CONGRESSWOMAN ELISE STEFANIK
H.R. XX is expected to be considered on the floor of the House on Tuesday, Septemer 28, 2010, under a motion to suspend the rules, requiring a two-thirds majority vote for passage. The legislation is being introduced on September 28, 2010 by Rep. Brad Miller (D-NC) of the Committee on Financial Services.
Text of the legislation is not available at this time. The bill is expected to expand the definition of “small business lending” used in the original bill to include loans made to small businesses for the purpose of acquiring, constructing, or improving industrial, commercial, residential, or farm buildings. The bill is expected to allow small banks to amortize losses or write-downs on commercial real estate loans and allow for self-certification of “small business lending.”
Some members may be concerned that the Federal Deposit Insurance Corporation is opposed to the amortization and forbearance of commercial real estate losses on the grounds that it may present an unrealistic picture of the safety and soundness of small banks.
The Small Business Jobs and Credit Act was approved by the House on September 23, 2010 and created a $30 billion fund for the Treasury Secretary to make equity investments in small banks.