In a letter to Congress, chambers of commerce from around the country express concerns over the current financial regulatory environment harming Main Street business access to financial resources needed to start and grow. Noting that small businesses represent 97 percent of U.S. employers, the signatories call on Congress to address the “rigid ‘one size fits all’ system” harming regional banks and their customers.
“We all agree that financial stability is a necessary building block for a prosperous economy. However, policymakers have forgotten that stability is not possible without growth. New regulatory regimes that have been placed upon small, medium, and regional banks have tried to promote stability without taking into account the potential negative impacts on growth and consequences for Main Street.”
To view the full letter, click here.