Mr. ISRAEL. Mr. Chairman, I yield myself 2 minutes.
I rise in support of the Israel-Barrow amendment. In particular, I would like to thank the gentleman from Georgia (Mr. Barrow) for his leadership and his partnership on behalf of veterans.
This amendment is rather direct. The underlying bill creates a new community bank lending fund for small businesses. It is essential that as we continue our recovery, we expand the amount of credit to America's small businesses so they can buy products and hire people.
Our amendment does three things. One, it ensures that community banks participating in the lending fund prioritize veteran-owned businesses. Two, it requires aggressive outreach in advertising to veteran-owned small businesses. And, third, it requires the Secretary of Treasury, when designating lending institutions in the fund, to focus on veteran-owned businesses.
Mr. Chairman, last year there were 3.6 million veteran-owned businesses in the United States of America; 250,000 were owned by service-disabled veterans. They fought our battles, we should fight for their businesses, and that is precisely what our amendment does.
I again want to thank the gentleman from Georgia (Mr. Barrow) for working with me on this amendment. It is the Israel-Barrow amendment, but it might as well be called the Barrow-Israel amendment as a result of the partnership that we brought to this task on behalf of small businesses and veterans.
Mr. Chairman, I reserve the balance of my time.
Mr. NEUGEBAUER. The bill currently includes language regarding women and minority-owned business, and adding the veteran-owned businesses makes sense. And so with that, we support this amendment and we thank the gentleman for bringing it forward.
I yield back the balance of my time.
Mr. BARROW. Mr. Chairman, I thank the gentleman for yielding. I have spent a lot of time meeting with small business owners across my district because small businesses are the backbone of our economy and they hold the key to our recovery. In the last decade, 70 percent of all new jobs are created by small businesses. But many are now facing a credit squeeze which makes it hard to cover everyday expenses, including hiring and remaining workers. It is in the best interest of our country that our
small businesses thrive. That is why the Small Business Lending Fund Act deserves our support.
I am pleased to offer an amendment with Congressman Israel that I think makes this good bill just a little bit better. Our amendment simply asks banks receiving funds under this act to reach out to women, minority and veteran-owned businesses to make them aware of the availability of these funds. These businesses are a valuable but often disadvantaged part of our economy, and I think they deserve our special attention.
I want to thank Congressman Israel for his collaboration on this amendment and his leadership, I want to thank the chairman for his support.
Mr. ISRAEL. Mr. Chairman, we have proven today to the American people that both sides of this aisle can agree on at least one thing, and that is supporting veterans and supporting small businesses. I am grateful for the bipartisan cooperation that we have received on this.
I have no further requests for time, and I yield back the balance of my time.
The CHAIR. The question is on the amendment offered by the gentleman from New York (Mr. Israel).
The question was taken; and the Chair announced that the ayes appeared to have it.
Mr. DRIEHAUS. Madam Chair, I just want to remind the Members this amendment is about oversight; it's about doing our job to make government work properly. And while I realize it doesn't always fit into the political rhetoric of the other side, it is about good government. This isn't TARP; this isn't a bailout. This is about helping small businesses, moving the economy forward, and good government.
The Acting CHAIR. The question is on the amendment offered by the gentleman from Ohio (Mr. Driehaus).
The amendment was agreed to.
AMENDMENT NO. 11 OFFERED BY MR.
The Acting CHAIR. The Chair understands that amendment Nos. 9 and 10 will not be offered. [Page: H4537]
It is now in order to consider amendment No. 11 printed in part C of House Report 111-506.
Mr. ISRAEL. Mr. Chair, I demand a recorded vote.
The CHAIR. Pursuant to clause 6 of rule XVIII, further proceedings on the amendment offered by the gentleman from New York will be postponed.
AMENDMENT NO. 3 OFFERED BY MR.
The CHAIR. The Chair understands that amendment No. 2 will not be offered.
It is now in order to consider amendment No. 3 printed in part C of House Report 111-506.