Small business group lauds financial rescue bill

The National Federation of Independent Business (NFIB) applauded Congress and President Bush Oct. 3 for approving the $700 billion financial rescue bill, H.R. 1424, releasing a statement from the lobby group’s president and CEO Todd Stottlemyer.

“We are pleased that Congress has heeded the call to pass bipartisan legislation that will restore confidence in our financial system,” Stottlemyer said. “While small business owners have strong and conflicting feelings about the economic rescue package, in the end, their ability to grow their businesses depends upon stability and liquidity in the financial markets.”

In the run-up to the bill’s passage Oct. 3, the media, lawmakers and analysts had made much of concerns that H.R. 1424 – which includes $110 billion in earmarks and special interest tax breaks – sacrificed “Main Street” to bail out Wall Street.

The NFIB listed several aspects of the legislation it said would positively affect small business, including:

* A provision to help community banks clear an estimated $36 billion in worthless government-sponsored assets from their balance sheets by treating them as ordinary rather than capital losses.

* A provision increasing FDIC insurance limits from $100,000 to $250,000.

* An Alternative Minimum Tax patch and other business tax extenders which will provide significant tax relief.

“Now that this immediate crisis has passed, we need to press forward to be a loud voice for an end to the ‘business as usual’ ways of Washington,” Stottlemyer said. “It’s time to get our fiscal house in order – both in Washington and in households nationwide. It is essential for the prosperity of small business, and for the country’s future economic growth.”