New Ways & Means Chair: Former Banker & MBL Supporter Posted by AVCU on 9:25 AM

As reported in several media outlets today, U.S. Rep. Fortney "Pete" Stark (D-Calif.), has been named by House Speaker Nancy Pelosi as interim chairman of the powerful House Ways and Means Committee. He'll be filling in while Rep. Charles Rangel (D-N.Y.) takes a leave of absence from the post.

Stark once formed and ran a community bank in suburban San Francisco, and has been in the House since 1972 and has been chairing the House Ways & Means subcommittee dealing with health issues. He assumes the committee chairmanship based on seniority.

Recently, Stark joined as a co-sponsor of H.R. 3380 to increase the credit union business lending cap. He also recently signed a letter, circulated to House colleagues urging House leadership to add similar MBL provisions to a jobs-creation legislative package. The bill proposes a 25% of assets MBL cap, up from the current 12.25% limit, and would increase the "de minimis" threshold for these loans to $250,000.