Ken Hammonds, CEO of the Arkansas Bankers Association, writes in Arkansas Business this week on financial reform making its way through Congress. Reform is needed, Hammonds says, and some proposals on the table are on target. But others go too far or not far enough, he says.
The biggest problem, however, is that traditional, community banks stand to be over-regulated:
Traditional banks didn’t bring about the financial crisis. Their mission is, as it has always been, to serve their local communities and make credit available to consumers and small businesses. The bill before the Senate unfortunately contains provisions that would hinder their ability to do this effectively and to provide the credit the local economy so badly needs to get back on track.
Meanwhile, Democratic U.S. Sen. Chris Dodd’s financial reform package moves forward. Dodd has tentatively agreed to include Arkansas U.S. Sen. Blanche Lincoln’s provisions on derivatives — which the Democrat touted during two weekend debates in Little Rock — in his legislation.
Entrepreneurship educator Jeff Amerine of Innovate Arkansas thinks financial reform could be a “start-up killer.”
Blake Rutherford cites an ABC News poll showing public support for reform.
Filed under: Arkansas Business, business, Politics | Tagged: ABC News, Arkansas Bankers Association, Arkansas Business, banks, Blake Rutherford, Blanche Lincoln, Chris Dodd, Congress, Democrats, entrepreneurs, financial reform, Innovate Arkansas, Jeff Amerine, Ken Hammonds, Politics, Start-ups |