Video archive of the US Congress

Senate Proceeding 05-13-09 on May 13th, 2009 :: 3:51:15 to 3:54:05
Total video length: 4 hours 42 minutes Stream Tools: Stream Overview | Edit Time

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Mary Landrieu

3:51:15 to 3:51:36( Edit History Discussion )

Mary Landrieu: home or they might go borrow some money from a rich uncle or an aunt or they would dip into their savings to start a business. you know, this was sort of the traditional way. and if they had some status or credit in the community, they could go to their local bank and they might get a loan for their business.

Mary Landrieu

3:51:15 to 3:54:05( Edit History Discussion )
Speech By: Mary Landrieu

Mary Landrieu

3:51:37 to 3:51:58( Edit History Discussion )

Mary Landrieu: those times have changed quite dramatically and i don't have the chart but if i could show it what it would show on latest survey that our committee took, 59% of all businesses in america a credit cards to finance their business or for the primary ca

Mary Landrieu

3:51:59 to 3:52:21( Edit History Discussion )

Mary Landrieu: now, it's -- you know, credit cards for businesses are different. we just had american express testify this morning. of course, if you've got an american express business card, their model is a little different. you have unlimited amounts of money that you can the bad news is that you have to pay it off at the end of the month. it really is more of a cash

Mary Landrieu

3:52:22 to 3:52:42( Edit History Discussion )

Mary Landrieu: management tool than it is as a long-term credit. however, very useful. but there are visas and master charge and discovery cards and others that people are now putting $50,000 on the card or $75,000 on the card or $100,000 on the card finance their restaurants and

Mary Landrieu

3:52:43 to 3:53:03( Edit History Discussion )

Mary Landrieu: their printing shops and their hardware stores. well, you know, this wasn't even true 25 years ago. this was quite unheard of. so we've got to recognize that small businesses today are relying on the goodwill of these credit card companies. some of them are in my view than others.

Mary Landrieu

3:53:04 to 3:53:25( Edit History Discussion )

Mary Landrieu: but regardless of they're doing excellent work or shoddy work, and some of them are doing shoddy work, this government has an obligation to stay, ok, let's just make sure that the basic consumer protections are there. you can't raise rates without giving notice. you can't retroactively raise rates. what we're doing for consumers is good.

Mary Landrieu

3:53:26 to 3:53:48( Edit History Discussion )

Mary Landrieu: we need to extend it to small business. so that the essence of this amendment. i'm proud to be joined by member from both sides of the aisle. and i'm going to be talking with the chair of the committee that per -- that there perhaps could be some modifications and agree to this amendment and not have to have a vote. but i don't know. and right now i'm have a vote on this amendment.

Mary Landrieu

3:53:49 to 3:54:10( Edit History Discussion )

Mary Landrieu: and i appreciate the thousands of business owners that are supporting this amendment through these very reputable organizations that are supporting the extension of these benefits to the small businesses in america that absolutely need our action on this today

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