Washington (PRESS RELEASE – May 3 , 2010) — Recent articles published in many of America’s leading news outlets are laden with big business-funded talking points against financial reform that serve Wall Street’s ruthless exploitation of small businesses and every day Americans.
The U.S. Women’s Chamber of Commerce disagrees with the U.S. Chamber’s big business scare tactics regarding the benefits of a strong, independent Consumer Federal Protection Agency. The U.S. Chamber would have small businesses believe that protecting the rights of bank and non-bank lenders to deceive, manipulate and bet against small businesses is good for the economy and good for our future – all evidence to the contrary.
According to a new Washington Post-ABC News poll, two-thirds of Americans support stricter regulations on the way banks and other institutions conduct their business. The highest level of support is on more robust federal oversight of the way banks and financial companies make consumer loans, such as auto loans, credit cards and mortgages.
The U.S. Women’s Chamber of Commerce stands squarely behind the needs of America’s job-creating Main Street small businesses in asking Congress to represent our interests through bringing transparency, oversight and accountability to Wall Street.
America’s over twenty-nine million small businesses representing over ninety-nine percent of all U.S. firms and employing over half of America’s workforce, have been crippled by an unbridled financial system led by Wall Street gamblers who don’t care who they hurt or how they mask or contort our financial system just as long as their bonuses and bailouts keep their own pockets fat with cash.
Our members have been hit hard by the continuing crisis in business and consumer lending. Small business owners often rely on personal credit — such as personal credit cards and home equity loans — to start, run and expand their business. Lenders offering sound mortgages and other credit are undercut by those pushing misleading products with hidden risks leaving businesses and consumers challenged to discern reputable lenders from predators.
Financial reform must include the establishment of a strong, fully independent Consumer Financial Protection Agency with authority over all financial products, whether bought at a bank or a non-bank. It must not be hamstrung by influence exerted by Wall Street insiders whose feckless gambling turned our homes, businesses and retirements into gambling chips.
We call upon Congress to enact comprehensive financial reform that will stop shadow banking, unscrupulous betting against American families and businesses, institutions from becoming so intertwined and large that they are privileged as “too big to fail,” CEO bonus-ridden bailouts, and undue influence within our governmental oversight by the very firms we seek to oversee.
Members of Congress — America’s Main Street needs you to act on our behalf. Pass strong, comprehensive financial reform, and create a truly independent Consumer Financial Protection Agency.
U.S. Women’s Chamber of Commerceâ„¢ (uswcc.org), is a not-for-profit 501(c)6 located in Washington, D.C. 888-418-7922.