HR5297 - Small Business Credits and Job Creation - more or Less!
September 15th 2010 00:39
For several days now the President is now pushing what he calls a Small Business Incentive Bill. It is the bill you have come to know as HR-5297. You can read the bill from this URL Really Long Link
There are several interesting items in this bill such as money being funneled through states. I am assuming that is how the Federal Government can provide money for Roads and Highways when most roads and highways are the responsibility of each state. Another piece of news that no one seems to be talking about is the findings of the Congressional Oversight Panel. Just for your information, the website for the Congressional Oversight Panel says they were established because of “the escalating crisis, on October 3, 2008, Congress provided the U.S. Treasury with the authority to spend $700 billion to stabilize the U.S. economy. Congress created the Office of Financial Stability (OFS) within Treasury to implement a Troubled Asset Relief Program (TARP). At the same time, Congress created a Congressional Oversight Panel (COP) to “review the current state of financial markets and the regulatory system.”
COP is empowered to hold hearings, review official data, and write reports on actions taken by Treasury and financial institutions and their effect on the economy.” http://cop.senate.gov/about/
Now that you know why the Congressional Oversight Panel was created and what they are currently doing they have reviewed this small business bill and they find that the Small Business Lending Fund that is mentioned in this bill will have no or little impact on small business credit. The report also says that this bill will not create as many new jobs as the President and his administration is has stated. So why does this administration keep saying that these programs are going to work when the congressional oversight panel says they will not. So why are we spending more money after bad when the Congressional Oversight Panel who is responsible for reporting of financial regulatory issues says this is a bad bill and will not accomplish anything more than increasing the deficit another $50 billion.
References:
Really Long Link
http://cop.senate.gov/about/
There are several interesting items in this bill such as money being funneled through states. I am assuming that is how the Federal Government can provide money for Roads and Highways when most roads and highways are the responsibility of each state. Another piece of news that no one seems to be talking about is the findings of the Congressional Oversight Panel. Just for your information, the website for the Congressional Oversight Panel says they were established because of “the escalating crisis, on October 3, 2008, Congress provided the U.S. Treasury with the authority to spend $700 billion to stabilize the U.S. economy. Congress created the Office of Financial Stability (OFS) within Treasury to implement a Troubled Asset Relief Program (TARP). At the same time, Congress created a Congressional Oversight Panel (COP) to “review the current state of financial markets and the regulatory system.”
Now that you know why the Congressional Oversight Panel was created and what they are currently doing they have reviewed this small business bill and they find that the Small Business Lending Fund that is mentioned in this bill will have no or little impact on small business credit. The report also says that this bill will not create as many new jobs as the President and his administration is has stated. So why does this administration keep saying that these programs are going to work when the congressional oversight panel says they will not. So why are we spending more money after bad when the Congressional Oversight Panel who is responsible for reporting of financial regulatory issues says this is a bad bill and will not accomplish anything more than increasing the deficit another $50 billion.
Really Long Link
http://cop.senate.gov/about/
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