Business for Shared Prosperity

Diverse individuals and businesses are hurt by the financial system. Can they coalesce?

By Heather McGhee
American Prospect, April 26, 2010

In theory, financial reform should dismantle the same deregulated system that produced toxic credit-default swaps and toxic credit cards. But on every aspect of financial reform except perhaps for basic consumer protection, the necessary structural reforms won't be passed in 2010. If the greatest financial-market meltdown in history couldn't spur deep, structural reform, what will?

Statement of Frank Knapp, Jr., president and CEO, The South Carolina Small Business Chamber of Commerce, Senate Press Conference, April 21, 2010

I am Frank Knapp, president, CEO and co-founder of The South Carolina Small Business Chamber of Commerce. That’s right, South Carolina—not a bastion of liberal politics.

Let me tell you why we support financial/Wall Street reform.

How many Small Business Administration loans do you think South Carolina community banks made in the first 3 months of this year?----29. That’s less than 10 a month.

Support America’s Small Businesses and Communities; Pass Comprehensive Financial Reform

Margot Dorfman, CEO, U.S. Women’s Chamber of Commerce
U.S. Capitol, Washington, D.C, April 21, 2010

By Zach Carter, Media Consortium Weekly Audit
Huffington Post, April 6, 2010

Next week, the debate over financial reform will begin in earnest when Congress returns from its Easter break. Both political parties are gearing up for a major fight, and the stakes couldn't be higher. An out-of-control banking sector has cost the economy over 7 million jobs since 2007, and without major reforms, Wall Street could repeat this disaster in just a few years' time. But thanks to Wall Street's lobbying might, all of the necessary reforms are currently in jeopardy.

Key Reforms

By Kathleen C. Lanza
BusinessOpportunity.com, March 26, 2010

Pundits from all sides are arguing over the best approaches to financial reform… BusinessOpportunity.com takes a look at the debate over how the proposed Consumer Financial Protection Agency (CFPA) might impact the nation’s small businesses.

By Margot Dorfman
Op-Ed Syndicated by American Forum, 3/16/10

The reckless and deceptive practices of our financial industry have devastated businesses, families and our economy. It is time for Congressional leaders to stop listening to financial industry lobbyists and start protecting the future of our nation. The U.S. Women's Chamber of Commerce believes the establishment of a strong Consumer Financial Protection Agency (CFPA) is a crucial step in reforming financial rules and restoring the trust we need to rebuild a thriving American economy.

Forget Health Care: Big Issue For Voters Is Financial Reform
By Albert Bozzo, Senior Features Editor
CNBC, March 18, 2010

It’s not health care, stupid. It’s financial reform.

That’s what matters the most to voters.

By Justin Fox
Harvard Business Review, March 16, 2010

Senate Banking Committee Chairman Chris Dodd has unveiled the latest version of his financial reform bill. Despite the fact that Dodd decided to go it alone (that is, without the endorsement of Republicans Dick Shelby and Bob Corker), It's very much a compromise plan, meaning that we'll be hearing a lot from both consumer advocates and banking lobbyists about its flaws.

The Chamber's Civil War in Washington

By Josh Harkinson
Mother Jones, Mar. 15, 2010

At the same time that the US Chamber of Commerce is leading the fight [1] against health care reform and a carbon cap, one of its largest grassroots affiliates is strongly disagreeing with its stance in meetings with powerful lawmakers on Capitol Hill.

By Frank Knapp Jr.
Guest Columnist
The State (SC), Sun, Mar. 14, 2010

Small businesses are paying the price for an economic crisis they didn't create. To find solutions to this crisis, our government needs to listen to small-business owners, not the financial behemoths that caused the meltdown and then passed the buck.