On March 1, CCMC was pleased to host CFPB Acting Director Mick Mulvaney and Small Business Administrator Linda McMahon to discuss the small business lending landscape.
SMALL BUSINESSES ARE AT RISK.
Main Street businesses rely on community, midsize, and regional banks for credit and other financial products to get started, sustain operations, manage cash, make payroll, and create well-paying jobs. The reforms in this bill will enable these banks to do what they do best: lend to consumers and businesses in their communities.
Many of the reforms implemented in the wake of the 2008 financial crisis were narrowly focused on financial stability and did not consider the impact on economic growth. The unintended consequences of these initiatives have made it difficult for Main Street businesses to access the financing they need to get started, sustain operations, manage cash, make payroll, and create well-paying jobs. This publication includes recommendations to restore Main Street lending.
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Read the Letter from Over 100 State and Local Chambers of Commerce in Support Common-Sense Financial Reform
With this agenda, we provide some answers and suggestions for the executive and legislative branches and regulatory agencies, both domestic and global.
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The U.S. Chamber surveyed more than 300 corporate finance professionals about their core financial services needs and the indirect regulatory impact of all the newly adopted financial regulations. What we heard was a particularly strong and growing concern for the ability of businesses to access credit and to manage cash flow and liquidity due to existing and pending regulations.
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Preserving the Right to be Heard: Ensure there is an open and vigorous debate about how best to regulate financial markets by fighting bad choices and pushing back on those who seek to intimidate and suppress real debate.
Show the Impact, Starting at the Local Level: Document and communicate the cumulative impact of regulation, including the ability of companies small and large to access the financial services they need to grow their business and manage their financial risks.
Advance Transparent Regulation, at the Federal Reserve and elsewhere: Ensure that the Federal Reserve lives up to the same standards of transparency and due process required of other regulators. Also, address conflicts and lack of coordination among the regulators and advance reform recommendations at the SEC, FSOC, and proxy advisory firms. On July 12, the Chamber released its Federal Reserve Reform Agenda, which recommended eight reforms the Federal Reserve could take to be more transparent and accountable in its regulation of America’s financial markets and the Main Street businesses that rely on it. You can read the full agenda here.
Directly Engage on Regulations that Thwart Main Street Growth: Challenge policies that prevent businesses from obtaining credit or managing cash, such as, Basel III capital rules, stress tests, and the Volcker Rule. Other priorities include: incentive compensation, the Department of Labor’s fiduciary duty rule, and the CFPB’s arbitration rule.
Prevent the Use of Financial Services and Budgetary Slush Funds at the Federal and State Level: Fight punitive taxes and stop enforcement practices by multiple layers of federal, state, and international officials. Continue to push for SEC enforcement reforms including due process, preservation of jury trial, and right of removal.
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