Tip:
Highlight text to annotate it
X
CHANCE TO COMPETE WITHOUT
ENDANGERING INVESTOR CONFIDENCE
OR THE STABILITY OF OUR ECONOMY.
AND, MADAM PRESIDENT, I NOTE THE
ABSENCE OF A QUORUM, AND I YIELD
THE FLOOR.
THE
CLERK WILL CALL THE ROLL.
QUORUM CALL:
MRS.
SHAHEEN: MR. PRESIDENT, I ASK
THAT THE QUORUM CALL BE LIFTED.
WITHOUT
OBJECTION.
STPHAOEPB INTERVENE THANK YOU.
WHEN I TALK TO SMALL BUSINESS
OWNERS IN NEW HAMPSHIRE, ONE
THING I NOTICE CONSISTENTLY IS
ACCESS TO CAPITAL IS A REAL
CHALLENGE.
WHILE OUR COMMUNITIES BANKS HAVE
INCREASED THEIR LENDING, CAPITAL
ACCESS FROM LARGE BANKS AND
OTHER ENTITIES HAS BEEN VERY
HARD TO COME BY.
AS A RESULT, SMALL BUSINESSES
FIGHTING TO GROW AND CREATE JOBS
CONTINUE TO BE CONSTRAINED IN
THEIR EFFORTS.
NOW, I'M GLAD THAT THE SENATE IS
PLANNING TO MOVE FORWARD WITH
THIS LEGISLATION THAT WILL
ADDRESS CAPITAL FORMATION AND
THAT WILL TAKE SOME ADDITIONAL
STEPS TO HELP THOSE SMALL
COMPANIES GET THE FINANCING THEY
NEED TO GROW.
BUT AS WE TAKE THAT STEP
FORWARD, IT'S EQUALLY IMPORTANT
THAT WE DON'T ALSO TAKE A STEP
BACK.
THAT'S WHY I BELIEVE IT'S
CRITICAL FOR THE SENATE TO
EXTEND TWO VENUES OF SMALL
BUSINESS FINANCING AS PART OF
THIS DEBATE.
THE EXPORT IMPORT BANK AND THE
SMALL BUSINESS' ADMINISTRATION
504 REFINANCING PROGRAM.
THESE PROGRAMS, WHICH BRING NO
COST TO THE TAXPAYERS -- PLEAT
SAY THAT AGAIN -- LET ME SAY
THAT AGAIN.
THESE PROGRAMS BRING NO COST TO
TAXPAYERS, BUT PROVIDE FINANCING
OPTIONS FOR SO MANY SMALL
BUSINESSES IN NEW HAMPSHIRE, IN
COUNTRY.
WEST VIRGINIA AND ACROSS OUR
WE HAVE AN
IMPORTANT OPPORTUNITY TO ENSURE
THAT SUCH IMPORTANT AVENUES TO
REMAIN AVAILABLE IN THE
COMING YEARS BY EXTENDING THESE
PROGRAMS AS PART OF THE SMALL
BUSINESS CAPITAL PACKAGE THAT
WE'RE CURRENTLY DEBATING.
SO FIRST, LET ME BEGIN WITH THE
EXPORT-IMPORT BANK, A VITAL
AGENCY THAT HELPS SMALL
BUSINESSES SECURE WHAT THEY NEED
FOR EXPORT DEALS.
THIS IS CRITICAL BECAUSE EXPORTS
ARE SUCH AN IMPORTANT PART OF
THE MARKETS THAT ARE AVAILABLE
TO BUSINESSES TODAY.
YOU KNOW, 95% OF MARKETS EXIST
OUTSIDE OF THE UNITED STATES,
BUT ONLY 1% OF SMALL AND
MEDIUM-SIZE BUSINESSES ARE DOING
BUSINESS OUTSIDE OF THE UNITED
STATES.
SO BUSINESSES NEED ACCESS TO
THESE INTERNATIONAL MARKETS.
