(Washington, D.C.) –
Today, U.S. Senator Patty Murray (D-WA) spoke on the Senate floor to strongly
urge her colleagues to support the Small Business Lending Fund and State Small
Business Credit Initiative. The bill was brought to a vote shortly after her
speech, and it failed to get 60 votes after being blocked by Republicans on a
58-42 vote.
In her speech,
Senator Murray discussed the dire need to get credit flowing to small
businesses in Washington state so they can expand and create jobs.
“This is a nonpartisan
bill,” said Senator Patty Murray. “This
is a bill that puts credit back into the hands of our small business owners.
This is a bill that puts people back to work…I urge all my colleagues to listen
to the voices of their constituents and small business owners across the
country and to support this bill”
The bill would create the
Small Business Lending Fund, which sets aside $30 billion dollars to help local
community banks get the capital they need to lend money to small
businesses. It would also help support small business initiatives run by
states across the country that are struggling due to local budget cutbacks.
Murray has been a long-time advocate for a $30 billion fund to help community
banks lend to small businesses. Last year she introduced
similar legislation, and she talked directly
to Secretary Geithner and President Obama about making this happen.
Murray also spoke about
her work to prevent thousands of teacher layoffs across the country:
“I also want to note
that I have worked very hard to include funding to help save over 130,000
teacher jobs in this bill – and that that effort has been blocked by
Republicans obstruction. Every day brings more reports about the continuing
wave of layoffs affecting school districts across the country. And we
have to remember – every time we lose a teacher, it’s not only the teacher and
our economy that suffers, it’s the kids in every single one of our states.”
The full text of
Senator Murray’s speech follows:
“Madam President, on Tuesday
I came to the floor to voice my support for this bill by telling the stories of
all of the small business owners, in every corner of my state, who have
struggled to get credit since this recession began.
“I talked about people who
are driven by their passions, who want to grow their business, who want to
hire, but who have been stymied by the lack of credit flowing from banks.
“I talked about the
drivers of our economy and job creation.
“But Madam President, if
small businesses are the driver of our economic recovery than our community
banks are the engine.
“And right now, that
engine is in neutral.
“That’s because for far
too long our community banks have been ignored in our economic recovery.
“Since this recession
began we have seen banks fail one after another, lending dry up to our small
businesses, and job growth suffer.
“While Wall Street
institutions like AIG and Goldman Sachs were deemed “too big to fail”, the
collapse of our community banks has apparently been “too small to notice.”
“That’s why last year I
introduced The Main Street Lending Restoration Act, which would direct 30
billion dollars to help jumpstart small business lending.
“It’s why I spoke to
Secretary Geithner and President Obama about this directly—and why I have been
pushing my colleagues hard to make small business lending a priority.
“I’ve felt strongly that
we must focus more on the community banks if we were really going to make
progress and bring true recovery to Main Street businesses.
“And it’s why I am so
proud to stand here today and support this bill that would create the Small
Business Lending Fund and State Small Business Credit initiative.
“The small business
lending fund takes the most powerful idea from my Main Street Lending
Restoration Act.
“It sets aside 30 billion
dollars to help our local community banks—those under 10 billion dollars in
assets – to help them get the capital they need to begin lending money to small
businesses again.
“It would reward the banks
that are helping our small businesses grow by reducing interest rates on
capital they receive under the program.
“It would help support
small business initiatives run by states across the country that are struggling
due to local budget cutbacks.
“And does it all while
saving taxpayers an estimated $1 billion.
“It is a bill Madam President
that should have across the board support.
“And in fact it does from
small business groups of all stripes, community bankers, and so many other across
the country have found common cause with the benefits of this bill.
“But once again we are
faced with opposition here in the Senate from those on the other side of the
aisle.
“Once again a common sense
bill – a bill that will save taxpayers money – is held hostage by political
calculations.
“Madam President – I think an
editorial in yesterday’s Seattle Times on this bill summed up some of the
frustration in living rooms and communities across the country very well on the
obstruction we see every day.
“The editorial first noted
the importance of this bill by saying ‘Economic recovery is all about jobs.
And American consumers, who help power the economy, are spending less in the
shadow of a shaky employment market. Small banks lending to small businesses
puts people to work. Access to credit is key. Helping Main Street rekindles
hiring, boosts consumer confidence in overall business conditions, and fuels
the recovery.’
“The editorial went on to
say that this amendment is ‘part of a larger package of legislation for
small business and Main Street America that has attracted scant Republican
interest or support’
“And then the editorial
briefly but very accurately summarized what I think so many across our country
are thinking when they return from home pounding the pavement looking for work
only to turn on their TV to see that a bill like this is blocked.
“It said – ‘Nothing
should be more nonpartisan than putting people back to work.’
“It’s a line that should
speak volumes in this chamber.
“Because it’s a line that
truly represents how so many of our constituents feel.
“This is a nonpartisan
bill.
“This is a bill that puts
credit back into the hands of our small business owners.
“This is a bill that puts
people back to work.
“And nothing should be
more nonpartisan than putting people back to work.
“I urge all my colleagues
to listen to the voices of their constituents and small business owners across
the country and to support this bill
“But M. President, I also
want to note that I have worked very hard to include funding to help save over
130,000 teacher jobs in this bill – and that that effort has been blocked
by Republicans obstruction.
“Every day brings more
reports about the continuing wave of layoffs affecting school districts across
the country.
“And we have to remember -
every time we lose a teacher, it’s not only the teacher and our economy that
suffers, it’s the kids in every single one of our states.
“Whether it’s through
larger class sizes, scaled down services, or even shortened school weeks, too
often it’s our most vulnerable that are paying the price for this recession.
“My amendment was a
fiscally responsible way to ensure that our state’s schoolchildren and the
hard-working teachers aren’t the victims of struggling state budgets. And
blocking its consideration is a serious mistake.
“I will continue to fight
to ensure that our teachers return in September to classrooms and not pink
slips.
“I yield the floor.”
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