Barbara Lee Votes to Create Jobs, Strengthen Small Businesses
For Immediate Release
June 17, 2010
Contact: Nicole Y. Williams
202-225-2661
Washington, DC – Today, Congresswoman Barbara Lee (D-CA) voted in favor of legislation that will leverage $300 billion in lending for small businesses and create hundreds of thousands of jobs. This legislation, which expands much-needed lending to small businesses and offers tax incentives to help America’s small businesses grow, is fully paid for and will save taxpayers $1 billion over the next ten years.
“Despite receiving billions in bailout funds from the government, the banks have failed to lend adequate funds to our small businesses - the largest source of job creation in this country,” said Congresswoman Barbara Lee. “Small businesses have created two-thirds of the new jobs over the last 15 years, and this legislation will give them the capital they need to put Californians and people across this country back to work and drive job creation and innovation.”
The Small Business Jobs and Credit Act will help small businesses expand through investments in states and small banks that focus on lending to local small businesses. This new $30 billion lending fund, with tough performance-based incentives and safeguards to ensure that funds go to American small business, will spur job creation across America. The bill will also help cultivate American innovation through a new public-private partnership designed to channel early stage investment capital to promising new start-ups.
The Small Business Jobs and Credit Act offers tax incentives to spur immediate investments in America’s small businesses. These reforms will lower the capital gains taxes on small business investments, and increase tax deductions to help entrepreneurs to recover more start-up expenses.
“This legislation is a positive step in our ongoing effort to create jobs and put our economy on sound footing for the future,” said Congresswoman Barbara Lee.
“However, there is still a critical need for us to pass American Jobs and Closing Tax Loopholes Act and the Local Jobs for America Act to help to stimulate the economy, create jobs and respond to the needs of the chronically unemployed and underemployed, as well as populations who are living below the poverty line.
“For our economy to fully recover, we need targeted direct job creation to put people back to work and reverse the failed economic policies of the Bush Administration which caused the biggest recession since the Reagan Administration.”
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