On the recordJune 27, 2012
An important part of the continued viability of our Nation's small businesses is their access to capital. To foster this access, we need to provide community financial institutions with responsible regulatory relief so they can increase lending to small businesses. That is why, today, I have introduced the Small Business Lending for Jobs Act of 2012. This bipartisan legislation will allow community banks to spread losses in commercial real estate over a 7-year period. This will allow banks to retain more capital and use these funds to make new loans to small businesses in their communities. The bill also establishes a dual mission for Federal banking regulators and the Consumer Financial Protection Bureau, mandating these entities promote credit availability so long as that credit is provided in a safe and sound manner. This will bring a greater balance to banking regulations. A dual mission will lead to regulators factoring in the impact on banks, communities, and customers in making their decision. I urge my colleagues to support the bipartisan Small Business Lending for Jobs Act of 2012. ____________________
