Levin Embarks on Small Business Jobs Bill


 Senate Finance Chairman Max BaucusMax Sieben BaucusSteady American leadership is key to success with China and Korea Orrin Hatch, ‘a tough old bird,’ got a lot done in the Senate Canada crossing fine line between fair and unfair trade MORE (D-Mont.) is working on a similar proposal, but ranking member Chuck GrassleyCharles (Chuck) Ernest GrassleyGOP senators eager for Romney to join them Five hurdles to a big DACA and border deal Grand jury indicts Maryland executive in Uranium One deal: report MORE (R-Iowa) will likely oppose an expansion to Build America Bonds.
 
The bonds offer Federal subsidies to state or local governments to defray borrowing costs on a wide array of projects, from infrastructure to public housing. Grassley argues increased subsidies don’t increase the construction of new projects, but instead go to Wall Street firms in increased underwriting fees for issuing the bonds.
 
“Build America Bonds result in higher underwriting fees for the Wall Street banks that underwrite the bonds than for traditional tax-exempt bonds,” Grassley said in prepared remarks. He added that news reports claim “Wall Street banks have made more than $1 billion in underwriting fees on Build America Bonds deals in less than a year.”
 
Baucus has not scheduled a mark up for his legislation.