March 15, 2012 – Speaking on the Senate floor, Senate Majority Leader Harry Reid, D-Nev., said today that S. 509, the Small Business Lending Enhancement Act, will ultimately come before the Senate for a vote, but he gave no indication of when that may occur.
Reid noted that it is not germane to the current jobs package under consideration – H.R. 3606 – and thus can’t be considered as part of the bill without unanimous consent of all Senators.
This has been tried before, he said, and “there has always been a reason not to do it,” Reid said. “This is a bill that presents problems for people because a number of banks don’t want it to happen. But I do, and I’m going to do everything I can to have this brought before the Senate.”
Reid isn’t new to proposals to raise the MBL cap lift. A cosponsor of S. 509 himself, he said he has been working with Sen. Mark Udall, D-Colo., for years to help credit unions in this area. He said during the recent financial crisis, credit unions “have been a lifeblood for small businesses and individuals.”
“We’re going to have a vote on this bill,” Reid said. And “Democrats and Republicans are going to have to make a decision on whether [to] stand up for American credit unions.”
“We are pleased that the Senate majority leader has committed on the floor to have a vote on this critical legislation,” said Brad Thaler, NAFCU’s vice president of legislative affairs. “With this commitment, it remains important for credit unions to keep pushing their senators to support this legislation and stand up for credit unions.”