On September 27, the House of Representatives passed a bill introduced by Rush Holt to award a Congressional Gold Medal to Dr. Muhammad Yunus in recognition of his developing the concept of microcredit, or the extension of small loans to the poor. Due to the vision of Dr. Yunus, the World Bank estimates that microfinance institutions now serve 160 million people in developing countries. These loans have enabled impoverished people in developing countries to start businesses, achieve independence, hire employees, bring new products and technologies to remote markets, foster accountability and give borrowers the pride of running a business. For this, Dr. Yunus is deserving of praise.
Well, Rush Holt doesn’t have to go all the way to Bangladesh to find lenders willing to risk their capital to spur economic development. Despite the monstrously vindictive 2,000 page financial reform bill that Holt voted for but didn’t read, hundreds of Holt’s constituents do the same thing everyday. One of these constituents is responsible for extending loans to hundreds of local businesses through his interests in the Bank of Princeton. Loans extended by the Bank of Princeton have enabled entrepreneurs to open businesses and existing businesses to continue to meet payroll despite being under vicious assault by Holt.
If Rush Holt finds it fitting to honor a man whose vision has spurred lending in almost every place outside of New Jersey’s 12th Congressional district, then the application of logic requires Holt to honor one of his own constituents who is risking his own capital when making loans to spur economic development in central New Jersey.
The local resident that Holt should honor is Scott Sipprelle. If Holt declines to honor Sipprelle, then Holt will prove his hypocrisy.
Posted: October 1st, 2010 | Author: Art Gallagher | Filed under: Holt, Rush Holt, Scott Sipprelle | Tags: Rush Holt, Scott Sipprelle | Comments Off on Rush Holt Should Honor Scott Sipprelle