Partisan maneuvering derailed, at least temporarily, Senate action on s small business lending bill.
On a 58-42 vote, Democrats failed to get enough votes to break a Republican filibuster on the bill, which would create a $30 billion fund for community banks to access to make more business loans and $12 billion in tax cuts for businesses. Senate rules require there to be 60 votes to end a filibuster.
CUNA, NAFCU and the NCUA had been working to try to get an amendment to the bill that would raise the cap on member business lending from 12.25% of assets to 27.5% of assets.
However, Senate Majority Leader Harry Reid (D-Nev.) has not included the amendment -sponsored by Sen. Mark Udall (D-Colo.)--as one of those he will allow to be brought up even though Reid is a cosponsor.
The GOP has delayed consideration of the bill because Reid hasn't allowed them to offer some amendments to the bill that they want.
It's not clear when, or whether, the bill will be brought up again.