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Inside Washington (09/29/2010)
* WASHINGTON (9/30/10)--Sen. Olympia Snowe (R-Maine), Ranking Member of the Senate Committee on Small Business and Entrepreneurship, wrote to Treasury Secretary Timothy Geithner, Senate Banking Committee Chairman Chris Dodd (D-Conn.) and Ranking Member Richard Shelby (R-Ala.) urging them to provide strict oversight of the new $30 billion Small Business Lending Fund, which was included in the Small Business Jobs and Credit Act of 2010 signed into law Monday by President Obama. In a letter to lawmakers, Snowe said the fund is meant to help community banks give credit to small businesses. She raised concerns about the program’s cost and how it would be structured. “I am asking the Senate Banking Committee to hold regular oversight hearings regarding the new lending facility, paying particular attention to the fund’s cost, unintended consequences, and overall effectiveness,” she said. Credit Union National Association Chairman Harriet May attended the signing ceremony for the Small Business Jobs and Credit Act. May on Monday thanked President Obama on behalf of credit unions for expanding Small Business Administration (SBA) loan limits, a move that will allow credit unions to increase their work with small business-owning members (News Now Sept. 28). Erie (Pa.) FCU's Sandi Carangi also attended the signing ceremony on behalf of her credit union ...


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