Home » Opinion » Foreign Views
Small American firms want Wall Street reform
By Frank Knapp |
July 21, 2010, Wednesday
|
Print Edition
Print Edition
THE South Carolina Small Business Chamber of Commerce, the US Women's Chamber of Commerce and small business organizations and owners across the United States want Wall Street reform.
But you wouldn't know that from the attention the media gives to the US Chamber of Commerce, which is the mouthpiece for the big financial institutions that oppose reform. The US Chamber purports to represent small businesses. However, the reality is quite different.
The July/August edition of the Washington Monthly features an eye-opening story on Tom Donohue, the CEO of the US Chamber, who has a plaque on his desk that reads, "SHOW ME THE MONEY." In 2008, a third of the chamber's revenues came from just 19 big companies.
When big oil, insurance and other companies are out of favor because of their greed, they turn to the US Chamber to convince Congress and the public that the needed reforms are bad for business in general and small business in particular.
This is exactly what is going on regarding Wall Street reform. It's clear that the US Chamber does not represent the interests of small businesses that have suffered because of the irresponsible actions of the nation's biggest banks.
The greed of these financial institutions collapsed our economy and shut down loans and credit lines to our small businesses. We hear macro and micro stories every day about small businesses not getting access to the money they need.
And every economist acknowledges that small businesses must hire the employees we need to lead us out of this recession just as they have in the last three economic recoveries. But ironically, the only business sector that's apparently hiring is Wall Street, as the New York Times explains in a recent piece. Greed is still alive and well on Wall Street.
Yet, the US Chamber still wants Congress and the public to be afraid - very afraid.
Wall Street reform will dry up loans to small business, the US Chamber warns. That's wrong.
Their big bank donors are doing pretty well right now and they aren't doing that by making small business loans and investing in our communities. They're making money gambling on Wall Street.
We at the South Carolina Small Business Chamber of Commerce have been strong supporters of a Consumer Financial Protection Bureau to better protect consumers, which includes small businesses.
We're not afraid of good regulation that keeps our customers and us safe from financial predators.
We're in favor of making banks be banks and not gambling houses.
We have been strong supporters of the "Volcker Rule" to put the brakes on proprietary trading by banks - the practice that largely is responsible for bringing us to the brink of another Great Depression.
Congress should just say no to the US Chamber. The financial health of our country and our small businesses depends on it.
(The author is president and CEO of the South Carolina Small Business Chamber of Commerce. Copyright: American Forum. Shanghai Daily condensed the article.)
But you wouldn't know that from the attention the media gives to the US Chamber of Commerce, which is the mouthpiece for the big financial institutions that oppose reform. The US Chamber purports to represent small businesses. However, the reality is quite different.
The July/August edition of the Washington Monthly features an eye-opening story on Tom Donohue, the CEO of the US Chamber, who has a plaque on his desk that reads, "SHOW ME THE MONEY." In 2008, a third of the chamber's revenues came from just 19 big companies.
When big oil, insurance and other companies are out of favor because of their greed, they turn to the US Chamber to convince Congress and the public that the needed reforms are bad for business in general and small business in particular.
This is exactly what is going on regarding Wall Street reform. It's clear that the US Chamber does not represent the interests of small businesses that have suffered because of the irresponsible actions of the nation's biggest banks.
The greed of these financial institutions collapsed our economy and shut down loans and credit lines to our small businesses. We hear macro and micro stories every day about small businesses not getting access to the money they need.
And every economist acknowledges that small businesses must hire the employees we need to lead us out of this recession just as they have in the last three economic recoveries. But ironically, the only business sector that's apparently hiring is Wall Street, as the New York Times explains in a recent piece. Greed is still alive and well on Wall Street.
Yet, the US Chamber still wants Congress and the public to be afraid - very afraid.
Wall Street reform will dry up loans to small business, the US Chamber warns. That's wrong.
Their big bank donors are doing pretty well right now and they aren't doing that by making small business loans and investing in our communities. They're making money gambling on Wall Street.
We at the South Carolina Small Business Chamber of Commerce have been strong supporters of a Consumer Financial Protection Bureau to better protect consumers, which includes small businesses.
We're not afraid of good regulation that keeps our customers and us safe from financial predators.
We're in favor of making banks be banks and not gambling houses.
We have been strong supporters of the "Volcker Rule" to put the brakes on proprietary trading by banks - the practice that largely is responsible for bringing us to the brink of another Great Depression.
Congress should just say no to the US Chamber. The financial health of our country and our small businesses depends on it.
(The author is president and CEO of the South Carolina Small Business Chamber of Commerce. Copyright: American Forum. Shanghai Daily condensed the article.)
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
