JOBS Act Passes House Without MBL Language (Misc News: March 9, 2012)
The U.S. House has passed a bipartisan jobs bill without a provision for raising the cap on credit union member business lending, but a CUNA lobbyist said he did not expect it to be included.
The Jumpstart Our Business Startups (JOBS) Act was approved 390-23, but Ryan Donovan, CUNA’s senior vice president for legislative affairs, told CU Times that the association is focusing on getting the provision included in the Senate version of the measure.
“The legislation that passed today was a compilation of five or six measures that had already passed the House at different times and was thus very narrowly crafted,” Donovan said. “House rules make it very difficult to add anything new to a measure that has been created in this way so we didn't try to get MBL added to it. We have friends on the Hill who are willing to help us, but it didn't make sense to ask them to do what they were not going to be able to do.”
Instead, Donovan said that if credit union advocates are successful in getting MBL legislation added to the bill, CUNA will focus on making sure it stays in through whatever process lawmakers use to reconcile the two different versions of the legislation.