The American Jobs Act will be ineffective, several experts say.
"People should take Obama’s claims about 'job creation' with a grain of salt. His earlier claims about creating jobs turned out to be false. The Obama administration said that if the $800 billion stimulus package passed, unemployment would not go above 8 percent, but it actually skyrocketed to 10.3 percent less than a year later."
H.R. 1909 is a bipartisan bill recently introduced to reform the small loan market.
"H.R. 1909, the FFSCC Charter Act of 2011, would create an optional charter from the Comptroller of the Currency for nonbank lenders who choose to be designated as 'Federal Financial Services and Credit Companies.' It is sponsored by Joe Baca (D-Calif.), with cosponsors Jean Schmidt (R-Ohio), Gregory Meeks (D-N.Y.), and Albio Sires (D-N.J.). The bill addresses a vital need for access to credit for both lower and middle-income Americans. 'Microfinance' is a hot topic in the academic and policy world. [...] Yet providers of microcredit in America — payday lenders, pawn shops, etc. — are looked on by many policy elites with scorn. And even when these lenders are subject to legitimate criticism, frequently no one details how to remove barriers to creating an alternative in the lending market."