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Higgins Votes to Approve Financial Services Bill With Important Provisions for Small Business & Consumers

Jul 17, 2009
Press Release

 Congressman Brian Higgins (NY-27) voted with his colleagues in the House of Representatives to approve H.R. 3170, the FY 2010 Financial Services bill that provides investments in programs that strengthen small business and protects consumers.  The legislation includes $150,000 secured by Congressman Higgins for the Small Business Incubator operated by SUNY Fredonia in conjunction with the City of Dunkirk. 

“Small business success is critical to economic and job growth,” said Congressman Higgins.  “This bill supports Dunkirk’s incubator program that launches new businesses here locally and provides significant resources and services to smaller companies across Western New York and the nation looking to expand and thrive.”  

This new funding is in addition to $150,000 previously secured by Congressman Higgins for incubator construction.  The incubator is an economic development initiative undertaken by SUNY Fredonia and the City of Dunkirk with the aim of improving the long-term success rate of high-tech small business ventures in Western New York.  It will enhance economic development by providing space, support, and mentoring services for approximately 30 start-up businesses.  The funds secured by Congressman Higgins will support ongoing operations at the facility.

In total the bill provides $848 million to the Small Business Administration for programs that support small business loans and development centers and enhance services to veterans or those in distresses areas looking for business assistance. 

In addition the legislation includes support for federal agencies that protect consumers including:

  •  Funding for the Securities and Exchange Commission (SEC) to hire another 140 investigators, lawyers and analysts, in addition to the 140 added this year, to enforce rules that govern investments in financial markets and detect and prosecute fraudulent schemes;
  • Resources for the Consumer Product Safety Commission (CPSC) to protect children and consumers from products that are dangerous or contain hazardous materials; and
  • Support that continues Federal Trade Commission efforts to investigate and prosecute unfair and deceptive practices in areas such as foreclosure rescue, debt collection, credit repair services and non-bank mortgage brokers.

This bill will now move to the Senate for consideration and approval.