Senate Proceeding on Jul 29th, 2010 :: 2:56:25 to 3:04:10
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2:56:21 to 2:56:44( Edit History Discussion )

Bill Nelson: side will get their short of a few amendments thank you. mr. nelson: madam president? the presiding officer: the senator from florida. mr. nelson: madam president, before the senator from louisiana leaves the floor, i just want to say that this issue is very simply characterized as main street v. wall street.

2:56:25 to 3:04:10( Edit History Discussion )
Speech By: Bill Nelson

2:56:45 to 2:57:07( Edit History Discussion )

Bill Nelson: it is a question of whether or not we are serious about reviving this economy and getting money into the hands of small business through community banks and how anybody can excuse that they are voting no on the motion for cloture to go to the

2:57:08 to 2:57:29( Edit History Discussion )

Bill Nelson: bill that is ready to be embraced is inexplicable. this legislation is critical to getting small busesses back on their feet. that is certainly the case in my state of florida. it gets the credit flowing again on main street through the

2:57:30 to 2:57:50( Edit History Discussion )

Bill Nelson: community banks. the statistics about small business and jobs is all too familiar. small businesses create most of the jobs in this country. in the last 15 years, they have created 12 million jobs or

2:57:51 to 2:58:12( Edit History Discussion )

Bill Nelson: two-thirds of the american jobs that have been created, and when the economy falters, guess who takes it on the chin the hardest. small business does. and over the past couple of years, small firms have accounted for between 64% and

2:58:13 to 2:58:33( Edit History Discussion )

Bill Nelson: 80% of net job losses. so it's time for us to step up and help them. for example, in florida, small businesses play an even bigger role in the local economy. according to the small business administration, small business

2:58:34 to 2:58:56( Edit History Discussion )

Bill Nelson: employers account for 99% of the state's employers and provide for nearly half of the state's private sector jobs. and just when it looked like things could not get worse for small businesses, and especially so in our state, then the tragic

2:58:57 to 2:59:19( Edit History Discussion )

Bill Nelson: explosion of the horizon platform happened, and our seasonally adjusted unemployment was 12%, representing in our state 1.1 million people out of work in a labor force of nine million.

2:59:20 to 2:59:43( Edit History Discussion )

Bill Nelson: and we have not yet gauged the full impact of that oil spill on florida's economy, but there is ample evidence that it is the small businesses that are the ones that have been hurt the worst and the ones who have had to lay o the jobs as a rest

2:59:44 to 3:00:05( Edit History Discussion )

Bill Nelson: of that oil spill. there was a study by dunn and bradstreet that found the impact of the spill on florida tourism and boating and fishing industries, these businesses located along the gulf coast is going to affect 46,000

3:00:06 to 3:00:26( Edit History Discussion )

Bill Nelson: businesses with almost 300,000 employees and $14 billion in sales volume. one of the key features of this legislation, and another main reason of why we need to pass it, is that small business

3:00:27 to 3:00:48( Edit History Discussion )

Bill Nelson: lending fund, it sets up the voluntary capital investment program under which the treasury department can purchase u to $30 billion in equity from small banks whose total assets fall under $10 billion. and although the fund is set

3:00:49 to 3:01:11( Edit History Discussion )

Bill Nelson: at $30 billion, conservative estimates indicate that it will lead to $300 billion in new small business lenng. this is the economic shot in the arm that so many states need, including ours. i cosponsored that amendment

3:01:12 to 3:01:33( Edit History Discussion )

Bill Nelson: that was added to this overall small business bill that put the lending facility back in the bill. it's an overlooked feature of the legislation is that it actually provides $56 billion in tax relief for small businesses

3:01:34 to 3:01:58( Edit History Discussion )

Bill Nelson: over the next couple of years. upfront tax relief comes in the form of early tax write-offs for investments in new equipment, new machinery and new construction. that's all a part of this small business bill. and together with t tax breaks -- the targeted tax

3:01:59 to 3:02:19( Edit History Discussion )

Bill Nelson: incentives, the have a pacge that is exactly the type of relief small businesses need today. we need to jump-start them. and that's what this bill accomplishes. madam president, obviously, as

3:02:20 to 3:02:42( Edit History Discussion )

Bill Nelson: the senator from louisiana has already said, this bill has very, very wide support. and i would just underscore the independent community bankers of america and 29 state community banking associations have urged approval of this plan.

3:02:43 to 3:03:03( Edit History Discussion )

Bill Nelson: so does the american bankers association. the national small association, the national association for self-employed, the small business majority, the national bankers association, and the conference of state bank supervisors.

3:03:04 to 3:03:25( Edit History Discussion )

Bill Nelson: i have heard from many constituents, including small business owners, bankers, chambers, entrepreneurs who believe this legislation is need. i'm proud to cosponsor it and i -- i want to ask unanimous consent to join as a cosponsor

3:03:26 to 3:03:46( Edit History Discussion )

Bill Nelson: of the baucus-landrieu substitute amendment because i think it's the right thing to do for the country and the right thing for our state. madam president, it's my hope that we can pass this substitute amendment without further opposition that we are continuing to see. i yield the floor.

3:04:08 to 3:04:15( Edit History Discussion )

Bill Nelson: washington has been so instrumental working on as well