WASHINGTON — The key sponsor of a bill to raise the cap on member business lending said today it won't be a part of a small business lending bill that the House will take up next week.
"They are fast-tracking the Senate bill and not allowing amendments," Rep. Paul Kanjorski (D-Pa.) said in response to a question from Credit Union Times after a speech to NAFCU's Congressional Caucus.
The small business lending bill was passed by the Senate last week and includes a $30 billion loan fund for community banks. Senate leaders declined to allow an amendment to raise the cap on MBLs from 12.25% to as much as 27.5% of assets.
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Kanjorski said he hoped the House and Senate might pass an MBL increase as a standalone bill but declined to state a timetable. He added that he had no "pride of authorship" and didn't care if the bill passed the Senate first.
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