SBE Council Lauds U.S. Rep. Hensarling’s Vision and Plan to Improve Capital Access, Financial Security for Small Business Owners and Employees
By SBE Council at 8 June, 2016, 5:06 pm
FOR IMMEDIATE RELEASE
Washington, D.C. – On June 7, House Financial Services Chairman Jeb Hensarling made remarks to the Economic Club of New York where he also previewed the Republican Financial CHOICE Act. Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement in response to Chairman Hensarling’s proposal:
“Access to capital remains a challenge for startups and growing firms, and Chairman Hensarling’s Financial CHOICE Act addresses critical areas to improve capital formation and strengthen the capital and financial markets. For example, onerous Dodd-Frank regulations are unfairly burdening small banks, which has tightened loan availability and unnecessarily raises the costs of capital for small businesses. The Financial CHOICE Act makes key revisions that will allow community banks to fully get back to business, financing the startups and local small businesses that are critical to the sustainability and growth of local communities and cities. Furthermore, the proposal incorporates important bills passed on a bipartisan basis by the U.S. House or Financial Services Committee that will make the Securities and Exchange Commission more accountable and responsive to the needs of startups and entrepreneurs.”
“Furthermore, The Financial CHOICE Act incorporates needed reforms for the Consumer Financial Protection Bureau (CFPB), and within the regulatory system generally, that will make government agencies more accountable and transparent. Specifically, the CFPB is not considering the impact of its rules and actions on the small business sector, and this is having a negative impact on the cost and availability of capital.”
“As noted by Chairman Hensarling in his speech, ‘the nation’s fiscal, monetary and regulatory policies all need fundamental reforms because all are dragging down job- and business-creation. Without robust capital markets, economies cannot innovate rapidly or grow sufficiently to create new businesses and jobs.”
“Indeed, the data bears this out. Business creation remains weak and entrepreneurship in America is struggling. Without capital and confidence in the direction of our economy, many entrepreneurs have not executed on their ideas, which has led to poor job creation.”
“SBE Council thanks Chairman Hensarling for his leadership, and we look forward to working with all members of Congress to enact the Financial CHOICE Act into law. The legislation is good for small businesses and good for entrepreneurs, and therefore good for the U.S. economy and the financial security of all Americans.”
CONTACTS:
Karen Kerrigan
President & CEO, SBE Council
Margaret Tucker Fogarty
Summer Associate, SBE Council
SBE Council is a nonpartisan, nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For nearly 25 years, SBE Council has advanced key policies and initiatives to strengthen the ecosystem for startups and small business success. To learn more, visit SBE Council’s website: www.sbecouncil.org. Follow us on Twitter: @SBECouncil
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