LAST AUGUST SENATOR AYOTTE AND I
HELD A SMALL BUSINESS FIELD
HEARING IN NEW HAMPSHIRE, AND IT
WAS ON SMALL BUSINESS EXPORTING.
WE HEARD HOW DIFFICULT IT CAN BE
FOR A SMALL COMPANY TO SELL ITS
PRODUCTS OVERSEAS.
IT IS PARTICULARLY CHALLENGING
FOR A SMALL BUSINESS TO GET
FINANCING FOR ITS FOREIGN DEALS.
THAT'S WHERE THE EXPORT-IMPORT
BANK MAKES SUCH A SIGNIFICANT
IMPACT.
87% OF THE EXPORT-IMPORT BANK
TRANSACTIONS SUPPORT BUSINESSES.
SO I THINK THERE'S A
MISCONCEPTION ABOUT WHO THE
EX-IM BANK REALLY HELPS.
87% OF THEIR TRANSACTIONS
SUPPORT BUSINESSES.
LAST YEAR ALONE THE BANK HELPED
FINANCE MORE THAN $6 BILLION IN
COMPANIES IN THE UNITED STATES
EXPORT SALES FROM SMALL
T. SET A GOAL OF INCREASING THIS
VOLUME BY AN ADDITIONAL $3
BILLION IN THE COMING YEAR, AND
IT'S CREATED A NEW GLOBAL ACCESS
FOR SMALL BUSINESS INITIATIVE
WHICH IS DESIGNED TO
DRAMATICALLY INCREASE THE NUMBER
OF SMALL COMPANIES TAKING
ADVANTAGE OF ITS PROGRAMS.
NEW
INITIATIVE IS TERRIFIC.
THE EX-IM BANK CAME TO NEW
HAMPSHIRE AND UNVEILED THIS
INITIATIVE, AGAIN, THIS BANK
ASSISTS SMALL BUSINESSES AT NO
COST TO THE TAXPAYER.
UNFORTUNATELY, RIGHT NOW THIS
NO-COST SMALL BUSINESS PROGRAM
IS IN JEOPARDY.
UNLESS WE ACT SOON TO
REAUTHORIZE THE EXPORT-IMPORT
BANK IT WILL HIT ITS LENDING CAP
AND BE FORCED TO CUT OFF SUPPORT
FOR SMALL BUSINESSES.
WE CAN'T AFFORD TO LET THAT
HAPPEN.
WITHOUT THE BANK, SMALL
BUSINESSES WILL LOSE A
SIGNIFICANT AMOUNT OF FOREIGN
MAINTAIN.
SALES AND THE JOBS THEY
LAST YEAR THE BANKS SUPPORTED
OVER 288,000 AMERICAN JOBS.
AS MORE SMALL COMPANIES BECOME
AWARE OF THE BANK'S PROGRAMS,
MORE BUSINESSES WILL BE ABLE TO
ACCESS NEW MARKETS AND CREATE
NEW JOBS.
AN EXAMPLE
BECAUSE AS I SAID, LAST YEAR WE
HAD THE CHAIR OF THE
EXPORT-IMPORT BANK IN
PORTSMOUTH, NEW HAMPSHIRE, THEY
UNVEILED THEIR NEW SMALL
BUSINESSES AND MET WITH A NUMBER
OF BUSINESSES INTERESTED IN
EXPORTING.
ONE OF THOSE BUSINESSES IS A
COMPANY CALLED SKELLY ARCS
MEDICAL EQUIPMENT COMPANY BASED
IN HOL LIST, NEW HAMPSHIRE.
-- IN HOLLY, NEW HAMPSHIRE.
THEY WERE UNAWARE OF THE PROGRAM
THE EXPORT-IMPORT BANK OFFERED.
TWO WEEKS BEFORE THIS EVENT
SKELLY TOOK OUT A POLICY WITH
THE BANK.
