New Regulation Would Hurt Montana Small Businesses
U.S. SENATE – U.S. Senator Steve Daines today at a Senate Banking hearing pressed the Federal Reserve (Fed) Vice Chairman Michael Barr about the new Basel III Endgame proposal that would limit credit availability to Montana small businesses and Montana farmers and ranchers. Earlier this week, Daines joined his Republican colleagues in urging the Fed to immediately withdraw this proposal.
Watch Daines’ opening remarks HERE.
“This proposal will limit credit availability to small businesses. I’m hearing it in both ears from our businesses back home across Montana. We had four Montana small business owners in the office this morning who flew in to express their frustration with this legislation. Look, we’re from a state that is a small business state, we are not the land of massive c-corps, we’re the land of small businesses. In fact, 99 percent of our businesses are small businesses, I think we have one of the highest percentages of small businesses in the nation. When they take a hit, they either pass the increased costs on to consumers or they go under so we’re either looking at higher inflation or a loss of jobs—which is two very difficult outcomes. I am happy to have joined nearly 40 Republican Senators – including each Republican member of this committee –urging this proposal to be withdrawn,” Daines said.
Before the hearing, Daines met with business owners from Missoula, Billings and Butte and heard their concerns with the Basel III Endgame proposal that will only exacerbate the struggles they are already facing due to the current economic climate.
The business owners Daines met with were Tonya Chemodurow of Abatement Contractors of Montana in Missoula, Jilian Hall-Johnson of The Sassy Biscuit in Billings, Aimee Mcquilkin of Betty’s Divine in Missoula and Jeff Riggs of Thorton Labs in Butte.