To change the enactment date.

JUMPSTART OUR BUSINESS STARTUPS ACT

The PRESIDING OFFICER. Under the previous order, the Senate will
proceed to the consideration of H.R. 3606, which the clerk will report.
The assistant legislative clerk read as follows:

A bill (H.R. 3606) to increase American job creation and
economic growth by improving access to the public capital
markets for emerging growth companies.

The PRESIDING OFFICER. The majority leader is recognized.

Amendment No. 1833

Mr. REID. On behalf of Senator Reed of Rhode Island, Senators
Landrieu, Levin, Brown of Ohio, and others, I have a substitute
amendment which is at the desk.
The PRESIDING OFFICER. The clerk will report.
The legislative clerk read as follows:

The Senator from Nevada [Mr. Reid] for Mr. Reed, for
himself, Ms. Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr.
Merkley, Mr. Akaka, Mr. Whitehouse, Mr. Franken, and Mr.
Harkin, proposes an amendment numbered 1833.

(The text of the amendment is printed in today's Record under ``Text
of Amendments.'')
Mr. REID. On that amendment, Mr. President, I ask for the yeas and
nays.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The yeas and nays were ordered.

Amendment No. 1834 to amendment No. 1833

Mr. REID. I have a first-degree perfecting amendment which is at the
desk.
The PRESIDING OFFICER. The clerk will report.
The legislative clerk read as follows:

The Senator from Nevada [Mr. Reid] proposes an amendment
numbered 1834 to amendment No. 1833.

The amendment is as follows:

At the end, add the following new section:

SEC. __.

This Act shall become effective 7 days after enactment.

Mr. REID. I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The yeas and nays were ordered.

Amendment No. 1835 to amendment No. 1834

Mr. REID. Mr. President, I have a second-degree amendment at the
desk.
The PRESIDING OFFICER. The clerk will report.
The legislative clerk read as follows:

The Senator from Nevada [Mr. Reid] proposes an amendment
numbered 1835 to amendment No. 1834.

The amendment is as follows:

In the amendment, strike ``7 days'' and insert ``6 days''.

Cloture Motion

Mr. REID. Mr. President, I have a cloture motion on the substitute
amendment which has already been submitted at the desk.
The PRESIDING OFFICER. The cloture motion having been presented under
rule XXII, the Chair directs the clerk to read the motion.
The assistant legislative clerk read as follows:

Cloture Motion

We, the undersigned Senators, in accordance with the
provisions of rule XXII of the Standing Rules of the Senate,
hereby move to bring to a close debate on the substitute
amendment No. 1833 to H.R. 3606, an Act to increase American
job creation and economic growth by improving access to the
public capital markets for emerging growth companies.
Harry Reid, Mary L. Landrieu, Ben Nelson, Carl Levin, Jon
Tester, Mark Begich, Patty Murray, Mark R. Warner,
Christopher A. Coons, Robert Menendez, Thomas R.
Carper, Joseph I. Lieberman, Debbie Stabenow, Robert P.
Casey, Jr., Jeanne Shaheen, Tom Udall, Jim Webb,
Barbara Boxer.

Amendment No. 1836 to amendment No. 1833

Mr. REID. Mr. President, on behalf of Senator Cantwell, for herself
and Senator Johnson of South Dakota, Senator Graham, Senator Shelby,
and others, I have an amendment at the desk to the language proposed to
be stricken.
The PRESIDING OFFICER. The clerk will report.
The legislative clerk read as follows:

The Senator from Nevada [Mr. Reid], for Ms. Cantwell, for
herself and Mr. Johnson

[[Page S1694]]

of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr.
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka,
Mrs. Murray, Ms. Landrieu, Mr. Kerry and Mr. Kirk, proposes
an amendment (No. 1836) to the language proposed to be
stricken by amendment No. 1833.

(The text of the amendment is printed in today's Record under ``Text
of Amendments.'')
Mr. REID. I ask for the yeas and nays on that amendment.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The yeas and nays were ordered.

Amendment No. 1837 to amendment No. 1836

Mr. REID. I have a second-degree amendment that is also at the desk.
The PRESIDING OFFICER. The clerk will report.
The legislative clerk read as follows:

The Senator from Nevada [Mr. REID] proposes an amendment
numbered 1837 to amendment No. 1836.

The amendment is as follows:

At the end, add the following new section:

SEC. __.

This title shall become effective 5 days after enactment.

