Nydia M. Velazquez: “today's motion to instruct conferees is about keeping costs down for the American people. Whether it be protecting…”

“today's motion to instruct conferees is about keeping costs down for the American people. Whether it be protecting prices at the gas pump against price-gouging or ensuring entrepreneurs have access to affordable loans, the bottom line is that we must work to relieve our citizens of rising costs. For aspiring entrepreneurs and small business owners, access to capital is access to opportunity. Unfortunately, right now, businesses all over the country are seeing their capital options dwindle. At the same time, the typical small business owner is paying thousands more than they did last year to receive a loan. The simple economics of this are that if a small business has to give the government more of their money, not to the banks, like the chairman inferred, but to the Federal Government, then they have less to invest into their business and less to create jobs. This is a loss our country simply cannot afford today. By not funding the largest long-term lending initiative for small businesses, the 7(a) loan program, this is exactly what is happening. In a little more than a year, costs for lenders and borrowers have increased by 110 percent. These new program costs have already resulted in the termination of important programs that direct capital to rural areas and minority businesses. The situation will only worsen if Congress fails to provide funding. This winter, it is projected that there will be yet another round of fee increases.…”