IT PUT THEM IN A POSITION TO
EXPAND ITS SALES OVERSEAS AND
RIGHT NOW SKELLY MEDICAL IS
LOOKING TO FINANCE DEALS IN AS
MANY AS FIVE FINANCIAL MARKETS.
THAT'S ALL THANKS TO THE HELP OF
THE EXPORT-IMPORT BANK.
THE EXPORT-IMPORT BANK
THAT KIND OF SUCCESS STORY WON'T
HAPPEN.
IT WOULD BE A REAL MISTAKE FOR
THIS SENATE TO PASS A CAPITAL
ACCESS BILL WITHOUT THIS
CRITICAL REAUTHORIZATION.
NOW, THE SECOND PROGRAM I'D LIKE
TO TALK ABOUT IS ANOTHER NO-COST
PROGRAM THAT DESERVES TO BE
EXTENDED, AND THAT'S THE SMALL
BUSINESS ADMINISTRATION'S
SECTION 504 REFINANCING PROGRAM.
WITH BIPARTISAN SUPPORT, THE
SENATE PASSED THE SMALL BUSINESS
JOBS ACT TWO YEARS AGO.
WELL, ABOUT A YEAR AND A HALF.
AND THAT SMALL BUSINESS JOBS ACT
CREATED THIS 504 PROGRAM TO HELP
SMALL BUSINESSES REFINANCE
EXISTING LOANS UNDER THE
S.B.A.'S 504 LENDING PROGRAM.
AGAIN, WHAT WE'RE HEARING AS MY
COLLEAGUES KNOW AND AS I'M SURE
THE PRESIDING OFFICER KNOWS, IS
THAT THIS DIFFICULT REAL ESTATE
MARKET THAT WE'RE IN HAS MADE IT
CHALLENGING FOR MANY SUCCESSFUL
BUSINESSES TO REFINANCE THE REAL
ESTATE DEALS.
THEY CAN'T GET ACCESS TO CAPITAL
RIGHT NOW, PARTICULARLY IN THE
REAL ESTATE INDUSTRY, WHICH HAS
BEEN SO HARD HIT DURING THIS
RECESSION.
WHAT THIS S.B.A. PROGRAM ALLOWS
IS FOR SMALL BUSINESSES TO LOCK
IN LONG-TERM STABLE FINANCING SO
THAT THEY CAN FREE UP CAPITAL TO
INVEST IN THEIR COMPANIES AND
HIRE NEW WORKERS.
AND ALTHOUGH THIS PROGRAM GOT
OFF TO A SLOW START, THE SMALL
BUSINESS ADMINISTRATION HAS MADE
IMPORTANT CHANGES TO ENSURE THAT
IT IS WORKING BETTER NOW FOR
SMALL BUSINESSES AND FOR BANKS.
SO AS A RESULT, WE'RE STARTING
TO SEE A SIGNIFICANT INCREASE IN
VOLUME.
IN NEW HAMPSHIRE, LENDERS SEE
THIS PROGRAM BECOMING A REAL
SUCCESS IN THE NEAR FUTURE.
ALLEN ABRAHAM, WHO IS THE
PRESIDENT OF THE GRANITE STATE
DEVELOPMENT CORPORATION IN NEW
HAMPSHIRE, HAS SAID THAT BANKS
AND BORROWERS ARE NOW
UNDERSTANDING THE SIGNIFICANT
BENEFITS OF THE PROGRAM, AND HE
TOLD ME -- QUOTE -- "WE ARE
STARTING TO FIELD MANY MORE
PHONE CALLS REQUESTING
INFORMATION ON THE POLICIES, AND
WE ANTICIPATE DOZENS OF NEW
HAMPSHIRE SMALL BUSINESSES COULD
BENEFIT FROM EXTENDING THIS
PROGRAM."
