Ed Perlmutter

Mr. PERLMUTTER

Mr. PERLMUTTER. I would remind the Speaker and others that we're here on the small business lending bill, not on Mr. Chaffetz's proposal or any proposal like that. It may have merit at another time when that bill, itself, is brought forward, but we're here to talk about the small business lending bill, which provides community banks, smaller banks with funds to make credit available to the small businesses on Main Street that were hurt by the crash on Wall Street. So I would just remind the Speaker as to what this bill, the underlying bill, is. With that, I reserve the balance of my time.

Mr. PERLMUTTER. Mr. Speaker, I would just quote from a letter we received from the Independent Community Bankers of America: On behalf of the 5,000 members of the Independent Community Bankers of America, we strongly support passage of the proposed Small Business Lending Fund Act of 2010. We're here on the rule to allow for that bill to go forward, and I would like to remind the Speaker and others that that's the purpose of the hearing today. With that, I yield 3 minutes to my friend from Kentucky (Mr. Yarmuth).

Mr. PERLMUTTER. I yield 1 additional minute to the gentleman.

Mr. PERLMUTTER. I remind my friend from Kansas that when you cut taxes for the wealthiest people in America, you prosecute two wars without paying for them, and you fail to police Wall Street so that it becomes a big casino and results in a crash leaving this country in terrible debt, and you turn a budget upside down, those are the policies that bring a country and bring small businesses to their knees. The country, because of various steps taken, has come out of the terrible dip of the last months of the Bush administration to where we're adding jobs. We have a long way to go. We lost millions of jobs, and many small businesses were hurt in the process. The purpose of the bill that is to be voted on today is about providing funding to smaller banks so that small business will have credit, and people will get back to work. Providing a platform for small business to really get back on its feet and put the people back to work, so many of whom lost their jobs in this recession that was caused by the tax cuts, the two wars without payment, and failing to police Wall Street. With that, I reserve the balance of my time.

Mr. PERLMUTTER. Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 1448 and ask for its immediate consideration.

Mr. PERLMUTTER. I would ask my friend from North Carolina how many more speakers she may have.

Mr. PERLMUTTER. Mr. Speaker, how much time does each side have?

Mr. PERLMUTTER. Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to my colleague, the gentlewoman from North Carolina (Ms. Foxx). All time yielded during consideration of the rule is for debate only. General Leave

Mr. PERLMUTTER. I ask unanimous consent that all Members be given 5 legislative days in which to revise and extend their remarks on House Resolution 1448.

Mr. PERLMUTTER. I yield myself such time as I may consume. Mr. Speaker, House Resolution 1448 is a structured rule, providing for further consideration of H.R. 5297, the Small Business Lending Fund Act. It provides for the consideration of two amendments which were initially cleared as PAYGO-compliant but which were subsequently deemed to violate PAYGO after the first rule was adopted. These amendments have been revised to comply with PAYGO rules, and this rule treats them as part of yesterday's rule. Mr. Speaker, in 2008, after years of lax regulation and Wall Street roulette, our Nation's economy fell off a cliff. Within a matter of months, many Wall Street giants fell, and they took the livelihoods of thousands of small businesses with them. Since that time, we have taken bold action to stabilize the economy, to invest in economic growth, and we are in the process of putting in place new rules to protect against the casino-like atmosphere that existed on Wall Street. Yet for small businesses, they are still feeling the pinch. Accessing capital to build, to grow, to diversify, and to hire new employees remains a pressing challenge. In September of 2008, there was an earthquake on Wall Street, and the aftershocks are still being felt on Main Street. The purpose of this bill is to help those small businesses deal with the aftershocks of that credit crunch from a year and a half ago. The underlying bill, the Small Business Lending Fund Act, establishes a process for community banks to lend responsibly to small businesses. Because of a mistake, two of my colleagues, Representative Schrader and Representative Miller, were precluded from offering their amendments as reported in yesterday's rule. This rule merely allows for the consideration of their modified amendments so we can perfect this legislation and get our Nation's small businesses back to work. I reserve the balance of my time.

Mr. PERLMUTTER. Mr. Speaker, I continue to reserve the balance of my time.

Mr. PERLMUTTER. Mr. Speaker, I appreciate the comments of the whip, but I think what we've got to do is to just talk about reality here. The reality is, when George Bush left office in January of 2009, this country was losing 780,000 jobs per month. Last month, we gained 400,000 jobs. That's a swing of over 1.1 million jobs per month. Yet, on top of that, not only did the Bush administration leave this country in a terrible lurch with jobs; it left this country with a terrible lurch and with a terrible deficit of $1.3 trillion. The Republicans would have America have mass amnesia, to forget where we were. In 2007, we spent $141 billion in Iraq. Today, they're telling us, Hey, let's sell off part of the country to pay our debts. We were spending $141 billion in Iraq and not paying for it. This year, we're going to draw that down to $65 billion. Republicans would have us forget. Let's talk real money. I agree: we should never be wasting money in this country. Every dollar should be worthwhile and real, but we're going to spend $77 billion less in Iraq than under George Bush and at the end of the Republican rule of Congress. So here we've improved employment by some 1.1 million jobs per month. We were left with a terrible deficit by President Bush of $1.3 trillion. We are drawing down Iraq and are saving real money. Then they come up with an advertising program of YouCut to sell assets of this country. I reserve the balance of my time.

