Jan Meyers: “the manager's amendment at the desk is a compromise designed to remedy a few possible flaws in the underlying bill. I…”

“the manager's amendment at the desk is a compromise designed to remedy a few possible flaws in the underlying bill. I want to thank the gentleman from New York [Mr. LaFalce], the SBA, and the gentleman from Missouri [Mr. Talent], and the gentleman from Texas [Mr. Bentsen], and others who have contributed their time and assistance with this amendment, and I ask my colleagues to support it. Mr. Chairman, the amendment is very simple and I will briefly explain its provisions. In title I, it amends section 103 to extend the amount of time the Small Business Administration has to respond to liquidation plans and requests from certified lenders participating in the 7(a) loan program from 3 days to 5. This change is added because the need was recognized to give the SBA a little more time to respond to such requests. The amendment also changes the securitization provision in section 103 to clarify the intent of the committee. Currently, non-bank lenders in the 7(a) program may sell the nonguaranteed portion of their 7(a) loans on the secondary market, thereby freeing up funds for further much needed small business lending. Unfortunately, banks are not accorded the same privileges. H.R. 3719 changes that and also requires the SBA to determine whether a lender, bank or non-bank, needs to keep a reserve.”