the severed his third district is responsible for a business loan portfolio of 12,000 loans worth $4.2 billion. in 2009, the sba approved $500 million in lending. next, we have the executive director of the san francisco small business office. she was in san francisco in 1986 to open the buffalo exchange limited store, and in the 13 years she worked for buffalo exchange, tennis district manager, she held her open the company from four to 11 stores. in 2009, the mayor appointed her as executive director to the office of small businesses. next, we have the ceo of opportunity funds. he has combined his background as a community organizer with an education from stanford to develop an innovative, not-for- profit financial incision that uses market principles to affect systemic change. it operates one of the nation's largest individual development, programs, a leading provider of micro loans in california, and has a robust community real estate finance unit. next, we have the ceo of ne community federal credit union. since 1988, she has been the ceo of northwest community federal credit unio

business by 38% since 2007. bubba banks commercial loan portfolios shrank by 5%. currently there are over 330 credit unions need the cap and they account for over half the business loans subject to the cap. these credit unions have been a source of most of the growth and credit union business lending. over the next two years these credit unions will dry up without an increase in the cap and that would be bad for america's small businesses. the utah bill establishes a two-tiered structure for credit union business lending. tier 1 credit unions would be able to engage in business lending up to the current limit. tier 2 credit unions would have to make statutory and regulatory criteria and be approved by ncua owned only then would be permitted to gauge an additional business lending. the udall bill would permit credit unions to help small businesses in native credit well at the same time ensuring the credit union is engaging in additional business lending in a safe and sound manner. it is hard to believe the government is telling credit union cannot help create jobs a

speaking on behalf of an institution that rights well underwritten and secured loans in our business loan portfolio, our delinquencies are here. i think we are ok. we are able to continue writing loans. we are maxed out as i stated in the beginning. we continue to look for opportunities to serve the business speaker -- business people in our community regardless of delinquency status. >> how do you manage the risk associated with business loans and your institution during these difficult economic times? >> a couple of comments were made about the big multimillion- dollar loans. we have a couple balls that are sizable. the largest one is probably $3 million. the majority of our loans are diversified among small-business owners who are looking for the $50,000 where the $250,000 loans. i would say that 85% of my loan portfolio this within the national average of approximately $233,000. we diversify amount collateral is agent for real-estate, equipment -- very few on receivables. we are conservative on who we underwrite two. we look at all the businesses that come in and look for lending. we try to mak

the regulatory approach provides credit unions to grow their business loan portfolios. in so doing, credit unions increase the diversity in loan portfolios reducing concentration risks. regulations require any credit union that is less than adequately capitalized to suspend business lending and i'm pleased that s509 adopts a safeguard. it's a well received balanced approach to make capital available to small businesses while ensuring the loans are made in a prudent matter consistent with each credit union's capabilities. entrepreneurs work hard, take risks, and put people to work. to tule fit their -- fulfill their dreams, they need capital. credit unions are frequently the only lenders making small loans to expand a store or start a day care center. the capital provided to hard working americans provides employment and reenforces the base of communities. s509 permits credit unions to empower more individuals and meet the needs of more small businesses that are expanding creating jobs and opportunities for their communities. thank you, and i look forward to your question

it totally beefed up its loan portfolio just before the housing market crashed. it will be a businessof brian moynihan. bank of america is down 18%, but up in pre-market. >> we will follow that all day. and the minute we have this confirmed, we'll deal with. chris christine, i'll see in you half an hour. >>> geeks rule the world and this is why. now forbes pushed mark zuckerberg ahead of the google guy. according to forbes, zuckerberg now worth $18 billion, with a b, dollars. that after wall street maneuvers. google is now only worth about $17 billion. yeah. just worth $17 billion. and i had take second prize in that contest any day. back to our businessman's special. my space, you can get it for a deal if you want to buy it. it's a former social media giant. according to the "wall street journal," news corporation, which "wall street journal" is owned by news corporation, it's just about ready to sell myspace. the original price was $100 million. according to all things digital, the price today is between $20 million and $30 million. and just so you know, news corporation paid more t

business in mortgages and aluto loans. as we learn from the economic downturn, concentrations are not good for financial institution portfolios. being able to add business loans -- >> you mean concentrating in one spot? quite correct. being able to add business loans to the portfolio would actually diversified portfolio and reduce the concentration. in my opinion, it will enhance the safety and soundness. >> of the 55 credit unions that failed during 2009-2010, 20 a direct business loans at the time of their failure. what role did business lending play in the failure of these credit unions and how did the amount and nature of the business loans made by these failed institutions compare to those made by healthy credit unions? i know you have gone back and look at this. >> in fact, during that time that you mentioned there was only one credit union that failed directly as a result of business lending out of the 2200 credit unions that make business loans. there were 55 failures in that time. of the 20 that made business loans -- >> there are a lot more failures in banks. we know that. >> correct. there were only 55 credit union

not good for financial institution port foe owes -- portfolios -- >> by concentration, you mean one product? >> correct. >> okay. >> adding business loans to the portfolio diversifies the portfolio and reduce the big concentration and in my opinion enhance the safety and soundness. .. the presiding officer: without objection. mr. mccain: madam president, yesterday, the administration made an announcement that i believe will strike most of my colleagues and the americans they represent as a confusing breach of common sense. two administration levels claimed -- two administration lawyers claimed that u.s. military involvement in libya is not in breach or calls for a war powers resolution. in other words, they believe that our activities, military activities in libya do not require a war powers resolution. they say because the united states is not engaged in a state of hostilities in libya. this puzzling assertion seems to be undercut by the very report that the administration sent to congress yesterday, which makes it clear that the u.s. armed forces have been and criewmably will continue to fly limited strike missions to suppress enemy a