If I told you there was a way to create 140,000 jobs, infuse $13 billion into small businesses and not cost taxpayers a dime, would you believe me?
That is exactly what HR-1418 and S-2231 would do, if we could only get Congress to move on these two bills.
This no-brainer legislation is supported by small businesses, trade groups and just about every other group you can imagine. In fact, the banking industry is the only group opposed to these bills. And yet, some of our elected officials do nothing to help — no commitment, no support and no vote.
In March, I and other credit union board directors and a small business owner met with Rep. Lois Capps in her Washington office to discuss the importance of modifying federal law and supporting HR-1418.
Rep. Capps indicated she was a friend of credit unions. We asked her to show her support for credit unions and small businesses by signing on as a co-sponsor of HR-1418. Bipartisan support for this bill is currently shown by having a Democrat and Republican as co-authors. A total of 92 Democrats and 48 Republicans from across the country have become co-signers.
Rep. Capps said she would study the bill. To date, she has not shown her willingness to support small businesses and create jobs on the Central Coast by becoming a co-signer. The only organizations fighting this modification are banks. Credit unions are locally owned, locally controlled financial institutions. Credit unions make loans to local small businesses where our families live, work and use these businesses.
The 100,000-plus credit union members in Santa Barbara and San Luis Obispo counties are looking to Rep. Capps to demonstrate that she is a friend to credit unions and the small businesses they serve by having her immediately become a co-signer to HR-1418. It's a no-brainer.
Arthur C Scheithauer Jr.