Olympia Snowe: “I want to rise in support of the comments as well as the initiative of the Senator from Colorado, Senator Udall, because…”

“I want to rise in support of the comments as well as the initiative of the Senator from Colorado, Senator Udall, because I think this is a critical way to create jobs in America--by lifting the member business lending cap at credit unions. As he indicated, there was a historical norm of no cap on small business lending--or business lending--that could be done by credit unions in this country. I am very pleased to join him in this effort. Hopefully, we will have the opportunity to consider this initiative here on the floor. It deserves it. At a time when government essentially has exhausted all of its options to create economic growth and jobs, this is one demonstrable way in which we can create jobs in America and also have a massive infusion of capital at no cost to the Federal taxpayer, at no cost to the Federal Government. As the Senator from Colorado indicated, for 90 years there was no cap. In 1998 the Congress decided to impose a cap of 12.25 percent on business lending that could be done by credit unions. We want to raise that cap to 25 percent to inject more than $10 billion of new capital in our Nation's economy. It could create, potentially, as the Senator indicated, 100,000 new jobs within its first year, including some 1,000 jobs in my own State. We are a small State--Maine. We have 1.3 million people, and more than 600,000 Mainers are members of credit unions. Credit unions play a pivotal role in our State and our Nation's economy.…”