In a conference call with reporters earlier today, Senator Patty Murray joined local business leaders to praise the Senate passage of a long-stalled small business bill. The bill creates a $30 billion fund within the Treasury Department that aims to encourage community banks to increase the supply of small business loans.

Jeff Newgard of Yakima National Bank, a community bank with $182 million in assets, said that an extra $4 million from the program could translate into $45 million in additional loans to Yakima Valley small businesses. "As a small bank, it has felt like our voice is pretty soft," Newgard said. "I thank Patty Murray for listening to the small voices of community banks."

The Dino Rossi campaign is characterizing the bill as "another bank bailout" and has decried the use of taxpayer dollars to fund what Rossi is calling "TARP-light."

When asked about Rossi's claims, Senator Murray chuckled and replied: "Rossi needs to read the bill... I know this is going to make a difference." Murray cited Congressional Budget Office reports that show a savings of $1.1 billion to taxpayers over the life of the program, refuting claims that the bill will add to the deficit.

The bill passed the Senate 61 to 38, with two Republican senators crossing the aisle to lend their support. Senator Murray expressed confidence that the bill would reach the President's desk swiftly. The bill now moves to the the House of Representatives, where ample support is expected. The House passed a similar piece of legislation earlier this year.