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Mrs. HARTZLER. Thank you, Mr. Chairman, for bringing this forth and for the bipartisan support for this bill.
I'm pleased to bring the Small Business Credit Availability Act forward today in order to help small businesses, American manufacturers, farmers, and consumers to access the credit they need in order to grow our economy.
Madam Speaker, we need jobs in our country. We need manufacturing to stay strong in America, and we need small businesses to be able to grow. They can't do that if Washington stands in their way.
The Small Business Credit Availability Act removes the onerous barriers to credit imposed by the 2009 Dodd-Frank bill governing a bank's ability to offer low-rate fixed loans to small businesses and manufacturers. This bill also removes the barriers to low-rate fixed loans for credit unions, farm credit banks, rural electric cooperative infrastructure lenders, and finance companies who offer credit to their customers.
Without this bill, the Farm Credit Council alone expects that substantial new costs between $6 million and $27.2 million a year will be added to their cost of doing business, all for new processes and red tape that are not needed.
It is important that local businesses, local manufacturers, and local farmers be able to access low-rate interest loans from local financial entities. This bill keeps the business in the local communities, where it belongs, by reducing the costly new regulations imposed by the 2009 bill. In addition, it clarifies a provision of Dodd-Frank to ensure that manufacturers will be able to continue to provide credit to customers who buy their products.
We need to do everything we can to keep manufacturing here in America, and H.R. 3336 helps do that.
Lastly, our bill clarifies that State utilities are unduly burdened by Dodd-Frank when complying with State law as they enter into contracts. It's time for Washington to cut the unnecessary red tape that hampers job creation. By passing the Small Business Credit Availability Act, Congress will remove the barriers and clear the way for local entities to do business at home and create jobs while doing it.
I urge all my colleagues to support this vital bill.
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