WE SHOULDN'T CUT THIS PROGRAM
OFF AT THE KNEES JUST AS WE'RE
BEGINNING TO SEE SUBSTANTIAL
RETURNS, AGAIN WITHOUT COSTS TO
TAXPAYERS.
THIS PROGRAM IS SCHEDULED TO
SUNSET IN SEPTEMBER, AND I
BELIEVE IT'S IMPORTANT FOR THE
LENDING COMMUNITY TO KNOW AS
SOON AS POSSIBLE THAT THE
PROGRAM WILL CONTINUE INTO 2013.
THAT'S SO THEY CAN DEVOTE THE
RESOURCES NECESSARY TO CONTINUE
THIS INITIATIVE'S BUDDING
SUCCESS, AND ALSO SO THAT WE CAN
PROVIDE THE CERTAINTY THAT SO
MANY COMPANIES TELL US THEY
NEED.
NOW, WE SHOULD EXTEND THIS
PROGRAM.
WE SHOULD ADDRESS THE
EXPORT-IMPORT BANK'S
REAUTHORIZATION, AND THAT'S WHY
I THINK AS WE LOOK AT THE
LANDRIEU-REED-LEVIN SUBSTITUTE
AMENDMENT, IT INCLUDES THESE
PROVISIONS.
IT INCLUDES REAUTHORIZATION OF
THE EXPORT-IMPORT BANK AND IT
INCLUDES EXTENSION OF THE S.B.A.
504 PROGRAM.
IT ALSO INCLUDES A NUMBER OF
OTHER PROVISIONS THAT ADDRESS
SOME OF THE CONCERNS THAT HAVE
BEEN EXPRESSED BY THE
HOUSE-PASSED CAPITAL FORMATION
BILL.
AND SENATORS LANDRIEU, REED AND
LEVIN WERE ON THE FLOOR EARLIER
AND REALLY VERY ELOQUENTLY
ELABORATED ON THOSE CHANGES.
SO I WOULD URGE MY COLLEAGUES TO
SUPPORT THAT SUBSTITUTE
REAUTHORIZE THE
EXPORT-IMPORT BANK TO EXTEND
S.B.A.'S 504 LOAN PROGRAM.
AND, MR. PRESIDENT, I WOULD ASK
UNANIMOUS CONSENT THAT I BE
ADDED AS A COSPONSOR OF THAT
LANDRIEU-REED-LEVIN AMENDMENT.
WITHOUT
OBJECTION.
THANK YOU.
ABSENCE OF A QUORUM.
I YIELD THE FLOOR AND NOTE THE
THE CLERK
WILL CALL THE ROLL.
CALL:
QUORUM CALL:
THE
MAJORITY LEADER.
I ASK UNANIMOUS
CONSENT THE CALL OF THE QUORUM
BE TERMINATED.
WITHOUT
OBJECTION.
I ASK WE PROCEED TO A
PERIOD OF MORNING BUSINESS WITH
SENATORS ALLOWED TO SPEAK UP TO
TEN MINUTES EACH.
WITHOUT
OBJECTION.
I ASK UNANIMOUS
CONSENT THE AGRICULTURAL
COMMITTEE BE DISCHARGED FROM
FURTHER CONSIDERATION OF H.R.
473.
THE CLERK
WILL REPORT.
AN ACT TO PROVIDE FOR
THE CONVEYANCE OF APPROXIMATELY
140 ACRES OF LAND IN THE
OUACHITA NATIONAL FOREST IN
OKLAHOMA TO THE INDIAN NATIONALS
COUNCIL INCORPORATED OF THE BOY
PURPOSES.
SCOUTS OF AMERICA AND FOR OTHER
IS THERE
OBJECTION TO THE PROCEEDING?
WITHOUT OBJECTION THE COMMITTEE
IS DISCHARGED AND THE SENATE
WILL PROCEED.
