Honorable Steve Kagen, M.D.

Wisconsin's former 8th District Representative

January 4, 2007 to December 22, 2010

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Kagen Helps Small Business

Press Release

Media Contact:
Jake Rubin 202.225.5665

KAGEN HELPS SMALL BUSINESS

Congressman Applauds President’s Small Business Initiative and Proposes Further Legislation

March 16, 2009

Washington, DC — Congressman Steve Kagen, M.D. today reiterated his determination to help small businesses in Northeast Wisconsin and throughout the nation get the credit they need to create jobs and rebuild our economy. Kagen was invited to the White House today as the President announced his plan to ensure that small businesses have access to the credit they need to support the economic recovery.

“We need to offer small businesses on Main Street the same treatment the past administration gave their friends on Wall Street,” said Kagen. “I applaud the President’s efforts to unlock secondary credit markets for small businesses that provide nearly 80% of new jobs and generate 50% of our gross domestic product. Small businesses are the economic engines of America and they need our help.”

Kagen will soon file legislation, the Small Business Stimulus Act, which would authorize the Small Business Administration (SBA) to pay for most, if not all, of the interest on loans to qualified small businesses for at least two years. The net effect would be to make loans available at 0% interest. Kagen’s proposed bill would also permit the use of already-appropriated funds in the Troubled Asset Recovery Program (TARP) or Term Asset-Backed Securities Loan Facility (TALF) to purchase loans in secondary markets – thereby freeing up credit markets for small businesses across the nation.

Kagen also backed the recently-enacted American Recovery and Reinvestment Act which increased reduced fees for SBA loans. President Obama announced immediate action to ensure that credit – the lifeblood of America’s small businesses and its economy – gets flowing again to entrepreneurs and business owners.

“I am working hard to help small businesses grow our economy,” said Kagen.

Kagen deplored the recent reports of some $165 million in taxpayer-funded bonuses going to AIG executives who had been part of decisions that led to that company’s near-collapse, and said he welcomed the President’s commitment to getting that money back.

“Outrageous. That is the only word that comes to mind. We must catch all the crooks and punish them publicly" said Kagen. “It’s unpatriotic to ask the government for help and then turn around and give bonuses to people who were responsible for getting us into the current mess. We cannot allow them to get away with this.”

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