WASHINGTON — The Senate Small Business and Entrepreneurship Committee voted 18-1 in favor of a bill aimed at curbing the Biden administration's plan to expand the role of financial technology startups in providing government-backed small-business loans.
The legislation, from Small Business Committee Chairman Sen. Ben Cardin, D-Md., and ranking member Sen. Joni Ernst, R-Iowa, was passed as part of a broader small business package and comes in response to growing concerns among lawmakers regarding the Small Business Administration's ability to regulate nonbank lenders seeking access to the agency's flagship 7(a) loan program.
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