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Friday
Sep242010

Pelosi Sends Prez Small Biz Bill

Photo Courtesy -- Getty Images.(WASHINGTON) -- After passing a bill on the House floor Thursday afternoon, and with her personal signature of approval, Speaker of the House Nancy Pelosi enrolled the Small Business Lending Fund Act of 2010, sending the legislation down Pennsylvania Avenue for President Barack Obama’s signature next Monday.

Pelosi, D-California, praised the president for his leadership in helping to pass the measure, which approves $30 billion in small businesses loans and offers more than $12 billion in tax incentives to help small businesses grow and add jobs. Supporters of the bill hope that the $30 billion will leverage into $300 billion in lending to small businesses.

“I am very pleased to sign this legislation,” Pelosi said as she prepared to sign the bill at a brief ceremony at the Capitol. “When I do, we will send it to President Obama, with our appreciation for his extraordinary leadership to help small businesses grow. This is about opportunity, it’s about job creation, it’s about growth of our economy. I am honored to sign this legislation.”

House and Senate Republicans had denounced the lending fund as a “mini-TARP,” with lawmakers attempting to capitalize in the upcoming congressional midterm elections on public resentment over the unpopular $700 billion bailout financial system in 2008.

The speaker said the bill will create 500,000 new jobs without adding to the deficit and recognized American small business entrepreneurs for fueling the path to economic recovery.

President Obama issued a statement Thursday afternoon announcing that he intends to sign the bill next Monday, and he thanked Congress for finally passing the legislation.

Copyright 2010 ABC News Radio.

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