[Congressional Record Volume 156, Number 133 (Wednesday, September 29, 2010)]
[Extensions of Remarks]
[Page E1765]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    SMALL BUSINESS JOBS ACT OF 2010

                                 ______
                                 

                               speech of

                         HON. LAURA RICHARDSON

                             of california

                    in the house of representatives

                      Thursday, September 23, 2010

  Ms. RICHARDSON. Madam Speaker, I rise today in support of H.R. 5297, 
the ``Small Business Lending Fund Act of 2010,'' which will generate 
small business growth and job creation by providing tax relief, 
enhancing loan accessibility, and cutting inefficient bureaucratic red 
tape. H.R. 5297 will create 500,000 jobs without adding a dollar to the 
deficit and is one of the most crucial steps in our recovery.
  I thank Chairman Frank for his leadership in shepherding this bill to 
the floor and for his tireless commitment to reenergizing our economy 
by providing relief for struggling small businesses.
  Madam Speaker, small businesses are the engine of the American 
economy. They created two-thirds of all new jobs over the last 15 years 
and currently account for half of all private sector employees, 44 
percent of total U.S. payroll, and 97 percent of our Nation's exports. 
The 16,300 small businesses in my district are vital to our local 
economy. Ensuring that they have the credit they need to grow is one of 
my top priorities.
  Many small businesses in my district are ready to make investments, 
hire new workers, and help grow our economy out of this recession. But 
because of tight lending standards and a lack of credit, they are being 
prevented from growing to their full potential and making the 
investments that our economy needs. Since the financial crisis began in 
2008, the number of small business loans is down nearly 5 million.
  This bill takes unprecedented steps to cut taxes and provide credit 
for small businesses. It gives small businesses $12 billion in tax cuts 
by: (1) extending bonus depreciation, (2) allowing for 100 percent 
exclusion of capital gains on investments in small business, and (3) 
doubling the deduction for startup expenditures.
  The bill also creates a $30 billion Small Business Lending Fund to 
provide community banks with capital to increase small business 
lending. The fund is limited to the smallest banks (those holding $10 
billion or less in assets) with key performance-based standards to 
incentivize those lenders to extend new credit to small businesses.
  Madam Speaker, the bold actions taken by Congress and the 
Administration thus far have stopped the downward spiral caused by 
years of economic mismanagement. They prevented the Bush recession from 
becoming a second Great Depression. H.R. 5297 will generate the job 
creation and economic growth that will mark the next phase of our 
recovery. I urge my colleagues to join me in supporting H.R. 5297, 
loosening the credit squeeze, and freeing thousands of small businesses 
to put us back on the road to prosperity.

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