WASHINGTON – Senate leaders last night introduced a new bill to raise the member business loan cap—identical to the old bill—which will enable Majority Leader Harry Reid to bypass a hearing in the Senate Banking Committee and bring the bill directly to a vote by a full Senate as early as next week, which would be the first time Congress has ever voted on the issue.

The new bill, S. 2231, is identical to the old bill, S. 509, has the same 22 co-sponsors and would raise the MBL cap from 12.25% of assets to 27%, according to Brad Thaler, senior lobbyist for NAFCU. “The reason that it’s been filed this way is it opens the door to it being called up any time,” Thaler told the Credit Union Journal this morning.

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