Rent-to-own News - Congressional power shift hits small business

Senate Banking Committee Chairman Christopher Dodd.

Senate Banking Committee Chairman Christopher Dodd announced Thursday he will stay on as head of that panel and not seek chairmanship of the Senate Foreign Relations committee -- a position left vacant with Sen. Joseph Biden's election to the White House.

The Senate Banking Committee is the committee of jurisdiction for the Senate version of the Consumer Rental Purchase Agreement Act.

Connecticut Sen. Dodd told NationalJournal.com his priorities will be oversight of the $700 billion rescue fund for financial firms and to quickly advance president-elect Barack Obama's appointments. That bailout package contains significant benefits for small business owners and the committee directly responsible for the health of the country's small businesses could soon be headed up by a long time rent-to-own ally.

With Dodd retaining chairmanship of the Senate Banking, Sen. John Kerry of Massachusetts will likely to take the gavel on the Senate Foreign Relations Committee. However, to do so, Kerry would then have to give up his chairmanship of the Small Business Committee, which would likely be taken by Sen. Mary Landrieu of Louisiana -- lead Senate sponsor of Consumer Rental Purchase Agreement Act.

In addition, Congressional Quarterly reports that Republican Rep. Roy Blunt (MO-7) is resigning as House Minority Whip. Blunt voted against rent-to-own legislation in 2002.

"This shift in power dictates how much support Sen. Schumer, Sen. Landrieu or Rep. (William) Clay has in the next session and how much support for this legislation exists," said APRO Public Affairs Director Richard May. "This shift in power also dictates a shift in our grassroots strategy to address these new leaders of Congress."

mevans@rtohq.org