{"id":1945836,"date":"2023-06-06T18:42:03","date_gmt":"2023-06-06T22:42:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/op-ed-after-bank-failures-capitol-hill-blame-game-does-nothing-to-help-small-businesses-and-consumers\/"},"modified":"2023-06-06T18:44:30","modified_gmt":"2023-06-06T22:44:30","slug":"op-ed-after-bank-failures-capitol-hill-blame-game-does-nothing-to-help-small-businesses-and-consumers","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/op-ed-after-bank-failures-capitol-hill-blame-game-does-nothing-to-help-small-businesses-and-consumers\/","title":{"rendered":"Op-Ed: Bank Failures Hurt Small Businesses and Consumers, Capitol Hill Blame Game Ineffective."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fop-ed-after-bank-failures-capitol-hill-blame-game-does-nothing-to-help-small-businesses-and-consumers%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1945836&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Capitol Hill Blame Game Does Nothing to Help Small Businesses and Consumers<\/h2>\n<p>Banking executives recently faced tough questions from the House Financial Services Subcommittee about failures in the financial system this year. But while the blame game continues, the real losers are small businesses and consumers.<\/p>\n<blockquote>\n<p>Regardless of who or what is to blame, the real winners in this scenario are the big banks.<\/p>\n<\/blockquote>\n<p>As the banking crisis unfolded earlier this year, talking heads on television and Biden administration officials doubled down on \u201ctoo big to fail\u201d rhetoric. This line of reasoning prioritizes large banks over community institutions, leaving small businesses and consumers vulnerable.<\/p>\n<h3>The Rise of \u201cToo Big to Fail\u201d<\/h3>\n<p>Individuals, investors, and companies began parking capital in \u201ctoo big to fail\u201d institutions, leaving community and regional financial institutions drained of funds. This new status quo is bad news for Main Street businesses, which rely on community banks for lines of credit to expand.<\/p>\n<blockquote>\n<p>Community banks provide a level of personal service entrepreneurs can\u2019t find with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/carney-dont-fall-for-the-ludicrous-saule-omarova-cover-up-she-is-too-dangerous-to-confirm\/\" title=\"Carney: Don't Fall For The Ludicrous Saule Omarova Cover-Up, She Is Too Dangerous To Confirm\">large financial institutions<\/a>.<\/p>\n<\/blockquote>\n<p>Banking consolidation presents another challenge, with giant institutions like JPMorgan Chase gobbling up smaller players. This gives big banks even greater leverage to hold small businesses hostage with so-called \u201cswipe fees.\u201d<\/p>\n<h3>The Credit Card Competition Act<\/h3>\n<p>One piece of legislation that could help is the Credit Card Competition Act. As banks continue to consolidate, the bill would inject competition into the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-seeks-to-slash-credit-card-late-fees-to-8\/\" title=\"Biden Admin Seeks to Slash Credit Card Late Fees to \">credit card market<\/a> to provide a check on rising swipe fees for small businesses and consumers. The best part is that the legislation would apply zero additional government red tape to community banks that are already struggling to survive.<\/p>\n<p>Furthermore, the Biden administration should stop playing favorites and recognize the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/op-ed-after-bank-failures-capitol-hill-blame-game-does-nothing-to-help-small-businesses-and-consumers\/\" title=\"Op-Ed: Bank Failures Hurt Small Businesses and Consumers, Capitol Hill Blame Game Ineffective.\">critical role community banks play<\/a> in supporting the backbone of the U.S. economy \u2014 small businesses.<\/p>\n<blockquote>\n<p>We can\u2019t leave them out to dry.<\/p>\n<\/blockquote>\n<p>Continuing to play the blame game on Capitol Hill over the banking failures is an exercise in futility. Instead, lawmakers need to take concrete action to help the small businesses and consumers that are most threatened in the aftermath.<\/p>\n<p><strong>Let\u2019s prioritize Main Street over Wall Street.<\/strong><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/op-ed-bank-failures-capitol-hill-blame-game-nothing-help-small-businesses-consumers\/\">Op-Ed: After Bank Failures, Capitol Hill Blame Game Does Nothing to Help Small Businesses and Consumers<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banking executives faced tough questioning from the House Financial Services Subcommittee over financial system failures. The hearing turned into a blame game, with former leaders of Silicon Valley Bank, Signature Bank, and First Republic Bank being questioned for the collapses, while factors beyond their control were also considered.<\/p>\n","protected":false},"author":2110,"featured_media":1945837,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[7080,5373,6442,6002,4172,8891,8853,6528,4460,4940,15322],"class_list":["post-1945836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily","tag-ineffective","tag-bank","tag-blame","tag-businesses","tag-capitol","tag-consumers","tag-failures","tag-game","tag-hill","tag-hurt","tag-op-ed"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1945836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2110"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1945836"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1945836\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1945837"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1945836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1945836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1945836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}