Word out of Washington, DC is that there may be bipartisan support for a bank reform bill, aimed at systematic ways to deal with failing financial firms.
That is good news for the president and CEO of the South Carolina Small Business Chamber of Commerce, who is at the Capitol to ask that the matter simply “be allowed to come up for debate.”
SCRN talked with Knapp, who was on his way to meet with other small business groups and members of Congress to ask for protection from “too big to fail” banks.
We have a very well-known and successful community bank that regulators are looking at because of the devaluation of their mortgage portfolio. Well that wasn’t that community bank’s fault. It was the fault of the big banks that engaged in risky behavior that then caused the problem all the way down the line. Because these community banks are under pressure from the regulators, they are not making loans to small businesses, so we are suffering.
Knapp says he’s been worried that Congress may close debate and not even consider financial reform measures. Knapp and other small business leaders are scheduled to meet with Senators–but not those from South Carolina:
Here’s what we are asking Senator Graham and Senator DeMint to do: at least vote to allow the Senate to debate financial and Wall Street reform. If they would just do that, if they would simply let the U.S. Senate debate the issue.
We need to have the debate and anybody who won’t support the U.S. Senate even debating the issue is only defending the big banks and Wall Street and that’s not right.
Small business organizations plan to hold a press conference in Washington today to try to get the attention of the Senate. The SC Small Business Chamber of Commerce is a 10,000 member nonprofit with the goal of making the political environment more small business friendly.