I want to provide a quick update for you regarding H.R. 397. I just heard from Congressman Gottheimer’s Legislative Assistant, Zach Eckstein that the “Butch Lewis Act” will be up for a vote on the floor before 8 pm this evening. A last minute “Hail Mary” amendment by Congressman Roe (R – TN) will be taken up before the vote on 397.
The amendment by Congressman Roe sets the loan interest rates at 5% per annum for the first 5 years and 9% per annum thereafter. This is another game by some in Congress to kill this important bill. Currently, language in the Bill calls for the interest rate to be 25 bps above the prevailing 30-year Treasury (2.58% as of today).
We will update you later this evening on today’s vote.