Sen. Mark Udall's (D-Colo.) bill to lift the cap on member business lending will not be included in the Senate version of the JOBS Act but Senate Majority Leader Harry Reid (D-Nev.) has pledged to work to see it brought before the Senate.
In praising Udall's effort to advance the bill, Reid noted that “there are always reasons for the bill not to be brought forward,” but said that that absent a consent motion there was no way to add it to the JOBS legislation as it is not judged to be germane.
In advancing the bill, Udall said the Senate should pass it immediately. “If we did so, we would see immediate results,” Udall said.
He also cited stories of Colorado small business owners which were judged to be too small for bank attention but were helped to grow by Colorado credit unions.
“It’s hard to believe that the federal government is telling financial institutions they cannot help small businesses in their own communities,” he added.