In the News: Small Business Legislation to Watch
June 4th, 2012
We continue to watch for new developments of the JOBS Act as well as news about the Supreme Court’s review of the Patient Protection and Affordable Care Act, undoubtedly the most important pieces of business-related legislation and activity that we’ll see in this election year.
In other small business legislation developments:
Congress finally passed a reauthorization of the Export-Import Bank, a move that many small businesses have been anticipating to advance small business loans. The move provides businesses that have overseas customers protection against default.
In other small business legislation – it looks like the Small Business Tax Cut, recently passed by the House, is headed nowhere. We reported on the Tax Cut bill while it was still in front of the House Ways and Means Committee.
Although the House approved the measure several days later, attempts to introduce similar legislation are facing an uphill battle in the Senate; President Obama has vowed to veto the bill if it is passed.
Another piece of legislation that is so far facing fewer roadblocks is HR 3336, or the Small Business Credit Availability Act.
The bill, which the House passed on April 25th, eases regulations imposed by the 2010 Dodd-Frank financial reform law as they pertain to small banks and credit unions.
The Dodd-Frank law was designed to curtail the power of large banks, but it had the unintended effect of limiting the ability of small financial institutions to make loans to small and rural businesses.
Supporters of the bill argue that small banks and credit unions do not need the same types of regulation to prevent abuse as large banks do.