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Entrepreneurship News

Washington Report: Updates From the Capitol

House Passes Small Business Bills, Moves Forward on Wall Street Reform

With the passage of the bill, Event Planning Group's Jennifer Collins says she will seek out additional financing.

Following several days of difficult negotiation with fiscally conservative members, the House of Representatives finally passed, by a vote of 241-182, a bill this week that will provide $30 billion to community banks to loosen credit for small businesses.

Jennifer Collins, president of the Bethesda, Maryland-based Event Planning Group, believes that she and other entrepreneurs will now feel encouraged to seek additional financing and take more risk now that “support is on the way.”

Democrats say that H.R. 5297 will leverage up to $300 billion in loans while Republicans contend it will do little to boost lending to small businesses. The House also passed H.R. 5486 earlier in the week, which increases the capital gains tax deduction available to businesses and provides a deduction for start-up expenses.

“Republicans continue to favor corporations on Wall Street over small businesses on Main Street, supporting tax cuts for large corporations while standing against efforts to increase investments in small businesses,” said House Majority Whip James Clyburn. “While Republicans stand by special interests and support the same policies that created the worst financial crisis since the Great Depression, Democrats are committed to strengthening small businesses, creating American jobs and restoring fiscal discipline.”

Women and minorities scored another victory on Tuesday when the Wall Street reform bill conferees agreed to include in the legislation a provision to house an Office of Minority and Women Inclusion at each of the regulatory agencies.