On the recordJuly 22, 2010
I hope we will defeat this today because there is moral hazard associated with it. We want to do the right thing by small businesses. I have named several things small businesses are concerned about--cap and trade, more government takeovers, more Federal spending and debt and higher taxes and more mandates through the health care bill passed earlier this year. It is important to keep in mind in this debate the taxpayers. Anytime we talk about a program such as this, there are inherent risks. Again, to use the accounting methodology that CBO used when they scored the original TARP, if they used that accounting convention which takes into consideration market risk, this program would be a $6 billion cost rather than a $1 billion savings, as proponents of the amendment advocate. This is about taxpayers as well as small businesses and small banks. This is not the correct way to help them. I hope our colleagues in the Senate will reject the amendment.
