March 16, 2008

Washington, DC – Today, U.S. Reps. Ed Perlmutter (D-CO) a member of the House Financial Services Committee was one of 10 House members who met at the White House with President Obama, Sec. of the Treasury Geithner, and small business owners to discuss the steps the Obama administration is taking to help the millions of small businesses bearing the brunt of the credit crisis. At the meeting, President Obama announced the Treasury Dept. will begin purchasing up to $15 billion of SBA loans through the Trouble Asset Relief Program (TARP).

“I am pleased the President and Sec. Geithner are taking these steps to funnel TARP funds directly to the SBA,” Perlmutter stated. “This will enable small businesses in Colorado and across the nation to access loans immediately by increasing the liquidity of the community banks. This action by the President is critical to getting money flowing to Main Street and moving our economy forward.”

Perlmutter has long championed utilizing TARP funds through the SBA, the Federal Home Loan Banks and the Farm Credit Administration as a way to help ease the squeeze individuals, families and small businesses are experiencing during these tough financial times.

In January, the House passed HR 384, the TARP Reform and Accountability Act, which included an amendment sponsored by Perlmutter to ensure small businesses are eligible for TARP funding in order to gain adequate access to capital to fund their needs in the constricting credit markets.

“I look forward to working with this Administration to jumpstart our credit markets so small businesses can prosper, families can pay for their mortgages and people can retire when they want to,” stated Perlmutter.

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Below are links to Rep. Perlmutter’s floor statements on this topic:

Click here to view speech.

Click here to view speech.

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