I ASK UNANIMOUS
CONSENT THE WILL BE READ THREE
RECONSIDER BE LAID ON THE
TIMES, PASSED, THE MOTION TO
TABLE, THERE BE NO INTERVENING
ACTION OR DEBATE AND ANY
STATEMENTS PUT IN THE RECORD AS
IF READ.
WITHOUT
OBJECTION.
I ASK THE BANKING
COMMITTEE BE DISCHARGED FROM
FURTHER CONSIDERATION OF H.R.
886.
THE CLERK
WILL REPORT.
H.R. 886 AN ACT TO
REQUIRE THE SECRETARY OF THE
TREASURY TO MINT COINS IN
COMMEMORATION OF THE 225th
ANNIVERSARY OF THE ESTABLISHMENT
OF THE NATION'S FIRST FEDERAL
LAW ENFORCEMENT AGENCY, THE
UNITED STATES MARSHALS SERVICE.
IS THERE
MEASURE?
OBJECTION TO PROCEEDING TO THE
WITHOUT OBJECTION THE COMMITTEE
IS DISCHARGED AND THE SENATE
WILL PROCEED.
I ASK UNANIMOUS
CONSENT A BOOZMAN-PRYOR
AMENDMENT AT THE DESK BE AGREED
TO, THE BILL BE READ A THIRD
TIME, PASSED AND A MOTION TO
RECONSIDER BE LAID ON THE
TABLE, THERE BE NO INTERVENING
ACTION OR DEBATE AND ANY
STATEMENTS RELATING TO THIS
AS IF READ.
MATTER BE PLACED IN THE RECORD
WITHOUT
OBJECTION.
I ASK UNANIMOUS
CONSENT THE SENATE PROCEED TO
S. RES. 398.
THE CLERK
WILL REPORT.
S. RES. 398
RECOGNIZING THE 191st
ANNIVERSARY OF THE INDEPENDENCE
OF GREECE AND GRATING GREEK AND
AMERICAN DEMOCRACY.
IS THERE
OBJECTION TO PROCEEDING TO THE
MEASURE?
WITHOUT OBJECTION THE SENATE
WILL PROCEED.
MR. PRESIDENT, I ASK
UNANIMOUS CONSENT THAT THE
RESOLUTION BE AGREED TO, THE
PREAMBLE BE AGREED TO, THE
MOTION TO RECONSIDER BE LAID ON
THE TABLE, THERE BE NO
INTERVENING ACTION OR DEBATE,
ANY STATEMENTS RELATING TO THIS
MATTER BE PRINTED IN THE RECORD
AT THE APPROPRIATE PLACE.
WITHOUT
OBJECTION.
I ASK UNANIMOUS
CONSENT QUESTION WHEN THE SENATE
COMPLETES ITS BUSINESS IT
ADJOURN UNTIL MONDAY, MARCH 19
AT 2:00 P.M.
BE DEEMED
EXPIRED AND THE TIME FOR THE TWO
LEADERS RESERVED.
FOLLOWING LEADER REMARKS THE
SENATE PROCEED TO MORNING
BUSINESS UNTIL 4:30 WITH
SENATORS ALLOWED TO SPEAK UP TO
TEN MINUTES EACH.
FOLLOWING MORNING BUSINESS THE
SENATE WOULD RESUME
CONSIDERATION OF THE I.P.O.
BILL, FURTHER, THE DEADLINE
FOR FILING TO THE REED
SUBSTITUTE AMENDMENT BE
4:00 P.M. ON MONDAY.
WITHOUT
OBJECTION.
THERE WILL BE NO VOTES
ON MONDAY.
SENATORS SHOULD EXPECT THE NEXT
VOTE ON TUESDAY MORNING PRIOR TO
THE WEEKLY CAUCUS MEETINGS.
IF THERE IS NO FURTHER BUSINESS
TO COME BEFORE THE SENATE I ASK
THAT IT ADJOURN UNDER THE
PREVIOUS ORDER.
THE
SENATE STANDS ADJOURNED UNTIL