Congressional panel debates oversight and effectiveness of new small business lending program
The hearing came just days after the Congressional Oversight Panel released a report of the controversial proposal – dubbed a sequel to TARP by its critics – suggesting that it wouldn’t do much to help ailing small businesses.
The $30 billion program would provide low-cost capital to banks that have less than $10 billion in assets. Initially, the banks would pay a 5 percent dividend on the government’s investment, but the more they lend to small businesses, the lower that rate becomes.
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