Today, Reps. Ed Royce (R-CA) and Carolyn McCarthy (D-NY) introduced the Credit Union Small Business Jobs Creation Act (H.R. 688), legislation that will provide much needed financial assistance to America's small businesses without any additional costs to taxpayers.
"Small businesses are the backbone of our economy and it is critical that Congress look at proposals that help them to grow, thrive and hire," said Royce.
"We must support America's small businesses as we continue to grow our economy. This bipartisan bill will help small businesses grow and hire new workers at zero cost to taxpayers. I urge our colleagues on both sides of the aisle to join us in supporting this commonsense legislation," said McCarthy.
The Credit Union Small Business Jobs Creation Act would raise the current credit union member business lending (MBL) cap from 12.25% to 27.5%. To qualify for the higher cap, a credit union must be well capitalized, have a history of member business lending experience, be operating near the lower cap for at least one year, and receive approval by the National Credit Union Administration. Reps. Royce and McCarthy were joined by 34 additional co-sponsors on the legislation.
"This legislation will not only allow credit unions to lend an additional $13 billion to small businesses, but will create 140,000 new jobs in the process," said Royce. "With a stagnant job market and unemployment rising to 7.9 percent, the Credit Union Small Business Jobs Creation Act is an important step in getting Americans back to work."