Chabot Promotes MBL Bill Despite Banker Objections

‘The banks hate it, but I hope we’ll get it done.’

March 21, 2012

The 23 credit unions in Rep. Steve Chabot’s (R-Ohio) district “are very near and dear to my heart,” he said Tuesday.

“Since 1934, credit unions have been a critical part of our economy and a source of much-needed capital for regular people,” said Chabot, a co-sponsor of both the Credit Union Small Business Lending Act, which would increase credit unions’ participation in Small Business Administration lending, and the Small Business Enhancement Act.

“The banks hate it, but I hope we’ll get it done,” he said, pledging to advocate for both bills.

Chabot shared three concerns with GAC attendees:

1. Divided government, which makes it difficult to accomplish anything.

2. Huge deficits. The government must borrow 43 cents for every dollar it spends, Chabot said. “We have to get this under control.”

3. The tough economy, with high unemployment and significant underemployment.

“We’re heading in the right direction, but the true unemployment rate is approaching 14% or 15%,” Chabot said. “Some people have given up altogether. We must get America working again.”

Also threatening to derail the economy are Europe’s financial crisis, the “very dangerous situation” in Iran, and skyrocketing gas prices.

“Gas costs $5 per gallon in D.C., and $4 in Cincinnati,” he said. “This could take us in the wrong direction."