Sean Patrick Maloney: “I am not going to object, even though this legislation is flawed in many ways, as my colleague pointed out, because we…”

“I am not going to object, even though this legislation is flawed in many ways, as my colleague pointed out, because we all understand the tremendous need for the people in the gulf region. I am not a Representative from the gulf coast, but I certainly understand the impact on tax revenues after a disaster. Repealing the $5 million cap on community disaster loans is something that I have been working on along with the New York delegation, ever since New York suffered at least $5 billion in lost tax revenues following 9/11 and the loss from the gulf region maybe more. The bill before us lifts the $5 million cap, but it adds a provision that has never, ever been seen before with these loans. It prohibits, literally prohibits, the Federal Government from forgiving any part of these loans. This is incredibly important because there has been a long history of canceling these loans after they are given. I have here with me, Mr. Speaker, a list of all the previous disaster loans that have been forgiven. So why are we now putting this terrible burden on the people in the gulf region? CDL PROGRAM HISTORY--PRINCIPAL AND INTEREST CANCELLED [As Sept. 30, 2001--* loan made under Credit Reform Act] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Inerest Principal Interest Loan No.…”