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Insightful lawmakers ask president to include MBLs in jobs stimulus
WASHINGTON (9/8/11)—Three key lawmakers—two in the House and one in the Senate—contacted President Barack Obama Wednesday, encouraging him to include an increase in credit union member business lending (MBL) authority as he prepares to release a proposal to stimulate the economy and job creation. On the House side, Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) sent a joint letter, which stated, “During this difficult time in our economy, many small businesses require capital to stay afloat,remain competitive, and ramp up hiring. By increasing the credit union cap, we can help fill this void and create job creation without spending additional tax dollars." Sen. Mark Udall (D-Colo.) told the president that the Senate’s bipartisan bill to “ease government restrictions on credit unions and help small businesses--at no cost to taxpayers--is a no-brainer and should be part of the (president’s) proposal.” The Credit Union National Assocation (CUNA) responded immediately, stating that, “Credit unions sincerely thank these insightful lawmakers for supporting our national economic recovery through expanded business lending authority for credit unions.” CUNA supports legislation in the House (H.R. 1418), introduced by Royce and backed by McCarthy, and Senate (S. 509)--sponsored by Udall--that would, in part, increase the MBL limit to 27.5% of assets, up from the current 12.25% restriction. In thanking Udall, Royce, and McCarthy, CUNA Pesident/CEO Bill Cheney said, “Once their legislation becomes law, more than $13 billion will be pumped into the economy – creating 140,000 jobs – in just the first year. All at no cost to taxpayers. That’s a bargain for the American people. “Reps. Ed Royce and Carolyn McCarthy and Sen. Udall understand that our nation should seize this bargain with both hands, right now, and let credit unions do their part in getting our nation moving again. “With Sen. Udall weighing in with the chief House co-sponsors, credit unions are hopeful that the president will listen carefully and include expanded credit union business lending legislation in his economic and job growth package. The bicameral and bipartisan support makes it clear: This is an initiative supported by those who want an improving economy and more jobs for the American people; it’s non-partisan and common sense.” President Obama has scheduled a speech for this evening before a joint session of Congress and strengthening small business in America will be front and center.


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