Mr. PERLMUTTER. I, again, remind everyone that the rule and the bill are about small business lending. Again, I would refer to the letter from the independent community bankers. ICBA believes the proposed Small Business Lending Fund Act supports their recommendations, and this fresh program approach will attract a broader spectrum of community banks to boost small business lending and job growth. We applaud the new program focused on getting funds to Main Street's small businesses using Main Street community banks. We're here to try to get money to small businesses throughout the country using the smaller community banks, regional banks. The purpose is to get them back on their feet, get them growing. We're not here to talk about selling off assets of America. We're here to talk about getting small businesses back on their feet. With that, I reserve the balance of my time.

Mr. PERLMUTTER. I would remind my friend, at the height of the Iraq war we spend $141 billion, as we draw troops down to $65 billion, a savings of $76 billion a year. That is money. These things we can find other places to save where there is wasteful spending, $76 billion in Iraq. That is what this Congress is finding. That is what this President has found. Instead of going into war and not paying for it, $76 billion. Mr. Speaker, I yield 2 minutes to the gentleman from Kentucky (Mr. Yarmuth).

Mr. PERLMUTTER. I want to make sure that the record is clear that the amendments that are presented in today's rule are in full compliance with the PAYGO rule, and that is why we are proceeding with this second rule. I reserve the balance of my time.

Mr. PERLMUTTER. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, small businesses cannot grow if credit is not available to them. Over the course of the last year and a half, credit has tightened substantially. This bill provides for a loan fund to small community banks and regional banks so that they can work with their small businesses throughout the country. This is not focused on Wall Street, but is focused on Main Street so we can get small businesses really back strong and prosperous and hiring people back so that this country is on a full and vibrant financial footing. I would just remind the Speaker, we have strong support from a whole variety of organizations with respect to the bill: the National Small Business Association, the Small Business Majority, the National Association of Realtors, the Independent Community Bankers of America, the American Bankers Association, and a number of other organizations. Our Nation's small businesses have waited long enough for much-needed capital, so we won't make them wait any longer. This credit crunch has taken its toll, but now it is time to focus on Main Street. I urge a ``yes'' vote on the previous question and on the rule.

Mr. PERLMUTTER. Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. PERLMUTTER

Mr. PERLMUTTER. Mr. Chairman, I have an amendment at the desk made in order under the rule.

Mr. PERLMUTTER. Thank you. The point here is smaller banks, regional banks, unlike banks on Wall Street, did not create the credit and lending mess that exists today. Small businesses didn't create the mess that we see. And it is small business that employs so many people, and we have got to get folks back to work. So the amendment allows for a bank to take a loss and then spread it over a period of time so that they can weather this storm until we get back to a good financial footing in this country. It is something that is necessary. It will assist with the availability of credit today and doesn't cost the taxpayer any money. Something like this was used in the 1980s to assist the agricultural banks, and it worked at that time. It will work today. I urge an ``aye'' vote on amendment No. 5, and I yield back the balance of my time.

Mr. PERLMUTTER. Mr. Chairman, how much time do I have left?

Mr. PERLMUTTER. Mr. Chairman, I yield myself such time as I might consume. Mr. Chairman, the amendment I offer with my colleagues today would increase the availability of capital for small businesses. It temporarily allows banks to amortize real estate losses over 6 years. In addition, smaller community banks would be incentivized to increase small business lending through an extended amortization period of up to 10 years. The impact of this amendment deals with regional and small banks. It will be immediate and is a necessary step in providing greater availability of credit, which will lead to job creation and economic growth. We had an earthquake on Wall Street about a year-and-a-half ago. Those aftershocks are still being felt by small businesses and small banks all across the country. It is for that reason these banks, in an effort to help small businesses regain their footing, deserve this kind of amortization and flexibility with respect to their loan portfolios. They did not cause the trouble that they now find themselves in, and we believe that amortization is appropriate. Mr. Chair, I reserve the balance of my time.

Mr. PERLMUTTER. At this point, I would also say to my friend from Texas, the amendment takes place immediately, not after 2 years. I yield 1 minute to my colleague from Colorado (Mr. Coffman).

Mr. PERLMUTTER. I yield 1 minute to my friend from Wisconsin (Mr. Kagen).

Mr. PERLMUTTER. Mr. Chairman, I would say the amendment provides that if there is a $250,000 loss, it is booked and it is open, but then is spread out for 6 up to 10 years. It's easily transparent and open. I yield 1 minute to my friend from Florida (Mr. Klein).

Mr. PERLMUTTER

Mr. PERLMUTTER. Mr. Speaker, listening to my friend from Pennsylvania, I remind him as well as others that the last month of George Bush this country lost 780,000 jobs in 1 month. Okay? Fourteen months later, 15 months later we gained some 400,000 jobs in this country, a swing of 1,100,000 jobs per month. But in the process, down here in the recession after the Bush administration, we lost 8 million jobs. We have a long way to go to put those people back to work. But for Democrats, that's job number one, to continue to add jobs and put people back to work. When President Bush left it was a $1.3 trillion deficit. We know that we have to rein in spending, and we can begin with Iraq, by drawing down those troops and saving this country some real money. Our first job is to put people back to work, and that's what Democrats are going to do.