Business for Shared Prosperity


FOR IMMEDIATE RELEASE
 July 12, 2010
Contact: Bob Keener, 617-610-6766, bobkeener@businessforsharedprosperity.org

The CEOs of the U.S. Women's Chamber of Commerce and the South Carolina Small Business Chamber of Commerce joined Rep. Jim Himes, a former financial services executive, to highlight the benefits of financial reform for small business and urge the Senate to complete passage.

"While big banks, Wall Street lobbyists, and front groups have spent millions and millions to convince Congress to continue the status quo, small businesses continue to be pillaged through the reckless actions of creditors and banks - and the lack of stability brought by the failure of Congress to complete financial reform," said Margot Dorfman, CEO of the U.S. Women's Chamber of Commerce and Vice President of the National Association of Small Business Contractors.

"We have been fighting against the misinformation coming from the big financial institutions and the U.S. Chamber of Commerce," said Frank Knapp Jr., President and CEO of the South Carolina Small Business Chamber of Commerce. "The U.S. Chamber still wants Congress and the public to be afraid, claiming Wall Street reform will dry up loans to small business. But they're wrong. Small business supports this legislation because it will restore balance between Wall Street and Main Street through fair and common sense policies and create a stable, transparent financial environment." Knapp added, "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 us and our customers safe from financial predators. We're in favor of making banks be banks and not gambling houses."

"America's small businesses will benefit by reforms bringing stability to our financial markets through decreasing risk and increasing transparency and accountability," said U.S. Women's Chamber of Commerce CEO Margot Dorfman. "America's small businesses will also greatly benefit through the creation of a strong Consumer Financial Protection Bureau. Business owners and consumers need the security of knowing that the costs and risks of financial products, services, and lending are fully and fairly disclosed and lenders are held accountable for irresponsible actions. I call upon our elected leaders to act now to restore the integrity of our financial institutions and our trust in the use of credit and lending so that America's small businesses can leverage the benefits of a stable financial environment and predictable funding to thrive and propel much needed job creation."

"We are running the same movie we ran in the 1930s when opponents of reform said this will be the end of capitalism, this will be the end of the free market, this is overreaching by the government into financial markets," said Rep. Himes (D-CT). On the contrary, he said, "Our economic well-being depends on the success of our small and medium-sized businesses, and they were especially hard hit by the financial crisis. Wall Street Reform will go a long way toward improving the confidence of investors and consumers, which will, in turn, help our businesses thrive and help turn the economy around."

Mr. Knapp and Ms. Dorfman were lead signers on the Business for Shared Prosperity petition calling for a strong Consumer Financial Protection agency, signed by hundreds of business leaders and small business owners.

Business for Shared Prosperity has partnered with the U.S. Women's Chamber of Commerce, South Carolina Small Business Chamber of Commerce, American Sustainable Business Council, the Main Street Alliance, American Business Leaders for Financial Reform, Atlanta Women in Business, American for Financial Reform and other organizations to advocate strong financial reform.

To arrange interviews with Ms. Dorfman, Mr. Knapp and small business owners around the country, contact Bob Keener at 617-610-6766 or bobkeener@businessforsharedprosperity.org.

See the full press statements by CEOs Dorfman and Knapp and the business statement in support of Consumer Financial Protection at www.businessforsharedprosperity.org.

*AUDIO of Business Leaders, Rep. Himes Press Call Courtesy of Americans for Financial Reform* http://www.affil.org/uploads/Uf/DO/UfDOnP3Rl84TziWFfYDhDQ/Wall-Street-Re...

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