GovTrack’s Bill Summary
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H.R. 5551 (111th): To require the Secretary of the Treasury to make a certification when making purchases under the Small Business Lending Fund Program.
- Introduced:
- Jun 17, 2010 (111th Congress, 2009–2010)
- Sponsor:
- Rep. Suzanne Kosmas [D-FL24]
- Status:
- Died (Passed House)
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
6/23/2010--Passed House amended. Requires the Secretary of the Treasury, before making a first purchase (including a commitment to purchase) under the Small Business Lending Fund Program under the Small Business Jobs and Credit Act of 2010, to certify under oath to the Inspector General of the Department of the Treasury that the purchase-decision process has been designed so that each purchase decision is made solely on the basis of economic fundamentals and not because of any political considerations.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/111/2/hr5551.
Background
The Small Business Jobs and Credit Act of 2010 would create a $30 billion lending fund and authorize the Treasury Secretary to make capital investments in banks with less than $10 billion in assets. The bill would also authorize the appropriation of $2 billion to assist states with funding their small business lending and guarantee programs, and provide $1 billion to establish a new Small Business Administration (SBA) grant program for venture capital funds to invest in early-stage small businesses in targeted industries. Targeted industries would include manufacturing, energy, agriculture, IT, digital media, and defense. The bill is being promoted as necessary to increase the availability of credit for small businesses. However, the bill would deepen the nation's debt problems and duplicate the goal of the original $700 billion TARP program. With nearly 10 percent unemployment, the legislation, and its $33 billion price tag, would further worsen the nation's debt and deficit crisis.
Summary
H.R. 5551 would require the Secretary of the Treasury to make a certification when making purchases under the Small Business Lending Fund Program. Each time the Secretary of the Treasury makes a purchase (including a commitment to purchase), or a modification of a purchase under the Small Business Lending Fund Program established under the Small Business Jobs and Credit Act of 2010, the Secretary shall certify, under oath, to the Inspector General of the Department of the Treasury, with a copy to the Comptroller General of the United States, that the Treasury Department is acting solely on the basis of economic fundamentals and not because of any political considerations.
House Democratic Caucus Summary
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