There is breaking news out of Washington, D.C. The Senate just took a procedural vote on whether to allow
S. 3637, TAG Legislation to proceed to the floor. The bill received enough votes, 76-20, to proceed to the floor. Sen. Bill Nelson (D-FL) voted to allow the bill to proceed to the floor, however this does not mean he will support the underlying legislation. Sens. Marco Rubio (R-FL), Jeff Sessions (R-AL) and Richard Shelby (R-AL) voted to not allow the legislation to proceed.
As expected, Senate Majority Leader Harry Reid (D-NV) filled the amendment tree which prevents any senator from offering an amendment to the legislation. Cloture was filed on the legislation, setting up a vote on final passage on Thursday morning. Between now and then, it's expected that a senator will make a point of order against the legislation because it violates pay-as-you-go budget rules. With the amendment tree filled, it appears that the only way Sen. Mark Udall's (D-CO) MBL bill will be considered is if TAG is defeated.
Credit unions are asked to continue to contact their senators and let them know that extending an unnecessary bank bailout is not the way to spur small business lending. Raising the credit union member business lending cap is the best way to promote small business growth without costing taxpayers money.
Credit unions are urged to visit the
LSCU Action Center, click on "My Advocacy" and look for "End Bank Bailouts." Send your senator a note today to oppose the TAG legislation.