Providence, R.I. – US Senators Sheldon Whitehouse and Jack Reed met with community bank representatives Friday to talk about the Small Business Jobs and Credit Act.
Senator Sheldon Whitehouse says the bill will create jobs by helping small banks. The Small Business Jobs and Credit Act gives $30 billion in loans to community banks.
"We bypassed the big Wall Street banks that created the problem, we supported the small community banks that did nothing wrong, and we helped break through the logjam that is keeping capital from small businesses," Whitehouse said.
Whitehouse said the act will allow the banks to give loans to small businesses, which can in turn hire more workers. Rhode Island's August unemployment rate was 11.8 percent, two percent higher than the national rate.