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Senate Adopts Snowe Amendment to Financial Reform Bill
05/13/2010 11:30 AM ET  

The amendment would exempt some small businesses that provide credit from falling under the new regulations, which are aimed at reining in large banks and financial institutions.

The Senate has approved an amendment introduced by Maine Sen. Olympia Snowe to the financial reform bill making its way through Congrses. Snowe says the amendment is intended to prevent small businesses from suffering unintended consequences from the measure, which is aimed at strengthening regulation of large banks and financial institutions.

"My amendment creates a quick and easy 'bright line' test for small businesses," she says. "Firms that fall under the Small Business Administration's North American classification system, the classification system small businesses use to file their taxes and qualify for SBA programs and services, would be exempt."

Doctor's offices, jewelers and furniture store owners are among the retailers that could have been affected by the new law because they provide credit. Snowe says the law was intended to target Wall Street, not Main Street stores.

Sen. Chris Dodd, a Connecticut Democrat who chairs the Senate Banking Committee, praised Snowe's amendment and endorsed adding the proposal to the reform measure that he introduced.



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