Small businesses can’t seem to get a break from Washington.  The health care bill is moving through Congress and it would impose added costs on our small business owners, mandating that they provide their employees with health care.  Legislation to mandate paid sick leave is gaining steam on Capitol Hill.  And, now Congress is fast tracking legislation that would create a Consumer Financial Protection Agency (CFPA) that would further regulate the flow of capital.

Specifically, the new Consumer Financial Protection Agency would assume regulatory responsibilities related to consumer finance now performed by other federal agencies, including the Federal Trade Commission, the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA).  The role of the federal government in determining what financial products consumers can access would grow.

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There is a new Fortune 500 company in Washington, DC and it is called the federal government. 

October 3^rd marked the one-year anniversary of the largest government bailout in U.S. history.  The passage of the Troubled Asset Relief Program (TARP) gave our government (and taxpayers) a majority ownership stake in most of our financial services companies.  This is one anniversary we shouldn’t be excited to celebrate.

In the year since the TARP was launched, things have gone from bad to worse.  In the last nine months we have watched as the federal government took over General Motors; passed a “stimulus” bill that did little to stimulate small business or our economy; transformed itself into a used car salesman with the Cash for Clunkers program; and it is now working around the clock to take over our health care system.

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The President’s plan to further regulate Wall Street is meeting some resistance on Capitol Hill, from those in his own party.  Just like health care, the more people learn about the details of the legislation, the less they like it.

The House Financial Services Committee continues to delay the date when it will consider landmark legislation to create a powerful new regulator of financial products.  Conservative Democrats now realize these “reforms” could limit the capital made available to small business owners and reduce the number of financial products provided by our local banks.

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During this economic stressful time, I would like you to consider sharing success stories and business strategies that can HELP ALL of us. 

I speak to national leadership on a weekly basis and I could sure use stories regarding availability of access to capital in your community or state, health care costs, regulatory burdens, or other issues that determine the SUCCESS of YOUR business. 

PLEASE consider sending me comments on any of these issues and/or predictions you see as an expert in your field? Let your voice be heard  Email me your comments at: terry.neese@ncpa.org  Let me know if I can use your story or parts of your story as an example?

Ok-get this-YOUR government payroll rose by 9,000 jobs in the month of September.  (your tax dollars at work).  The  American economy lost 159,000 jobs in September, the worst in five years (according to NY Times article).   What is wrong with this picture?

Lehman Brothers paid off executives with millions of dollars as it pleaded for federal  bailout.  This information comes as Congress began investigating what went so wrong on Wall Street to prompt a $700 billion government bailout?!

An ex-scientist, former Goldman Sachs executive is leading the bailout program at Treasury.  Before drafting the legislation, he worked with Rockets! 

Can someone explain all this to me?

Today the Senate will take up the task of voting on this gargantuan piece of legislation.  Senate and House leaders, President Bush and McCain and Obama have been rummaging through ideas new and old, desperately seeking ideas that might appeal to enough lawmakers to reverse the outcome and pass the $700 billion plan. 

Here is an idea:  Let's help small businesses searching for greater access to capital and credit.  This economic situation has hurt many small business owners and since they are the backbone of America's economic engine, let's focus on small business rather than Wall Street.  Why can't small business owners get?:             

• Elimination of the Alternative Minimum Tax
• Lower corporate tax rate-20 to 25%
• Zero capital gains
• Expand federal deposit insurance (helps if small businesses have any money in the bank and makes us feel better to have a relationship with one banker)

What is on your wish list?????  Let's see if we can get any of this in the package!!??