While much of the national debate has focused on health care reform, and rightfully so, with its devastating potential on our health and economy, an equally devastating sea-change has slipped by almost unnoticed. Financial reform in the Dodd Frank bill and accompanying Durbin Amendment threaten not only the financial sector, but the business community, maybe even your town.
Just one example – Under the weight of financial reform regulations, small banks are being forced to close or be swallowed up by larger banks. GA has seen the highest number of these bank closures in the nation. Not only does this affect the bank’s investors and employees, but small banks provide over half of the loans for business start-ups and expansions. What happens to your town when half of the businesses are shuttered because loans aren’t available? Unemployment rises, more homes are foreclosed, property values drop, tax revenues go down.
And the finance reform regs, like health care regs, are just beginning to take effect in stages. Once again, the American Dream is at risk. And this time it’s coming to backyards around America.
Stay tuned for more!