Political Quotes

“Mr. Chairman, I want to commend the gentleman from West Virginia for his diligence in getting the EDA reauthorization to the floor. During committee consideration of this bill, there was a great deal of discussion about the revolving loan fund program; and I am very pleased with the revisions we made to it. These changes do not in any way lessen accountability. The committee has been clear on that fact. However, as we discussed the program, we saw a need for further review of the regulations which govern the RLF. There must be a fine balance between accountability and micromanagement, and this does not currently exist. I had considered offering an amendment today addressing the EDA's regulation which requires 75 percent of revolving loan funds to be loaned out at any given time. That is just poor business, and could force loans that may not be wise investments. I am also concerned over EDA's regulations which prohibit refinancing. Good business practices dictate restructuring when it is necessary to assist the borrower's cash flow situation. I am not going to offer amendments, but I would like the gentleman's assurance that we will look into these regulations further in the committee.”