Video archive of the US Congress

Senate Proceeding 05-20-10 on May 20th, 2010 :: 0:29:15 to 0:37:35
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Bob Corker

0:29:10 to 0:29:30( Edit History Discussion )

Bob Corker: country and at no cost to the taxpayer. no cost to the taxpayer. now, we've been talking a lot about the financial crisis and thousand prevent the next one, and that is obviously very important. it is essential work. but one thing we can't lose sight of is the deaf stating impact this crisis -- the

Bob Corker

0:29:15 to 0:37:35( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

0:29:31 to 0:29:51( Edit History Discussion )

Bob Corker: devastating impact this crisis has had on small businesses and economic development in our local neighborhoods and communities. i, like many in this chamber, have watched the frustration as the ranks of the unemployed grew to 15 million people and the unemployment rate increased to nearly 10%. i, like many of you, have

Bob Corker

0:29:52 to 0:30:12( Edit History Discussion )

Bob Corker: watched in frustration as small businesses shut their doors, unable to get the credit they needed to keep the lights on. the problem is that the big banks, the same banks who took billions upon billions of dollars in tarp funds, are not making loans to small businesses. according to a just-released report by the congressional

Bob Corker

0:30:13 to 0:30:34( Edit History Discussion )

Bob Corker: oversight panel, wall street's largest banks reduced their small business loan portfolios between 2008 and 2009 by more than double the overall drop in lending. let me read you the conclusion of that report. it said -- quote -- "small business credit remains severely

Bob Corker

0:30:35 to 0:30:55( Edit History Discussion )

Bob Corker: constricted, unable to find credit, many small businesses have had to shut their doors and some of the survivors are still struggling to find adequate financing." close quote. so despite all of our effor to restore liquidity in banks, they refuse to hold up their end of the bargain and are not lending to small businesses. now, we know small businesses

Bob Corker

0:30:56 to 0:31:16( Edit History Discussion )

Bob Corker: are the engines of growth. more than 99% of ameran businesses employ 500 or fewer employees, and together these companies employ half of the private workforce and create two of every three new jobs. so the question throughout this recession has always been, how can small businesget the

Bob Corker

0:31:17 to 0:31:37( Edit History Discussion )

Bob Corker: credit they need, not toll keep k lights on but to grow and keep the jobs to keep the economy growing. we have stopped job losses from three-quarters of a million jobs to over 260,000 jobs created last month. the economy isecovering.

Bob Corker

0:31:38 to 0:31:59( Edit History Discussion )

Bob Corker: but there are still millions of people who don't have work, people who expecus to do something to help them. i believe in this bill that we're passing, it is essential to an economic recovery, in making our banking system more secure and stable, we ought to focus the banks on extending

Bob Corker

0:32:00 to 0:32:20( Edit History Discussion )

Bob Corker: credit rather than the reckless casino spending that brought us to this crisis. we can also do something more direct and more immediate to jump-start job growth p. we can invest directly in small business and local communities by supporting community development financial institutions, or as they are called cdfi's. based on what we know about this

Bob Corker

0:32:21 to 0:32:41( Edit History Discussion )

Bob Corker: community from its historic performance, the amendment i am proposing will create jobs by authorizing the government to guarantee bonds issd by qualified cdfi's for community and economic development loans. best of all, there are no paygo implications. as their name implies, the

Bob Corker

0:32:42 to 0:33:03( Edit History Discussion )

Bob Corker: primary mission of community development financial institutions is to foster economic and community development in underserved areas. they have a proven track record of job creation and are arguably the most effective way to infuse capital in underserved areas for community and economic development. cdfi's leverage public and

Bob Corker

0:33:04 to 0:33:26( Edit History Discussion )

Bob Corker: private dollars to support economic development projects such as job-training clinics, start-up loans for small businesses in areas full of potential but desperate for development. cdfi's have been hit hard by the recession because ty've had to rely on the big banks for the capital and as we've seen, that capital is neither affordable nor accessible.

Bob Corker

0:33:27 to 0:33:47( Edit History Discussion )

Bob Corker: now, i'm proud to have bipartisan support on this amendment. senator snowe is a cosponsor, as are senators johnson, leahy, and schumer. and i want to say to all of our cospsors, we thank you for your support. if big banks don't care about lending to small businesses and communities in need of capital, then we should empower the very

Bob Corker

0:33:48 to 0:34:08( Edit History Discussion )

Bob Corker: organizations who do care, who make it their mission every someday to rebld main streets across -- every day to rebuild main streets across the country and are willing to do more if they only had the tools to meet the growing demand. so i ask all of us in this chamber, do we want to go home to our states and tell the folks

Bob Corker

0:34:09 to 0:34:32( Edit History Discussion )

Bob Corker: on main street that, no, you didn't think that they deserved the loan guarantees that won't cost taxpayers billions of dollars imu will create thousands of new jobs? i certainly don't think so. we have a talked a lot about protecting main street from wall street here in the last few weeks. we haven't talked about doing anything directly to benefit

Bob Corker

0:34:33 to 0:34:53( Edit History Discussion )

Bob Corker: main street. here's our chance. the big banks have dried up their lending to small businesses. we know small businesses are the engine of economic growth. i'm proposing an amendment that would not wait around for the big banks to start lending again while main street businesses continue to struggle to meet

Bob Corker

0:34:54 to 0:35:15( Edit History Discussion )

Bob Corker: parity. i'm proposing to put money in our engines of job growth and all without any paygo implications, without any cost to the federal taxpayers. so i urge my colleagues to join us in supporting this important amendment and to help small businesses create jobs on main street. i appreciate that senator snowe,

Bob Corker

0:35:16 to 0:35:38( Edit History Discussion )

Bob Corker: senator johnson and others -- senator schumer -- have joined usn this effort. and having seen now the distinguished ranking member of the banking committee is now on the floor, i ask unanimous consent to set aside the pending amendment and call up my amendment 4064, which is the

Bob Corker

0:35:39 to 0:36:00( Edit History Discussion )

Bob Corker: amendment, and ask unanimous consent for a vote on this amendment prior to the cloture vote. the presiding officer: is there objection? mr. shelby: i object. the presiding officer: objection is heard. mr. menendez: madam president, i regret that my dear friend and colleague from alabama has the need to object. this is an opportunity -- a bipartisan amendment -- an

Bob Corker

0:36:01 to 0:36:21( Edit History Discussion )

Bob Corker: opportunity to help main street and smallusinesses, an opportunity to create 40,000 jobs, an opportunity to do it without cost to the taxpayers, an opportunity to do it with an org organization,cdfi's that have a proven track record, an

Bob Corker

0:36:22 to 0:36:45( Edit History Discussion )

Bob Corker: opportunity to lend to main street because big banks aren't doing t we all talk about lamenting the access to capital. this would be a he tremendous opportunity to do that. so i do hope that i can work with senator dodd and senator shelby to get this in order

Bob Corker

0:36:46 to 0:37:07( Edit History Discussion )

Bob Corker: prior to a cloture vote, or, hopefully, if we don't achieve that, to be able to get this in any managers' amendment of i think it is bipartisan. it creates jobs. it doesn't cost of the taxpayers any money. i don't know how much more you can come to the floor and offer that should have bipartisan

Bob Corker

0:37:08 to 0:37:23( Edit History Discussion )

Bob Corker: support that. with that, madam president, i yield the floor. i suggest the absence of a quorum. the presiding officer: the clerk will call the roll.

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