Political Quotes

“This second amendment would fix an unintended consequence of the Consumer Financial Protection Bureau in the underlying legislation, which would have the effect of choking off access to credit by small business. According to the February 2010 survey of the National Federation of Independent Business on the state of credit: . . . 16 percent of all small employers have a mortgage on their residence that helps to finance the(ir) business. . . . The Small Business Administration's Office of Advocacy has calculated that there are nearly 30 million small businesses in America. Taken together, this means approximately 4.8 million small firms, hardly an unsubstantial number, rely on a home mortgage for their financing. Many of those small business owners also make loan payments intended to reflect the cashflow of their business models. For example, innkeepers often make larger loan payments during their busier seasons, and farmers and fishermen borrow funds based on their crop or catch cycles. As brought before the Senate, the underlying bill would prohibit lending products if the Consumer Financial Protection Bureau has a ``reasonable basis to conclude that . . . substantial injury is not outweighed by counterveiling benefits to consumers.'' This means if the Consumer Financial Protection Bureau finds that the injury of a loan product is outweighed by the benefit it might create, the Bureau can prevent a financial institution from offering it.”