Business for Shared Prosperity

Statement of Margot Dorfman, CEO U.S. Women’s Chamber of Commerce, Press Teleconference, July 12, 2010

On behalf of the U.S. Women’s Chamber of Commerce and the millions of small businesses, employees of small businesses and communities all across the United States that rely upon growth and stability of small businesses, I call upon Congress and President Obama to complete a strong and effective package of financial reform.

While big banks, Wall Street lobbyists, and front groups have spent millions and millions to convince Congress to continue the status quo by ignoring the abuses and risks that have decimated the lives of every day Americans, 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.

The extraordinary abuse of small businesses and every day Americans by a financial industry that has taken unwarranted profits through ruthless predatory practices must be stopped. Wall Street cannot continue to turn our homes, businesses and retirements into gambling chips for their destructive casino economy. It is time for Congress to act on behalf of the small businesses and every day Americans.

How will America’s small businesses benefit through strong and swift financial reform?

• America’s small businesses will benefit by reforms bringing stability to our financial markets through decreasing risk and increasing transparency and accountability.

• America’s small businesses will benefit by reforms bringing greater access, transparency and predictability to credit and capital markets – thereby allowing them to plan with greater confidence and accuracy for their business growth needs.

• America’s small businesses will benefit by reforms bringing increased consumer confidence and demand as our country finally turns the corner through enacting strong financial reform that supports the financial strength of every day Americans rather than pocketbooks of Wall Street executives.

• 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.

• America’s small businesses will benefit through bringing an end to ruthless predatory lending. Women were 32 percent more likely to have received subprime mortgages of all types than men, regardless of income. And, women were 41 percent more likely than men to have received higher‐cost subprime loans, regardless of income. Millions of women business owners, who used their home equity to secure small business loans, are at continued risk of losing both their homes and their businesses.

The reckless practices of our financial industry have devastated businesses, families and our economy. It is time for our Congressional leaders to act to support the financial protection and wellbeing of all Americans.

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.