Senator Udall Discusses MBL Amendment on Senate Floor (Monitor: July 26, 2010)
Senator Mark Udall (D-CO) on Wednesday promoted legislation that would increase the current 12.25% cap on credit union member business lending ahead of a potential Senate vote on small business legislation. Udall introduced a new amendment, identical to earlier legislation that proposed lifting the current MBL cap to 27.5% of total assets, on procedural grounds. Click here to view the video of his remarks in support of this amendment.
Speaking before the Senate, Udall said his legislation was a "small step" to help small businesses at no cost to taxpayers. Udall added that he would work with senators from both sides of the aisle in hopes of gaining support. On a broader scale, support for expanding member business lending has been seen in a number of media stories, including this piece in Business Week.
The small business jobs bill may come up this week for a vote, though it is not known whether leading Senators can gather the votes needed to end debate. That legislation would provide small banks with $30 billion in funds to lend to small businesses. Udall, who supports the small business legislation, said that he did so with the understanding that if the Senate was "going to finance $30 billion to increase lending," they would "at the very least" also move to "increase lending without costing taxpayers a dime." Negotiations on which amendments could be potentially added to the small business legislation continued late yesterday, and the Senate will likely hold a vote on limiting debate and amendments later today. President Barack Obama on Wednesday urged the Senate to approve the jobs bill, which he said would cut taxes for small businesses and make more loans available. The MCUL continues to ask credit unions to contact Senators Debbie Stabenow (D-MI) and Carl Levin (D-MI) urging their support of the Udall amendment. Click here to access the CapWiz letter on this important issue.