Americans for Tax Reform, along with a number of other free market organizations, recently sent a letter to the Senate leadership urging them to take up S. 2231, the Small Business Lending Enhancement Act. This bill, cosponsored by Senators Mark Udall (D-Colo.) and Rand Paul (R-Ky.) seeks to lift the arbitrary cap placed upon credit unions making it difficult for these institutions to lend to their member businesses. By eliminating the regulations surrounding credit union lending, this would inject over $13 billion into the economy and create up to 140,000 new jobs—just in the first year. The Small Business Lending Enhancement Act seeks to help small businesses who are members of these credit unions get the necessary capital that they may not be able to receive elsewhere. Furthermore, as two of the larger credit unions direct their efforts toward military populations, S. 2231 would greatly help veteran business owners. This bill is a free-market solution to helping small businesses grow and prosper in this tough economy.
View the full letter here.