After meeting with banking CEOs about regulations and reform, President Trump and Congressional leaders now have an opportunity: Reform the Dodd-Frank Act, a United States federal law that places regulation of the financial industry in the hands of the government, so that it can help small businesses. According to an article on The Hill, four major issues should be addressed if the law is revised with small businesses in mind:Tweet This
1. Simplify capital requirements for community banks
Community banks are a large source of small business funding.
2. Streamline federal regulatory guidance
Duplicate and contradictory regulations make it hard for community banks to lend.
3. Collect the data to create sound policy
The U.S. should utilize available data that is already being collected to help create better policies.
4. Protect small business borrowers
Small business owners don’t have the same borrowing protections as consumers.
Hopefully Congress and President Trump seize this opportunity to help small business owners get easier access to funding, but while we wait, you can check out these funding resources:
Photo Credit: whistlepig, Twenty20