Obama: Shift $30 Billion From TARP Funds To Community Banks
Wednesday, January 27th, 2010
President Barack Obama used his State of the Union address to unveil a plan to get billions of dollars out of the highly unpopular TARP bank-bailout program and into the hands of small businesses. The president said he wants to “take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat.” Obama also called for a new small business tax credit that would help over one million small businesses “who hire new workers or raise wages”; the elimination of all capital gains taxes on small business investment; and a new tax incentive for “all businesses, large and small, to invest in new plants and equipment.” Considered together, the proposals represent a comprehensive new approach to small business growth and an implicit recognition that the administration has yet to do enough on that front. Obama borrowed the proposals from several legislators
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Obama: Shift $30 Billion From TARP Funds To Community Banks
