Video archive of the US Congress

Senate Proceeding on May 12th, 2010 :: 1:45:55 to 1:51:55
Total video length: 10 hours 56 minutes Stream Tools: Stream Overview | Edit Time

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Olympia Snowe

1:45:54 to 1:46:17( Edit History Discussion )

Olympia Snowe: i ask consent to temporarily lay aside the landrieu-isakson amendment. ms. snowe: thank you. i ask that the -- ial snowe amendment the presiding officer: the clerk will report. the clerk: the senator from maine, ms. snowe, f and ms. landrieu proposed

Olympia Snowe

1:45:55 to 1:51:55( Edit History Discussion )
Speech By: Olympia Snowe

Olympia Snowe

1:46:18 to 1:46:40( Edit History Discussion )

Olympia Snowe: amendment 3918 to amendment 3739. ms. snowe: i want to tnk senator dodd for a number of the amendments i offered with respect to small businesses and making sure that there aren't unintended consequences as a result of this legislation that requires more regulation on their part. mr. president, i also want to

Olympia Snowe

1:46:41 to 1:47:01( Edit History Discussion )

Olympia Snowe: thank the chair of the small business committee, senator landrieu, for cosponsoring this amendment and for her amendments and being a champion on behalf of small businesses and for offering this amendment as well. again, i want to thank the chairman for working with me to forge a compromise on this particular amendment that gives small businesses certainty that

Olympia Snowe

1:47:02 to 1:47:24( Edit History Discussion )

Olympia Snowe: they will be exempted from the consumer financial protection bureau to the degree that they're not involve financial products that will be regulated under this legislation. this amendment will modify a provision in the underlying legislation that could unintentionally ensnare small businesses within the financial

Olympia Snowe

1:47:25 to 1:47:45( Edit History Discussion )

Olympia Snowe: protection bureau if they were to have engaged in financial products and services such as selling goods, credit through an installment program. the term significantly, mr. president, is unclear. certainly could potentially lead to main street enterprises such

Olympia Snowe

1:47:46 to 1:48:08( Edit History Discussion )

Olympia Snowe: as jewelers, orthodontists being roped into a bureau for those to provide financial services. chairman dodd has been clear through his interpretation that small business owners sp were never intendeto be placed within the bureau itself. yet the bill's use is significantly vague.

Olympia Snowe

1:48:09 to 1:48:29( Edit History Discussion )

Olympia Snowe: perhaps an article entitled "to protect consumers to be regulated," which "the new york times" published on april 30th, captured the issue, a review of the consumer protection provisions that accounted for 335 pages of the 1,365 page bill shows the intent of this legislation is not to cover main street businesses.

Olympia Snowe

1:48:30 to 1:48:52( Edit History Discussion )

Olympia Snowe: but the ambiguity of some terms like the word significantly leaves the regulations open to broad interpretation. end quote. so, mr. president, accordingly while i believe congress should pursue the providersf abusive and predatory financial products that harm americans, we must be careful not to inadvertently

Olympia Snowe

1:48:53 to 1:49:14( Edit History Discussion )

Olympia Snowe: target main street small businesses. given the state of the economy d the plague of small businesses trying to keep their doors open, entrepreneurs have enough to be concerned about. we should not inject more uncertainty on the enterprise with the eight million job losses that we have experienced in this recession and create

Olympia Snowe

1:49:15 to 1:49:37( Edit History Discussion )

Olympia Snowe: opportunities for the more than 15 million americans that remain unemployed. additionally uncertainty will make small firms to take risks and make new investments. i believe we make clarity to this provision. we prevent the overregulation of small business that's may result if regulators interpreted this statute too broadly. my amendment creates a quick an

Olympia Snowe

1:49:38 to 1:49:59( Edit History Discussion )

Olympia Snowe: easy brightline test for small businesses. one, firms that fall under the small business administration classification system, the classification small businesses use to file their taxes and qualify the s.b.a. programs and services would be exempt so long as the small business extends credit for the sale of

Olympia Snowe

1:50:00 to 1:50:22( Edit History Discussion )

Olympia Snowe: nonfinancial goods and does not securitize its debt. it means that a doctor's office would be exempted if it has less than $10 million in revenue. a jeweler would be exempt if it has revenues below $7 million. d a grocery store would be exempt if it has revenues under $27 million. as a result of this modification, business owners

Olympia Snowe

1:50:23 to 1:50:43( Edit History Discussion )

Olympia Snowe: would know for certainty if they were dined as small businesses by the s.b.a. standards, they would be exempt. in addition, if a business is in its first year of existence, it would be considered a small business if it's reasonably expected to fall under the s.b.a.'s size standard. this simple measuring stick provides objective criteria for

Olympia Snowe

1:50:44 to 1:51:04( Edit History Discussion )

Olympia Snowe: small firms and has also been endorsed by the national federation of independent businesses, the largest organization and voice for small businesses. it has also been endorsed by the american dental association and the american association of orthodontists. finally, the u.s. chamber of commerce has indicated that although it continues to have concerns with the consumer

Olympia Snowe

1:51:05 to 1:51:25( Edit History Discussion )

Olympia Snowe: financial protection bureau, it views this amendment as an important step forward. in this past year, mr. president, the economic recession and the radical overhaulf the nation's health care system has sewn the -- sown the seeds of doubt. small business owners are

Olympia Snowe

1:51:26 to 1:51:46( Edit History Discussion )

Olympia Snowe: concerned about the future and worried about the growth of government. adding another regulator with ambiguous powers is not the answer to small businesses an mainers are looking forward to enable them to make their plans about their futures and about potentially adding jobs and make future investments. this bipartisan amendment was crafted in consultation with small business stakeholders.

Olympia Snowe

1:51:47 to 1:51:56( Edit History Discussion )

Olympia Snowe: is a commonsense solution to this problem. given that stability is in the title of this legislation, i

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