News -> News TUE, JAN 6 5:00PM by Leslie Turk

Opportunity Knocks

U.S. Sen. Mary Landrieu, just named chair of the Committee on Small Business & Entrepreneurship, has asked Democratic state Sen. Don Cravins Jr. to join her in Washington, D.C., to head the committee. If he accepts the job, Cravins would resign his Senate seat and serve as chief of staff for the committee — overseeing more than 20 staffers, including attorneys, research and press assistants, and hearing and legislative clerks. An attorney, Cravins would also fill the role of chief legal counsel for the small business committee, which oversees the Small Business Administration.

Landrieu’s office is mum on the offer. “Sen. Landrieu does not comment on hiring matters until someone has accepted a position,” says Landrieu Press Secretary Stephanie Allen. “She believes Sen. Cravins to be a talented leader in Southwest Louisiana and greatly respects him.”

Cravins also declined to confirm details of the offer and tells The Independent Weekly he and his family will make a decision in about a week. “We are strongly, strongly considering it,” he says. The 36-year-old is in his second year as a state senator, having been elected to the post in 2007 after replacing his father a year before in a special election. Prior to that, he served two years in the state House, making history with Don Cravins Sr. as the first father-son duo to serve in the Louisiana Legislature at the same time.

Cravins Jr., who currently chairs the state Insurance Committee, says the decision will be tough, noting the work he’d like to accomplish in the Legislature as insurance chairman and as an advocate for juvenile justice reforms. While Cravins’ departure from the state Senate would be a loss to Louisiana, overseeing the small business committee would provide him numerous opportunities and challenges to help small businesses not only in the state but across the country. Small businesses are likely to be a critical component of President-elect Barack Obama’s plan to stimulate the nation’s economy.

In political terms, the small business chairmanship is a major bump in influence and rank for Landrieu, who already is chairing a subcommittee of the powerful Senate Appropriations and sitting on the Senate Energy and Natural Resources Committee.

“Bolstered by my seats on other key committees for our state, this assignment provides the seniority to fight even harder for Louisiana’s more than 350,000 small businesses,” Landrieu says. While serving on the small business committee, Landrieu has developed a strong coalition with the U.S. Chamber of Commerce and taken a lead role in disaster recovery legislation.

She recently met with Obama to “emphasize the importance of American small businesses to the economic recovery of the nation and any community affected by future disasters.” Landrieu replaces Sen. John Kerry, a Democrat from Massachusetts who was recently appointed chairman of the Senate Foreign Relations Committee.

In a prepared statement, Kerry said small businesses should feel “proud” to have Landrieu at the helm. “As small business committee chairman, I traveled to Louisiana with Mary and I saw firsthand her passion for helping small-business owners in her state and across the country. After Louisiana was walloped by hurricanes Katrina and Rita, Sen. Landrieu put Washington on notice that she wouldn’t accept a second-rate federal response and she fought for aid to rebuild her state’s economy.


Comments (1)add
ââ?¬Å?Tsunamiââ?¬Â Wave of Foreclosures in 2009 Will Take Self-Employed and Smaller Businesses
written by Samuel D. Bornstein , January 07, 2009 - 11:42 am
On December 14, 2008, CBS�s 60 Minutes had a segment on the 2nd Wave of Foreclosures. They indicated that experts were expecting another wave of mortgage defaults on ALT-A and Option ARMs mortgages which will dwarf the Subprime Mortgage Crisis. CBS MISSED A VERY IMPORTANT FACT!

Many fail to realize that there are millions of self-employed smaller businesses, who employ from 1-10 employees, that are holding the mortgages that are going to reset in 2009 through 2012. These borrowers are Prime and Near-Prime borrowers who hold ALT-A, Option ARMs, Interest-Only mortgages. There are $1 Trillion ALT-As, and $500-600 Billion Option ARMs.

So, here we have a major problemââ?¬Â¦ Not only will these small business owners lose their homes, but there will be the resulting JOB LOSSES on their business failure. Note, although President-Elect Obama is stressing the need to create 3 million new jobs, we must understand that ââ?¬Å?JOB RETENTION IS AS IMPORTANT AS JOB CREATIONââ?¬Â.

I authored a survey which was conducted by the National Association for the Self-Employed (NASE) to its national membership. The NASE Survey disclosed disturbing facts. The NASE survey is at http://www.nase.org . See the NASE News for the Survey on Toxic Mortgages. Please read my Commentary.

According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012.

The solution lies in the hands of Congress as they meet in January to structure an economic stimulus package. Congress should take note of this survey and be ââ?¬Å?proactiveââ?¬Â in addressing the situation, rather than ââ?¬Å?reactiveââ?¬Â as the case has been in the Subprime Mortgage Crisis.

We can�t afford another shock to our economic system at this time. This 2nd Wave of Foreclosures which will be caused by the ALT-A and Option ARMs will not only result in Foreclosures, but also Job Loss.

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