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New growth spurt in House MBL backers
WASHINGTON (3/12/10)--The momentum behind increasing the member business lending cap for credit unions continued to grow this week, with a total of 10 new legislators signing on to support Rep. Paul Kanjorski’s (D-Pa.) H.R. 3380, the Promoting Lending to America's Small Businesses Act. The additions of Reps. Frank LoBiondo (R-N.J.), Wally Herger (D-Calif.), Suzanne Kosmas (D-Fl.), John Linder (R-Ga.), Mike Quigley (D-Ill.), Jim McDermott (D-Wa.), Collin Peterson (D-Minn.), Bill Posey (R-Fl.), Howard Berman (D-Calif.) and Judy Chu (D-Calif.) brought the total number of cosponsors for the legislation to 99. H.R. 3380, which was introduced by Kanjorski and Rep. Ed Royce (R-Calif.) late last year, would increase the MBL cap from 12.25% of assets to 25% of assets, creating as much as $10 billion in new capital for small businesses within the first year after enactment. This additional funding could create as many as 100,000 new jobs, according to Credit Union National Association estimates. These funds and jobs could be added to the American economy at no cost to taxpayers. Kanjorski has asked House leaders Nancy Pelosi (D-Calif.) and John Boehner (R-Ohio) to include the MBL legislation as part of any future job creation legislation. For a full list of H.R. 3380’s cosponsors, use the resource link.
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