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2009/11/20
Debt moratorium bill passed by House of Representatives, Shinohara makes speech in favour
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On November 20, DPJ Diet member Takashi Shinohara gave a speech in favour of the so-called “debt moratorium bill”, submitted by the government to ensure that lenders will ease repayment terms on loans made to small and medium sized enterprises (SMEs) and on home loans. The bill had earlier passed the Committee on Financial Affairs in the House of Representatives.
At the start of his speech Shinohara said, “As a result of the confusion in the global financial and capital markets, Japan is facing extremely severe economic and financial conditions and a difficult employment situation. In this climate, the environment surrounding the SMEs that form the core of our national economy shows no signs of improvement, and if things continue in this fashion, employment conditions will worsen still further, and this will inevitably have a grave effect on people’s livelihoods.” He emphasised that the reconstruction of SMEs is essential for the reconstruction of the Japanese economy.
Shinohara went on to explain the aim of the legislation, saying that it would oblige financial institutions to recognise the situation facing their borrowers, that is SMEs, and to make efforts to change, in so far as is possible, the conditions for repayment of loans, until business conditions improve, and that the same would apply with regard to home loans.
Based on this perception, Shinohara said that the bill is “extremely timely legislation that responds taking into account the current economic and financial conditions, as well as being legislation that has a great deal of significance for future financial administration. If we think of the owners and employees of SMEs and those borrowing home loans, it is essential for this legislation to be passed and implemented as soon as possible.”
Shinohara went on to say, “Looking at things from a broad perspective, I would like to urge you all to vote for this legislation and ensure that it is passed and implemented as soon as possible.”
In the vote following the debate, the legislation was passed by a majority, with the DPJ, the Social Democratic Party, the People’s New Party and the Communist Party voting in favour, and sent to the House of Councillors.
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