesses is critical, this legislation does not include any requirements that banks actually use the money to lend to small businesses.  I opposed the bill because it will pile more debt on the backs of taxpayers without any guarantee that small businesses will benefit from the funding. 

More federal spending, especially at a time when there is no budget and our federal deficit has surpassed a record 13 trillion dollars, is not the right way to put our economy back on stable footing.  Small business owners can lead us in our recovery, but only if the government facilitates an environment that is conducive to growth.  This environment can only be created if we craft policies that lower taxes, curb government intervention in the private sector, reduce unnecessary regulations, and encourage a return to fiscal responsibility in Washington, D.C.  

My Republican colleagues on the Small Business Committee and I are fighting to stop the federal government’s assault on small businesses.  Stay up-to-date on what we’re working on by visiting our website at / and following us on twitter (http://twitter.com/SmallBizRepub). 

Sam Graves

News from the Small Business Committee:
(Please send any Member media activity to Alexandra.Haynes@mail.house.gov)

• Ranking Member Sam Graves (R-MO) voted No on $30 Billion Small Business Lending Fund.

• On Wednesday, Ranking Member Graves spoke on the House floor against H.R. 5297.  To watch videos of his floor remarks, click here and here.

• Ranking Member Sam Graves released a statement on how H.R. 5297, the Small Business Lending Fund Act, will fail small businesses and taxpayers.

• Rep. Vern Buchanan (R-FL) discussed his 5 Point Jobs Plan on Manatee Educational Television (METV).

• Rep. Mike Coffman (R-CO) issued a statement after voting against H.R. 5297, the Small Business Lending Fund Act.

• Rep. Mike Coffman spoke on the House floor about the fiscal irresponsibility of the Majority, and the need for transparency and accountability.

Updates from Washington:
(Please send any Member initiatives related to small business and job creation to Paul.Sass@mail.house.gov)

• Last Saturday, President Obama sent a letter to Congressional leaders asking them to spend more on measures to support state and local governments.  The letter was criticized by Members of both parties as spending levels, debt, and deficit concerns have begun to resonate. Despite those concerns, House Democrats passed legislation (H.R. 5297) to appropriate $30 billion for smaller financial institutions in an effort to encourage small business lending.  However, the legislation does not include any requirements that banks use the money to lend to small businesses.

• The House on Wednesday passed legislation (H.R. 5486) that included some tax relief for small businesses; however, the bill also included increases that many Members argued would be counterproductive.  “While the tax relief in here is welcome, it’s not enough,” said Dave Camp of Michigan, the Ways and Means Committee top Republican. “While I would support furthering lower taxes on small business, the last thing they need is higher taxes, which is exactly what they are facing from this Congress.”   

• Rep.  Scott Garrett (R-NJ) Seeks Cosponsors to Repeal the Health Insurance Individual Mandate - On Tuesday, 166 Republicans voted to repeal the unconstitutional individual mandate.  This provision, included in the recently passed health care bill allows the federal government to define what qualifies as health insurance, and then mandates that all individuals purchase it under threat of penalty.  If your boss supported Rep. Camp's motion to repeal the mandate, then Congressman Garrett strongly urges him or her to co-sponsor H.R. 4999, the Reclaiming Individual Liberty Act, which would also repeal the individual mandate.  If you have any questions about this legislation, please contact Matthew Turkstra at Matt.Turkstra@mail.house.gov or (202) 225-4465. 

News and Resources for Small Business Owners:

• The U.S. Chamber of Commerce issued “Strategy for New American Jobs,” which focuses on six policy strategies needed to accelerate growth and put Americans back to work.