Congressman Tom Price (R-GA) issued the following statement on H.R. 5297, the Small Business Jobs and Credit Act of 2010 – the Democrats’ latest incarnation of TARP.

“TARP gave the government part-ownership of banks in exchange for taxpayer bailouts, and this $30 billion TARP, Jr. does exactly the same thing,” said Congressman Price. “The private sector suffers from uncertainty about taxes, ObamaCare, and intrusive regulations, not a lack of capital in the banking system. But instead of rolling back their job-killing agenda, Democrats are handing more taxpayer money to banks. This plan is destined to fail because it is the wrong solution to the wrong problem.

“Small businesses are worried about rising taxes, higher labor costs, and thicker red tape. ObamaCare’s new Form 1099 tax reporting mandate is a huge new burden on small businesses. Nearly everyone wants this job-killing requirement repealed, but Democrats actually used this bill to expand its reach. With friends like that, who needs competitors?

“Repealing new labor costs, stopping tax increases, reducing the national debt, and clearing the uncertainty about Washington’s agenda would all be much more effective in helping out small businesses and the rest of our economy.”