09.16.10

Sen. Burr: Small Business Lending Act a “Misnomer”

Washington, D.C. - The U.S. Senate today passed the Small Business Lending Act, a bill that Sen. Richard Burr (R-NC) opposed on the grounds that it uses taxpayer dollars to increase government regulation, and expand government intervention in the private sector without providing the help America's small businesses need.

"This would have been a pretty good bill if we had just kept it simple by extending and expanding the loan programs currently available through the Small Business Administration, and enhancing loan fee reductions," Senator Burr said. "However, the version we voted on today merely creates the appearance of doing something by establishing a new $30 billion lending facility, the effectiveness of which has been questioned by even the Congressional Oversight Panel. The result of this new lending facility is more government involvement in the private sector and a return to the same politicized bank lending that played a large role in the irresponsible loans that contributed to our current economic woes. This bill fundamentally ignores the lessons we have learned from the economic bust two years ago."

"The title of this bill is a misnomer as it and fails to address the real needs of small businesses. If we want to really do something to help small businesses, we need to stop increasing taxes and imposing endless regulations on them," he continued.