WASHINGTON – An amendment co-authored by U.S. Rep. Leonard Lance (NJ-7) passed the House Financial Services Committee late Wednesday that would require any funding returned to the government from new small business loan legislation be used to pay down our nation’s ever-growing debt. The amendment, offered to H.R. 5297, the “Small Business Lending Fund Act of 2010,” was co-sponsored by Reps. Erik Paulsen (MN-3) and Randy Neugebauer (TX-19).

“With our national debt approaching $13 trillion dollars, Congress needs an aggressive plan to reduce the debt and put our Nation on a glide path toward fiscal responsibility,” said Lance. “That means we must take every step we can to stop runaway spending and start directing unused, returned and unspent funds to reduce the national debt.”

“I am proud we were successful in our efforts today to direct returned funds to lessen the debt. I would also like to see more fiscally responsible efforts like our amendment in the future,” said Lance.

Lance’s efforts in the House Financial Services Committee mirrors similar legislative efforts he has made to ensure that taxpayer bailout funds returned to government go toward deficit reduction rather than additional government spending.


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