Cloture Motion

Mr. REID. Mr. President, I have a cloture motion with respect to the
Reid for Cantwell, Johnson of South Dakota, Graham, Shelby amendment.
The PRESIDING OFFICER. The cloture motion having been presented under
to rule XXII, the Chair lays before the Senate the cloture motion which
the clerk will state.
The assistant legislative clerk read as follows:

Cloture Motion

We, the undersigned Senators, in accordance with the
provisions of rule XXII of the Standing Rules of the Senate,
hereby move to bring to a close debate on amendment No. 1836
to H.R. 3606, an Act to increase American job creation and
economic growth by improving access to the public capital
markets for emerging growth companies.
Harry Reid, Ben Nelson, Mary L. Landrieu, Carl Levin, Jon
Tester, Mark Begich, Patty Murray, Mark R. Warner,
Christopher A. Coons, Robert Menendez, Thomas R.
Carper, Joseph I. Lieberman, Debbie Stabenow, Robert P.
Casey, Jr., Jeanne Shaheen, Tom Udall, Jim Webb,
Barbara Boxer.

Motion to Commit With amendment No. 1838

Mr. REID. Mr. President, I have a motion to commit the bill with
instructions which is at the desk.
The PRESIDING OFFICER. The clerk will report.
The legislative clerk read as follows:

The Senator from Nevada [Mr. Reid] moves to commit the bill
(H.R. 3606) to the Committee on Banking, Housing and Urban
Affairs with instructions to report back forthwith with an
amendment (No. 1838).

The amendment is as follows:

SEC. __.

This Act shall become effective 3 days after enactment.

Mr. REID. I ask for the yeas and nays on that motion.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The yeas and nays were ordered.

Amendment No. 1839

Mr. REID. I have an amendment to my instructions at the desk.
The PRESIDING OFFICER. The clerk will report.
The legislative clerk read as follows:

The Senator from Nevada [Mr. Reid] proposes an amendment
numbered 1839 to the instructions (amendment No. 1838) to the
Motion to Commit H.R. 3606.

The amendment is as follows:

In the amendment, strike ``3 days'' and insert ``2 days''.

Mr. REID. I ask for the yeas and nays on that.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The yeas and nays were ordered.

Amendment No. 1840 to amendment No. 1839

Mr. REID. Mr. President, I have a second-degree amendment at the
desk.
The PRESIDING OFFICER. The clerk will report.
The legislative clerk read as follows:

The Senator from Nevada [Mr. Reid] proposes an amendment
numbered 1840 to amendment No. 1839.

The amendment is as follows:

In the amendment, strike ``2 days'' and insert ``1 day''.

Cloture Motion

Mr. REID. Mr. President, I have a cloture motion on the bill, which
is at the desk.
The PRESIDING OFFICER. The cloture motion having been presented under
rule XXII, the Chair lays before the Senate the cloture motion which
the clerk will state.
The assistant legislative clerk read as follows:

Cloture Motion

We, the undersigned Senators, in accordance with the
provisions of rule XXII of the Standing Rules of the Senate,
hereby move to bring to a close debate on H.R. 3606, an Act
to increase American job creation and economic growth by
improving access to the public capital markets for emerging
growth companies.
Harry Reid, Ben Nelson, Jon Tester, Charles E. Schumer,
Joe Manchin III, Patty Murray, Mark R. Warner,
Christopher A. Coons, Robert Menendez, Thomas R.
Carper, Joseph I. Lieberman, Debbie Stabenow, Robert P.
Casey, Jr., Tom Udall, Jim Webb, Barbara Boxer.

