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Government
& Public Affairs Update
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Government &
Public Affairs Team
Larry F. Ayres
R. Daniel Beattie
Andrew C. Richner
Charles R. Spies
Reginald M. Turner
John
Van Fossen, Practice Group Leader
Lucius A. Vassar
Bret S. Wacker
Chris Wagner
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Senate Bill
Expected on House Floor Next Week
Following Senator George Voinovich's announcement last week that he
would break from his party to support the Democrats' small business
assistance bill, Majority Leader Harry Reid (D-NV) quickly
scheduled a cloture vote for the measure earlier this week, which was
invoked with the help of Voinovich and Florida Republican Senator
George LeMieux.
After the mandatory 30 hours of debate that follows a cloture vote,
the Senate voted yesterday
to pass a modified version of H.R. 5297, the Small
Business Jobs and Credit Act of 2010. According to the Senate
Finance Committee, the bill does the following:
- Provides $12 billion
in tax cuts;
- Incentivizes and
increases small business lending;
- Creates an estimated
500,000; and
- Rewards entrepreneurs
for investing in new small businesses.
To read a more
detailed summary of the Senate's version of the bill, click here.
Based on House Speaker Nancy Pelosi's (D-CA) recent comments on
Senate passage, it appears that the House will simply take up and pass
the Senate bill. Democrats were not expected to be able to get
much done between the August recess and the November elections and
seem content to leave Washington with one more jobs accomplishment to
highlight during the waning days of the campaign.
"As soon as we get the bill, we will take it up," Pelosi
said. "We think we had some better ideas in our House-passed
bill, which we passed in June, but which the Republicans in the
Senate have held up until now, but some of these issues we'll have to
deal with in future legislation because small businesses can't wait
another day for this legislation to be passed."
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If you have any questions concerning these issues,
please contact Chris Wagner at 202.772.0924 or cwagner@clarkhill.com.
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To find out
more about Clark Hill and our Government & Public Affairs
Practice Group, visit clarkhill.com
or call 800.949.3124
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