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House Passes Paulsen-Authored Bill to Strengthen Small Businesses

House Passes Paulsen-Authored Bill to Strengthen Small Businesses
Bill requires Special Inspector overseeing TARP funding to examine impact on smaller financial institutions, small businesses with goal of greater job growth
 
FOR IMMEDIATE RELEASE: September 15, 2009
 
CONTACT: Luke Friedrich (952) 405-8510 / Andrew Foxwell (202) 225-2871
 
WASHINGTON – The U.S. House of Representatives today passed a bill authored by Congressman Erik Paulsen (MN-03) aimed at strengthening the opportunities for small business to access credit needed to grow jobs.  Specifically, the Special Inspector General Small Business Awareness Act (H.R. 3179)  requires the Special Inspector General for the Troubled Asset Relief Program (TARP) to examine the availability of funds to smaller financial institutions and the effect TARP funding is having on small businesses.   The bill passed unanimously by a voice vote. 
 
“The road to economic recovery is going to be led by small business, yet I’ve heard time and time again about the challenges our small businesses face in accessing capital and credit,” Paulsen said.   “Rather than adhering to a “too big to fail” mentality, this bill seeks to strengthen our small businesses by examining their opportunities to access needed credit.  By doing so, we will increase job growth, which will ultimately lead to a quicker economic recovery.” 
 
The key provision of Paulsen’s bill ensures the Special Inspector General’s regular reports to Congress include an examination of how smaller financial institutions such as community banks, are faring under the TARP plan, including their ability to access funding in order to provide credit to small businesses. The bill would also direct the SIG to include the impact on small businesses in audits and oversight of TARP spending, while asking the SIG to give the Congress and the U.S. Treasury direct recommendations on how to improve the TARP program in order to create jobs.  This bill also contains a specific provision directing the SIG to look at the impact on both women-owned and minority-owned small businesses.
 
Earlier this year, the House passed a bill co-authored by Congressman Paulsen that created broad authority for the SIG to oversee all aspects of TARP spending.   This bill was signed into law in April.
 
More information is available via Paulsen’s website at www.paulsen.house.gov.
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