Excerpt from Credit Availability: Hearing Before the Committee on Small Business, House of Representatives, One Hundred Third Congress, First Session; Washington, DC, April 29, 1993
There has been an important development regarding credit avail ability that I have been gratified to see. On March 10, President Clinton announced a credit crunch initiative designed to jump start a renewed flow of credit to small businesses.
In doing so, the President emphasized something that members of this committee have long known. It is our small business sector that has increasingly become the engine of our economy, providing the innovation and job growth on which a growth economy can be built. As the President himself noted, if you had to put in one sen tence why this has been a jobless recovery, it is because small busi ness job creation has not offset big business job losses. That must change if our goal of achieving a real recovery that provides real opportunity is to be met.
The regulators are now engaged in the implementation of the President’s initiative and review of current law to determine whether additional statutory change is required. It is important that we monitor that process closely to ensure that the desired impact is achieved.
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