WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today after President Obama and Secretary Tim Geithner announced plans to restore the flow of credit to entrepreneurs and small business owners:
"Today's announcement by the Obama Administration is a positive step to free up credit for small businesses. As the backbone of our economy, small businesses need these loans to meet the challenges in today's economy, grow and be successful. The action taken today will ensure that small business owners can get the credit they need as they play a key part in restoring the strength of our nation's economy. This builds on steps already taken in the Recovery and Reinvestment Act to help small businesses through this recession.
"President Obama also addressed the outrageous bonuses being paid to AIG executives. It is unacceptable for a company receiving government assistance to pay exorbitant bonuses to its executives. I'm glad to hear that the Administration will pursue every legal option available to prevent the payment of these bonuses at a time when AIG is living off of government aid. I am also pleased that the Financial Services Committee is holding a subcommittee hearing this week on AIG, and we will continue our efforts to ensure that taxpayer money is spent as intended."