WASHINGTON - U.S. Senate Committee on Small Business and Entrepreneurship Chair Mary Landrieu, D-La., tomorrow will join the Senate’s Democratic Policy Committee (DPC) in a hearing on barriers to job creation for small businesses. The hearing will take place at 10:30 a.m. in Room 628 of the Dirksen Senate Office Building, in Washington, DC.
The committee will examine whether banks, especially those that received Troubled Asset Relief Program (TARP) funds, are lending to small businesses that are ready to hire. It is the first in a series of hearings the DPC will hold on jobs and job creation proposals in the Senate. Senator Byron Dorgan (D-ND), Chairman of the Committee, and Majority Whip Dick Durbin (D-IL) are heading an effort, at the request of Senate Majority Leader Harry Reid (D-NV), to draft legislation that would spur immediate job creation.
The hearing will focus on how the financial crisis and credit crunch have impacted borrowing by small businesses, which created 64 percent of net new jobs nationally over the past 15 years. Reports indicate banks have significantly cut back on Main Street lending. According to a Treasury Department report released in mid-November, the 22 banks that have received the most funding through the TARP have cut their collective small business loan balances by $10.5 billion over the past six months.
Witnesses will include three successful, creditworthy small business owners who will testify about their recent experiences attempting to access capital to expand their businesses and hire new employees. One of the nation’s most respected economists will discuss how the loss of small business credit is slowing the recovery and job creation.
WHO: Senators: Small Business Committee Chair Mary Landrieu, D-La., DPC Chairman Byron Dorgan, D-N.D., Majority Whip Dick Durbin, D-Ill., Steering and Outreach Committee Chair Debbie Stabenow, D-Mich., Banking Committee Chairman Chris Dodd, D-Conn., Barbara Boxer, D-Calif., Bob Casey, D-Pa., Ted Kaufman, D-Del., and others.
Witnesses: Peggy Houlihan, Small Business Export Association, Alicia Lingenfelser, co-owner, 4D Equipment Services, a women-owned, truck leasing small business in Dallas, Texas; Ivan Matsunaga, owner, Connie’s Pizza restaurants in Chicago, IL; Barbara Biller, co-owner of Intellitech, a small manufacturing company in Westminister, Maryland; Mark Zandi, Ph.D., Chief Economist and co-founder of Moody’s Economy.com. Dr. Zandi served as an economic advisor to Senator John McCain’s (R-AZ) presidential campaign and has also served as an informal advisor to the Obama Administration.
WHAT: Senate Democratic Policy Committee hearing – “Removing Barriers to Job Creation: Are Banks Lending to Small Businesses That Are Ready to Hire?”
WHEN: 10:30 A.M. Wednesday, December 2, 2009
WHERE: 628 Dirksen Senate Office Building, Washington, DC
WHY: To examine how the financial crisis and credit crunch are impacting the ability of successful, creditworthy small businesses to access credit they need to create jobs.
The committee will examine whether banks, especially those that received Troubled Asset Relief Program (TARP) funds, are lending to small businesses that are ready to hire. It is the first in a series of hearings the DPC will hold on jobs and job creation proposals in the Senate. Senator Byron Dorgan (D-ND), Chairman of the Committee, and Majority Whip Dick Durbin (D-IL) are heading an effort, at the request of Senate Majority Leader Harry Reid (D-NV), to draft legislation that would spur immediate job creation.
The hearing will focus on how the financial crisis and credit crunch have impacted borrowing by small businesses, which created 64 percent of net new jobs nationally over the past 15 years. Reports indicate banks have significantly cut back on Main Street lending. According to a Treasury Department report released in mid-November, the 22 banks that have received the most funding through the TARP have cut their collective small business loan balances by $10.5 billion over the past six months.
Witnesses will include three successful, creditworthy small business owners who will testify about their recent experiences attempting to access capital to expand their businesses and hire new employees. One of the nation’s most respected economists will discuss how the loss of small business credit is slowing the recovery and job creation.
WHO: Senators: Small Business Committee Chair Mary Landrieu, D-La., DPC Chairman Byron Dorgan, D-N.D., Majority Whip Dick Durbin, D-Ill., Steering and Outreach Committee Chair Debbie Stabenow, D-Mich., Banking Committee Chairman Chris Dodd, D-Conn., Barbara Boxer, D-Calif., Bob Casey, D-Pa., Ted Kaufman, D-Del., and others.
Witnesses: Alicia Lingenfelser, co-owner, 4D Equipment Services, a women-owned, truck leasing small business in Dallas, Texas; Ivan Matsunaga, owner, Connie’s Pizza restaurants in Chicago, IL; Barbara Biller, co-owner of Intellitech, a small manufacturing company in Westminister, Maryland; Mark Zandi, Ph.D., Chief Economist and co-founder of Moody’s Economy.com. Dr. Zandi served as an economic advisor to Senator John McCain’s (R-AZ) presidential campaign and has also served as an informal advisor to the Obama Administration.
WHAT: Senate Democratic Policy Committee hearing – “Removing Barriers to Job Creation: Are Banks Lending to Small Businesses That Are Ready to Hire?”
WHEN: 10:30 A.M. Wednesday, December 2, 2009
WHERE: 628 Dirksen Senate Office Building, Washington, DC
WHY: To examine how the financial crisis and credit crunch are impacting the ability of successful, creditworthy small businesses to access credit they need to create jobs.
