Business for Shared Prosperity

Herald News (NJ), 3/5/2010

The Consumer Financial Protection Agency Bill (CFPA) is coming up for a vote, and it is important to tell our senators and others that this bill is indeed vital for small businesses and consumers. I have signed a statement along with members of the U.S. Women's Chamber of Commerce, U.S. Hispanic Chamber of Commerce, and a broad alliance of small-business coalitions to make sure that this bill is not watered down, and does help to maintain a barrier against predatory lending — especially against propping up the big, reckless financial institutions that have led us down a path of almost ruin.

Inadequate regulation of lenders, especially the reckless practices of our big financial industry banks and firms, such as AIG — a recent loser of some $8 billion dollars — has devastated businesses, families and our economy.

A healthy economy is based on earnings, savings, trustworthy credit and fair competition — not by ripping off American families and small businesses. We must not repeat the mistakes of the past. We need a watchdog agency that does indeed regulate lending and credit, and looks out not for big financial institutions but small businesses and American families. A recent survey of more than 1,200 small-business owners from 13 states by the Main Street Alliance found that 67 percent of respondents support the creation of a Consumer Financial Protection Agency.

We must remind our lawmakers to vote for the little guy and the forgotten men and women of America.

Bill Weightman
Hardyston

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