Now comes the House's turn.
At press time, Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) were planning to introduce legislation to raise the cap on member business loans to as much as 27.5% of a credit union's assets.
"Given this year's budget deficit is projected to reach $1.6 trillion, more stimulus spending is not an option. The Small Business Lending Enhancement Act will provide much needed financing for small businesses without spending a single tax dollar," they said in a letter to colleagues seeking support for the measure.
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