Mr. REID. I ask unanimous consent that the mandatory quorum required
under rule XXII be waived for the cloture motions just filed.
The PRESIDING OFFICER. Without objection, it is so ordered.
Mr. REID. Mr. President, let me take a moment to review what has
transpired this morning.
Last week the House passed the pending small business capital
formation bill by a vote of 390 to 23. President Obama has endorsed the
bill very publicly; thus, this is a measure the Senate should consider
expeditiously and pass in short order.
The Republican leader and I have had preliminary conversations about
how to process this bill. Initial indications are that the Senate would
not be able to agree to a time agreement providing for a limited number
of amendments; so I proceeded today to ensure consideration of at least
two amendments. So, on Tuesday, the Senate will vote first on the
motion to invoke cloture on the Reed of Rhode Island amendment. That
amendment is sponsored also by Landrieu, Levin, and Brown of Ohio,
which is a substitute, as I have indicated.
After disposition of that amendment, the Senate will next vote on a
motion to invoke cloture on the bipartisan Cantwell, Johnson, Graham,
Shelby Export-Import amendment. This Ex-IM Bank amendment is very
important. The legislation just last year created 300,000 jobs and
affected 2,000 communities in America. These jobs I am talking about
are all American jobs.
After disposition of that amendment, the Senate would then vote on a
motion to invoke cloture on the underlying bill. In the meantime, I am
always open to unanimous consent agreements to aid in disposition of
the bill. So I look forward--if there are things I can help with, I
will be happy to do this.
I will say this. I spoke before my presentation here today to my
friend from Colorado Senator Udall. I have worked with him not for
days, not weeks, not months but years on an issue that is extremely
important to our country; that is, an issue to help credit unions,
which have been so important to our country over the years.
During this economic meltdown we have had around the country, in
Nevada credit unions have been a lifeblood for small businesses and
individuals. We have tried and worked to get this matter on the floor.
There is always some reason for not doing it. I understand the
anxiousness of my friend from Colorado to have it on this bill. I will
be happy to see if there is a way of doing this by consent, but there
is no other way of doing it except by consent because it is not germane
to the bill before us.
As I told him, I am starting today, on my own, to begin the
procedural efforts to have this brought before the Senate. I think we
have waited long enough. There is never a good time. There is always
some reason of somebody that we have to do this now. This is a bill
that presents problems for people because a number of the banks don't
want this to happen. But I do, and I am going to do everything I can to
have this brought before the Senate.
I will be happy to yield to my friend from Colorado. If he has any
questions of me, I will be happy to respond to those or, if he has
anything I can respond to in the way of any consent agreement that he
wants or whatever, I am here at his disposal.
The PRESIDING OFFICER. The senior Senator from Colorado is
recognized.

[[Page S1695]]

