The Lake Havasu Area Chamber of Commerce joined nearly 150 business organizations from across the country in signing a letter sent to all members of Congress calling for the legislative branch to urgently reduce the regulatory burden on small, medium and regional banks.
“We have joined in this call to Congress because we see firsthand how the financial regulations imposed on our community banks have resulted in depleted capital and higher costs for Main Street businesses, cutting them off from the products and service they need to grow,” said Lisa Krueger, the Chamber’s President and CEO. “Our entrepreneurs and local business owners provide the foundation for our community’s economy and are essential to its future. However, they can’t succeed without the support of our banks.”
The letter, led by the U.S. Chamber of Commerce and signed by business organization is nearly all 50 states, shows the widespread impact the regulatory regime imposed on banks if having on Main Street economic growth. The letter calls on Congress to address these concerns by fixing the rigid “one size fits all system” that harms small, medium, and regional banks, and their customers.
“Lawmakers have failed to provide community banks with the relief they need in order to support Main Street businesses and best serve consumers,” said Tom Quaadman, executive vice president of the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness. “In order to break the cycle of anemic growth, low productivity, and lack of labor participation, Congress must make it a priority to ensure these institutions have access to the capital and tools they need to support local businesses.”
You can read a full copy of the letter http://www.centerforcapitalmarkets.com/wp-content/uploads/2016/09/160927_Coalition_FinancialRegulationOfMainStreet_Congress.pdf.