Financial Reform

Business for Shared Prosperity, Am. Sustainable Business Council at Senate Small Business Jobs Act Press Conference, Sept. 12

Financial Reform Signed Into Law July 21, 2010

President Obama signed financial reform legislation into law on July 21, with Business for Shared Prosperity among the invited guests. The bill includes important reforms such as creation of a consumer financial protection watchdog advocated in our statement signed by the US Women's Chamber of Commerce, South Carolina Small Business Chamber of Commerce and hundreds of business owners and executives across the nation.

Business Owners, Executives, Investors Sign-On Statement in Support of Consumer Financial Protection Agency

See SIGNATORIES LIST

Click Here to Sign the Statement

We, the undersigned business owners, executives and investors, support the creation of a strong Consumer Financial Protection Agency (CFPA). This will help restore consumer confidence in the economy and benefit business, especially small businesses, which create most of the nation’s new jobs. Small business owners often rely on credit from a variety of sources, including use of personal credit cards and home equity loans, to start, run and expand their businesses.

The financial crisis has demonstrated the need for a new independent federal agency to promote financial product safety and establish clear, enforceable rules of the road. Business owners and consumers need full and fair disclosure of the costs and risks of financial products and services.

Those pushing misleading products with hidden risks undercut lenders offering sound mortgages and other credit. Reckless credit practices fueled the economic crisis that has driven businesses into bankruptcy and homes into foreclosure, destroyed jobs and wealth, and severely undermined our communities and economic prospects. Many businesses that survived the initial meltdown are being hurt by credit cuts and denials, abrupt interest rate and fee hikes, and other financial practices.

A Consumer Financial Protection Agency will expose unsafe products and services and encourage accountability and fair competition. It will help ensure we do not repeat the reckless practices we are paying dearly for today. Consumers, businesses and our economy will be better off with the establishment of a strong CFPA.