Mick Mulvaney is something of a novelty among Washington bureaucrats: He seems to want less power.
Mulvaney, as acting director of the Consumer Financial Protection Bureau, just proposed watering down his own agency in order to make it less capable of fulfilling its mission to protect consumers. In doing so, he showed he has no regard for the millions of American small businesses that need fraud protection and want to see Wall Street held accountable for practices that harm our economy.
Not one of Mulvaney’s recommendations would help the CFPB do its job better. He asked lawmakers to put the agency at the mercy of politics by subjecting it to congressional appropriations, instead of funding it through the Federal Reserve as it is now, and said he wants CFPB rules to be subjected to legislative approval. He also believes the president should have direct oversight of the bureau’s director, including the option to remove the director for purely political reasons. Finally, Mulvaney asked for more policing of the agency through the creation an inspector general’s office housed at the agency that would monitor the CFPB’s work.
Washington spends a lot of time talking about the importance of small businesses – but not nearly enough time passing legislation that actually helps small businesses grow and thrive.
Small businesses create two-thirds of all new jobs, and have supported 55 percent of all jobs since the 1970s. In cities hit hard by the recession, like Detroit, small employers have been particularly vital in rebuilding struggling neighborhoods. And, entrepreneurs continue to be leaders in innovating and finding better ways to solve old problems.
Clearly, small businesses are crucial to keeping our economy humming and our communities strong. Yet, Washington is more focused on paying lip service to small businesses than actually passing policies that help them thrive.
The level of inaction in Washington is stunning.
The relief among pundits, news hounds and politicians was palpable when insiders announced last week that Congress is expected to pass a temporary funding bill to keep the government open past the end of the month.
Don’t get me wrong. We all are happy to avoid another government shutdown. But, when did the bar dip this low? How is it possible that agreeing to keep the government running for a few more weeks is treated as a victory of governance when our economy is limping along?
After enduring a paralytic Congress more concerned about re-election than governing the nation for years, small businesses have had enough. Continue reading
For the first time in years, economic indicators are signaling better times ahead for small businesses. This would be good news anytime, but it’s especially gratifying now, during National Small Business Week, when the country is focusing on the American entrepreneur and the work they do all year to fortify our economy.
Small business optimism is at its highest level since 2008, according to the most recent Wells Fargo/Gallup Small Business Index, and the latest jobs report shows unemployment fell last month to its lowest level since 2008, as well. These reports are promising, but there’s still more that can be done to continue building economic momentum.
Our country was built by entrepreneurs—hard working people whose innovation, sacrifices and accomplishments made America what it is today. Thanks to their dedication and creativity, small businesses have become the backbone of our economy. Today, on National Entrepreneurs’ Day, it’s important to consider the tremendous impact they have on our economy.
The small business economy includes 6 million small firms and 22 million self-employed individuals. In addition, small firms account for half of private sector employment and have created two out of three net new jobs over the past couple of decades.
But since President Obama proclaimed the first National Entrepreneurs’ Day in 2010, our nation’s entrepreneurs have struggled to continue recovering from the Great Recession. From the government shutdown and debt ceiling crisis to delays with healthcare reform, small businesses have found it difficult to grow in this economy. As we look forward to the upcoming holiday season, let’s honor our country’s biggest job creators by considering smart policies that help them create new jobs and strengthen our economy.