Small businesses expecting Congress to do something helpful — like improving the flow of capital to creditworthy entrepreneurs — have been disappointed once again.
Legislation that would improve access to capital is snarled in the usual Democrats vs. Republicans politics. We shouldn’t be surprised. Partisan politics rarely brings out the best in our elected leaders.
Bickering over small business legislation will heat up when the fall campaigns crank up after Labor Day.
Will the rhetoric produce results?
Now that the Senate has passed a financial overhaul bill, House and Senate negotiators must get together to merge their versions of the bill. Negotiations could be tough, but lawmakers undoubtedly will get a lot of help from lobbyists.
Businesses already have hired five financial lobbyists for every member of congress and spent at least $1.3 billion to influence lawmakers on financial reform, according to The Center for Public Integrity, an investigative journalism organization.
With that many lobbyists yammering away on just one issue, it’s a wonder congress gets anything done.
Read the Center for Public Integrity report here.