On the recordJuly 22, 2010
I wish to thank Senator Cantwell, Senator Landrieu, and all of those on our side who have been working so hard on this issue for so long. As all of us know, small businesses are not only at the heart of our communities, they are at the heart of our economic recovery. They provide secure, stable jobs. They drive the innovation that provides economic growth and expands opportunity for all. They are the foundation on which we build our economy. But we also know that this economic downturn has hit our Nation's small businesses particularly hard. Lines of credit have been cut off, businesses that were expanding and hiring suddenly slammed on the brakes, employees have been let go, and inventive and original ideas have been put on hold. In communities throughout our country, our small businesses have been left to fend for themselves. A large part of why this has happened can be explained by looking at the health of our community banks, which provide the capital that drives business growth and job creation. The fact is, help has come much too slow for our community banks. Because of that, we have seen these banks fail one after another, lending has dried up small businesses, and job growth has suffered. While Wall Street institutions such as AIG and Goldman Sachs were deemed too big to fail, the collapse of our community banks has apparently been too small to notice.
