American Forum

Wall Street’s collapsing house of cards brought us a time of economic turmoil that most of us have not seen in our lifetimes. Patching the house of cards back together, though, will not bring us lasting recovery.

When will Washington realize that Main Street needs true financial reform and not just piecemeal crumbs dubbed as reform by Big Business and Wall Street? When will Washington realize it is small business that drives our nation’s economy – that without that entrepreneurial spirit, the wheels of our country’s economic system would no longer turn?

Had there been adequate rules in the past, there is a good chance the Great Recession would not have occurred, or at the least, have been less severe. This would have meant less pain for small business owners, with far fewer business failures, home foreclosures and job losses.

Millions of America’s small business owners suffer from bad practices on Wall Street -- something often given short shrift in debate about creation of a consumer financial protection agency.

As owners of a financial advisement firm with offices in Portsmouth, N.H., San Francisco and New York, we focus on financial products with sustainability, values and transparency. And with more than 70 years of collective experience in the financial services industry, and many clients owning small businesses, we've long known that what's good for Wall Street isn't necessarily good for small businesses and consumers.

Through irresponsible lending, greed and poor risk management, huge Wall Street investment firms and banks brought about a financial crisis that's resulted in massive unemployment and hardships for millions. But while small businesses have borne the brunt of the downturn, it is they who will create the jobs that rebuild our communities.

AMERICAN FORUM

By Margot Dorfman

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.

The CFPA will benefit business, especially small businesses, which create most of the nation’s new jobs. It’s too often forgotten in the debate over the CFPA that small-business owners frequently rely on personal credit -- such as personal credit cards and home equity loans -- to start, run and expand their business.

Small-business owners have been hit hard by the continuing crisis in business and consumer lending. They have been rocked by waves of credit contraction, foreclosures and business closures -- affecting them, their customers, suppliers, the communities they do business in and their families.