Economy

 

Position:

Small business is the heart of the economy in the 19th District but these businesses face tax burdens that make it more difficult to operate in our community. In addition to taxes, small businesses face regulatory challenges. While large corporations can afford to pay the fees associated with these regulations, small businesses don’t necessarily have these resources making it difficult for businesses like community banks.

We need to cut through this red tape. In addition to making big banks lend to small businesses, I want to push for legislation that would foster a welcoming environment for our small businesses.

This starts with reforming the Dodd-Frank Wall Street Reform Act. Meant to address the issues that lead to the 2008 financial collapse and too-big-to-fail institutions, various provisions of the Dodd-Frank bill work to hinder small start-up financial institutions. The provisions, while able to be absorbed by big banks, add copious compliance costs that make it all but impossible for smaller financial firms to compete and grow. I believe that blanket reform of one industry is ineffective and does more harm than good. If we want to regulate big banks, we need to tailor legislation specifically for these big banks. The little guy shouldn’t be affected because the bullies don’t want to play nice!

Promises:

• Work to reform regulations that make it difficult for small businesses to thrive, or even to start.
• Advocating for big banks to lend to small businesses.
• Alleviating the tax burden faced by small business owners.
• Oppose blanket reforms, meant to target large corporations, that hurt local establishments.
• Support cutting the red tape, giving small businesses a more competitive edge against larger corporations.