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ST. LOUIS NEWS TODAY - Sunday, June 17, 2007
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Congressional Committee Seeks Solutions to Reduce Impact of Rising Gas Prices on Small Businesses
WASHINGTON DC, (SLFP.com), June 17, 2007 - Senator John Kerry (D-Mass.) chaired a hearing, June 14, before the Committee on Small Business and Entrepreneurship to examine the economic consequences and potential solutions for small businesses suffering from record-high gas prices.
Following the hearing, Kerry and Senator Maria Cantwell (D-Wash.) introduced legislation to establish a fuel emergency program for small firms struggling to cope with rising gas costs. Kerry and Cantwell also offered the provisions as an amendment to the energy bill currently being debated in the Senate.
"Many of our nation's small businesses are built around using reliable transportation to provide services for their customers," said Kerry. "Last month's record-setting gas prices packed an economic punch that will force small businesses to pass on the costs to consumers or absorb the loss. We can't be lulled into a false sense of security that gas prices are coming down -- they're not. My legislation to create a grant program for small firms facing economic hardships is one solution Congress can pass now to help keep America's small businesses competitive."
"Small businesses all across our country are hurting from record fuel costs that eat up their profit margins," said Cantwell. "More than 25 percent of small businesses have had to increase their prices as a direct result of rising fuel costs. It's time we helped fuel-dependent small businesses stay competitive so they can continue providing good, high-quality jobs."
The hearing featured testimony by Frederick W. Smith, Chairman, President and CEO of Federal Express, which got its start as a small business. Smith advocated for strong bipartisan energy security legislation that would improve corporate average fuel efficiency (CAFE) standards. Additionally, the Energy Information Administration testified that high gas prices are here to stay. Guy Caruso, head of the independent agency, said average gas prices are expected to remain at $3.05 for the summer -- 21 cents higher than last summer, with another forecasted peak in August.
The Committee also heard from small businesses -- a pizza store owner, an office supply company, and a representative of small trucking companies -- impacted by high gas prices and that favor of programs that would provide assistance.
Kerry and Cantwell's bill, the Small Business Emergency Fuel Assistance Act, will be offered as an amendment to H.R. 6, the CLEAN Energy Act. Their proposal would create a grant program within the Department of Commerce's Economic Development Agency that authorizes the Secretary of Commerce to issue grants to states to provide assistance for fuel-dependent small businesses in the wake of a Presidential fuel emergency declaration. Small firms and farms demonstrating need and a plan toward becoming more energy efficient would be eligible for these grants.
Families Are Urged to Plan Carefully When Borrowing Money for College
JEFFERSON CITY, (SLFP.com), June 17, 2007 - Attorney General Jay Nixon has issued information reminding parents and students of their rights when seeking loans to help pay for a higher education. The national student loan scandal has brought attention to the practices of colleges and lenders, and Nixon says borrowers need to beware of potential pitfalls.
When shopping for loans, Nixon offers these recommendations:
- You have the right to choose your lender. Most schools have a preferred lender list, but this is simply a recommendation. How you pay for college is up to you.
- Shop around for the best rates, lowest fees, incentives for better terms, such as making regular on-time payments. Loan offers and contracts are complex, so deciphering them may not be easy. Your school's financial aid office can help.
- Beware of companies that charge fees to prepare your FAFSA (Free Application for Federal Student Aid) or other paperwork for you. FAFSA applications are free and simple for most students and parents to complete.
- Understand the terms of your loan - the interest rates, fixed or variable, fees, etc.
- After you've chosen a lender, watch for companies offering you what sounds like a better deal. These may sound good at first, but they often involve higher rates or hidden fees.
- When in doubt, consult your school's financial aid staff, which can help you sort out legitimate offers from scams and bad deals.
"With the today's high cost of college, getting financial aid has never been more important," Nixon said. "Students and parents need to shop aggressively, have as much information as possible and understand their rights when navigating through this complicated process."
Nixon recently reached an agreement with Washington University in St. Louis that establishes a code of conduct for the school. It forbids the school from receiving any financial incentive for encouraging students to borrow from certain lenders. Nixon's office continues to investigate student lending practices and is working with lenders and schools statewide to ensure a fair marketplace for student borrowers.
Students and their parents can use a student loan calculator in the Consumer Corner section of Nixon's Web site at ago.mo.gov. The calculator helps borrowers get a clear understanding of the amount they'll borrow, interest rates, monthly payments and other factors.
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