Nydia M. Velazquez: “while the House will begin debating the budget resolution in the coming weeks, this amendment offers the first vote on…”

“while the House will begin debating the budget resolution in the coming weeks, this amendment offers the first vote on one of the initiatives introduced in the President's 2007 budget. This amendments provides Members the opportunity to send a clear message that victims of disasters should not be subject to additional and unnecessary burdens by the Federal Government. Buried in the President's budget submission was a proposal to raise the interest rates on SBA's disaster loans. This initiative will eliminate the current caps on interest rates and allow for the SBA to charge higher rates on disaster loans. This could mean that interest rates go up by as much as 50 percent. The end result will force those who had their homes or businesses destroyed to pay for our budget problems here in Washington. I offer this amendment today to ensure that we stop this wrongheaded proposal in its tracks. It puts Congress on record making it clear that an attempt to create additional hardships on disaster victims will not be tolerated. Given all the missteps by FEMA and SBA in the gulf, Congress should not be adding to the problems of those hit by a natural disaster. Findings by the General Accounting Office, various inspector generals and congressional panels have revealed the numerous ways the Federal Government has failed our citizens in the gulf. By supporting this amendment, Congress will be saying that we stand together in these difficult times.…”