The PA Chamber joined more than 100 other chambers of commerce nationwide earlier this month in signing on to a letter to Congress urging them to roll back regulations that were first implemented following the Great Recession and have since slowed lending and hurt economic opportunities for small business owners.
Specifically, the signatories support a bipartisan effort that was recently unveiled in the U.S. Senate that would offer relief to community and regional banks by reducing the threshold at which they are considered “risky.” This Main Street lending bill would greatly help small businesses and entrepreneurs secure the financing they need to invest, expand and create jobs. The U.S. Chamber is pushing for tailored bank rules and a properly calibrated regulatory system to help businesses grow.
“Since the financial crisis, community, mid-size, and regional banks have become regulated under an ineffective and inefficient ‘one-size-fits-all’ approach that does not consider an institution’s actual risk profile,” the letter stressed. “We believe Congress should develop common-sense reforms for community, mid-size, and regional banks, which would help empower Main Street businesses.”
To read more about the U.S. Chamber’s engagement on this issue and receive updates, visit here. The Columbia Montour Chamber has not yet taken a position on this issue.