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S. 463, The TARP Taxpayer Protection and Corporate Responsibility Act of 2009 (2 comments ↓)
S. 463 would impose limitations on certain expenditures by participants in the Troubled Asset Relief Program.
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Visitor Comments
Jeff Williams
March 12, 2009, 1:01pm (report abuse)The meeting industry is not comprised of corner office residents with MBA's and bailout bonus money, but hard working guys providing an essential business service. Many meetings and conferences are serviced by boutique service companies and contractors. Many business associations are engaged in networking and training for their industries. These associations commonly hold meetings and conferences to communicate new technologies, procedures, legal issues, and trends to their members, as well as new training and continuing education. These conferences are commonly sponsored by one or more corporations, who in turn benefit either through onsite marketing or by creating stronger, more knowledgeable workforces. If no financial services corporation sponsors an association meeting, the conferences don't occur. Hundreds of jobs are lost and revenues for convention cities drop. Going to an oversight commitee for permission to have a sales meeting for, say, 200 people is unfeasible.
Jim Kahler
April 24, 2009, 6:44pm (report abuse)I echoe Mr. William's sentiments exactly. I am Treasurer for an SBA Lender's group in Texas. We are having a Regional Conference, the 15th Annual Conference, in August.
I have asked both the Treasury and some members of the Senate to please let us know if this will be considered a problem and need formal approval. Finally, after 30+ days, the Treasury simply said we are trying to find someone who can answer your question. The Senator's office never even responded.
It's one thing to have a spa filled retreat, it's a completely different thing for an educational conference.
Like always, the people that are representing the people, are so out of touch with the people they are supposed to represent. The only thing this type of legislation hurts is the small business owner and the lower level manager/employee trying to make themselves better by getting additional education in their field of expertise.