Yesterday, Monday, March 6, Chairman Ben Cardin (D-Maryland) and Ranking Member Joni Ernst (R-Iowa) of the Senate Small Business Committee sent a bipartisan letter to SBA Administrator Guzman expressing their strong joint concerns with both of SBA’s recent Proposed Rules. The leadership of the Senate committee with jurisdiction over SBA specifically stated in a four-page letter that “we take our role of authorizing programs very seriously,” citing concerns ranging from “a negative impact on loan performance” to inviting “predatory lending practices” as a result of the Proposed Rules’ “sweeping changes that do not reflect congressional input or authorization.” The letter concludes by urging SBA to use “diligence and restraint” and to address the Committee’s lengthy list of concerns included in the letter “before publishing final rules.”
Please also see Senator Ernst’s press release calling for SBA to “go back to the drawing board on the agency’s irresponsible changes .”