Mr. UDALL of Colorado. Mr. President, I would like to acknowledge the
majority leader and the great work he has put forth on this important
opportunity we have. I know the majority leader has some additional
comments he would like to make. But I intend to stay after the majority
leader concludes and make my case, once again, for why this is so
important.
Mr. REID. Mr. President, through the Chair to my friend from
Colorado, he has talked about the work I have done. I haven't done
much. He has been the leader, and I have been with him all the way.
This is truly his issue. He is right. I have supported him from the
very beginning, and I admire his resilience. Each time he brings this
up, he is pushed back for some other reason. Personally, as I told him
today, it is to the point now where we are going to have a vote on
this.
There will be people coming to me, Why are you doing this? We are
going to have a vote on this. Democrats and Republicans are going to
have to make a decision where they stand for American credit unions.
Mr. UDALL of Colorado. Mr. President, if I might, I am going to
expound on what the majority leader just shared with the body.
The whole point of what we are going to do on the JOBS Act is to
expand access to capital for businesses across our great country. But
the legislation I have introduced on a bipartisan basis that also has a
bipartisan twin in the House of Representatives is aimed at truly small
businesses. I would like to explain a little bit more about what I
mean.
What we would do is, in effect, lift a regulation. We have talked
about deregulation in Washington, unleashing the creativity in our
business sector. What this legislation would do is deregulate an
industry that is raring to go to help small businesses.
Before I get into the specifics, I would like to thank my Republican
cosponsors, who include Senators Olympia Snowe, Rand Paul, and Susan
Collins. The legislation in the House has been introduced by Republican
Ed Royce, with whom I served when I was a Member of the House, and he
has over 40 Republican cosponsors in the effort on the other side of
the Capitol.
In sum, this is a bipartisan, commonsense way to create jobs and help
our small businesses without costing taxpayers a dime. When we add the
elements in what we are trying to do, there are positives across the
board.
The reason this is so important is that there continues to be a
phenomenon in our country where small businesses are starving for
credit, but the Federal Government is standing in the way of them
procuring that credit. As I said to start my remarks, I am talking
about the smallest of small businesses. These are the men and women who
need $50,000, $100,000, maybe even $200,000 to move from their garage
to a retail storefront, to renovate their sales floor or to upgrade or
purchase equipment and, in the process, they will expand. Too often,
frankly, they are too small to be worth the time of banks or they don't
fit the lending guidelines of the bank's corporate headquarters. But
credit unions are standing ready to lend money to these Americans to
support their businesses and create jobs.
The leader just moved to the Jumpstart Our Business Startups Act; the
acronym is the JOBS Act. That is appropriate. The House passed it last
week. This bill is aimed at increasing the availability of startup
companies by expanding and easing the process of undergoing an IPO.
That is an acronym for initial public offering. That is a noble goal,
especially as our economy still struggles to create jobs. But the
problem is we are still leaving small businesses behind. Why is that?
The JOBS Act is aimed at companies with revenue under $1 billion. Let
me repeat that: $1 billion, with a B. These companies may well need
help with an IPO, but I am talking about offering relief to Main
Street.
In light of this, I am still committed--and I appreciate the majority
leader's comments. I have been very persistent. I am still committed to
allowing credit unions to increase the amount of money they can lend to
small businesses and our bipartisan Small Business Lending Enhancement
Act was the first amendment filed to this bill and I still hold hope
that we will find a way to include it in the bill. We ought to pass it
immediately. We would see immediate results if we did so.
Let me share a couple examples of why I think this is so important,
and they are Colorado centric. I know the Presiding Officer makes a
point to talk about his home State on an ongoing basis and to highlight
Ohioans who make a difference. So let me talk about two small business
owners in Colorado who made a difference with the help of credit
unions.
Stacy Hamon owns the 1st Street Salon in Thornton, and Lisa Herman of
Broomfield owns Happy Cakes Bakeshop in Denver's Highland Square. They
were turned away from their banks. In the breach, credit unions arrived
and they lent to these two small businesswomen and they were able to
grow their businesses and hire their fellow Coloradans to help them in
those business enterprises. They didn't need a billion-dollar IPO. They
needed a small bridge loan. We could be making a huge difference in
many communities with mere pennies on the dollar of what the JOBS Act
is focused on. If my amendment were to be considered in this JOBS Act,
it would actually help small businesses directly create jobs.
Credit unions, simply put, specialize in these small business loans
to small business. In fact, the Federal Reserve has told us that many
banks have quit considering loans such as those under $200,000 because
they aren't worth the bank's time. Credit unions know these small
business owners, and they have money to lend to them. Unfortunately,
Federal law still limits the amount of small business loans a credit
union can extend to these businesses to 12 percent of their assets.
Over 500 credit unions nationally have had to stop or slow down their
business lending because of this--I can't think of any other word but
``strange''--strange Federal limit on helping small businesses. It is
hard to believe. Government is telling these financial institutions
they can't help create jobs in their local communities, and that is why
my bipartisan amendment would double the amount of money credit unions
can offer to small businesses.
We have heard from the banks over the years they think it is unfair
they have to compete with credit unions. But the fact is, it is not
about banks or credit unions; it is about small businesses. I have to
say these two different kinds of financial institutions serve very
different small business populations. Credit unions serve the smallest
of small businesses that often must resort to their credit cards,
literally, to invest in their businesses and keep their cash flow
going, but in the process they create jobs. These are business owners
who have been, by and large, turned away by the banks. I am not talking
about taking business away from anyone. I am suggesting, at the very
least, we let the credit unions loan to these small business owners
whom the banks don't want to do business with because they are too
small.
Credit unions have been in existence for over 100 years, and today
they only represent about 5 percent to 6 percent of all small business
loans. Even if they were to increase their lending, if credit union
lending were to increase and their market share were to double as a
result, they would still only have 7 to 9 percent of market share, and
banks would have nearly 90 percent of the markets for themselves.
Let me rebut another concern that has been expressed. The banks say
this proposal is unproven or somehow an unsound way of increasing small
business loans, but as I have said, the credit unions have been making
small business loans since the early 1900s. There were not any limits
on how much credit unions could lend until 1998. The credit union
sector has a regulator, the National Credit Union Administration, and
it has endorsed lifting or even eliminating the small business lending
cap. It just makes sense to do this, and I cannot believe we are going
to let these squabbles between the banks and credit unions keep job
creators from going to work in the small small business sector.
There is a rush to pass the JOBS Act, which would help billion-dollar
companies with their IPOs. But how about we take a little bit of time
to help small business owners, such as Stacy and Lisa, by passing our
bipartisan amendment? After all, if we are going to tell

[[Page S1696]]

the American people this bill is about increasing access to capital,
let's start by helping the small business owners on Main Street that
fuel our job engine. This is what we would do in Colorado. It is how we
would apply our commonsense approach to business.
I plead with my colleagues to consider the important effect this
would have. So, in summary, our bipartisan amendment is projobs, it is
deregulatory, and it would not cost the taxpayers a dime. It would
release $10 billion in capital across our country and, conservatively,
100,000 new jobs would be a result.
Let's take this up. Let's fuel the economic engine with the capital
of our small business sector.
I yield the floor.
The PRESIDING OFFICER. The Senator from Texas.
Mr. CORNYN. Mr. President, I ask unanimous consent to speak until
noon in a colloquy with the distinguished majority whip. Senator Ayotte
and a number of other Senators will join us during the next 30 minutes.
The PRESIDING OFFICER. Is there objection? Without objection, it is
so ordered.

____________________