Paul pressing for MBL easing in stimulus

Jan. 12, 2009 – Rep. Ron Paul, R-Texas, is organizing a letter to House Speaker Nancy Pelosi, D-Calif., in favor of including greater member business lending authority for credit unions in connection with this year’s stimulus bill.

Paul is working in consultation with NAFCU. The association began pressing lawmakers on this proposal during debate on last year’s stimulus package, noting that greater authority for meeting members’ business lending needs would help stimulate the economy at no cost to taxpayers.

Rep. Brad Sherman, D-Calif., in an address to the House, last Wednesday called on Congress to ease the MBL limit so credit unions can help small businesses get the small loans they need to grow or remain in operation.

The stimulus package is being negotiated among House and Senate Committees and policy representatives of President-elect Barack Obama. Mark-up could occur next week.

So far, reports put the price tag of the next stimulus package from $800 billion to $1 trillion or more.