Statements on Introduced Bills and Joint Resolutions

Floor Speech

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Mr. WYDEN. Mr. President, most of us have heard the metaphor that small businesses are the engines that power our economy. What we don't hear people talk about as much is the fuel that feeds the engines: capital. Without capital, entrepreneurs cannot see their ideas to fruition, successful business owners cannot expand to meet the needs of the market, and eager job seekers must take their skills elsewhere. Without capital, Main Street falters.

Today, more than 7 years after the start of the Great Recession and many policy reforms later, access to capital remains a challenge that stands in the way of small business growth, economic development and job creation in Oregon and across the country. Despite this, government regulation continues to tie the hands of many potential lenders; namely, credit unions. According to some estimates, credit unions could lend an additional $16 billion to small businesses, helping them create nearly 150,000 new jobs in just 1 year if Congress loosened restraints on credit union business lending.

With this in mind, I am pleased to introduce today the Credit Union Residential Loan Parity Act, which would increase access to capital by exempting certain loans from the member business lending cap imposed on credit unions. Currently, loans made for one- to four-person, non-owner occupied housing are treated as business loans when they are made by credit unions. As such, these types of loans count against a credit union's business lending cap, and thereby limit a credit union's ability to provide loans to small businesses. My legislation would address this issue by allowing credit unions to treat these types of loans as residential loans--as they are when they are made by other financial institutions--therefore exempting these loans from the business lending cap. In doing so, this legislation would increase the availability of business capital, providing greater opportunities for small businesses to receive credit union loans to help them continue to grow and expand, create jobs and support our local economies.

I am hopeful that this legislation will be received by colleagues for what it is: a simple step to help ensure America's small businesses have access to the fuel they need to power our economy. It is my hope that the Senate will pass this legislation swiftly.

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Mr. WYDEN. Mr. President, today I am introducing a bill to honor my friend Frank Moore, an Oregonian, World War II veteran, husband to Jeanne, father, avid fly fisherman, and tireless conservationist.

Frank Moore can be found standing in the North Umpqua River in Oregon, wearing waders and casting his fly fishing reel, for hours. He is a legendary presence on the River, even at 91 years young. A pastime he picked up from his father, fly fishing has been a business and a hobby for Frank for nearly his entire life. Not only has he enjoyed the fishing and scenery on Oregon's rivers for decades, Frank's love of Oregon and his tireless work to conserve our state's fish habitats and rivers adds up to a rich legacy that sets the standard for generations to come. Frank served on the State of Oregon Fish and Wildlife Commission and has received the National Wildlife Federation Conservationist of the Year award and the Wild Steelhead Coalition Conservation Award.

Frank's commitment to the health and vitality of Oregon's rivers and fish habitat over the years is inspiring and he deserves countless thanks for his work and dedication. The Frank Moore Wild Steelhead Sanctuary will serve as a tribute to the many outstanding accomplishments of Frank, both on and off the river.

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