Pub. 11 2021-2022 Issue 3

September • October 2021 9 SBA 504 WE MAKE IT EASY LET OUR TEAM HELP YOU SECURE THE DEAL AND LOWER YOUR RISK • UP TO 90% OVERALL FINANCING • UP TO 25 YEAR TERM • FIXED-RATE PREFERREDLENDINGPARTNERS.COM | 303.861.4100 Leveraged financing and refinancing of owner occupied real estate and long-term equipment. Most for-profit small businesses eligible. SBA defines businesses with net profit after tax <$5.0 Million and tangible net worth <$15.0 Million as small. Republican Blaine Luetkemeyer represents Missouri’s 3rd District in the U.S. House of Representatives. He serves on the House Financial Services Committee as Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions as well as the Ranking Member of the House Small Business Committee. facilitated the movement of trillions of dollars and were the key factor in their survival for many businesses. Despite the fact that we continue to grapple with loan forgiveness and workforce participation remains low (also thanks to the government), the economy is improving. That wouldn’t be possible without the banks. While there are plenty of bad ideas floating around in Congress — looking no further than the proposed CFPB credit bureau — there are also efforts to work with the private sector to keep the momentum going. As the Ranking Member of the House Small Business Committee, I’m pushing on the Small Business Administration to improve the forgiveness process and get their other programs in order. I also just recently introduced a bill to replace the single director position at the CFPB with a five-person bipartisan commission. The Bureau is constantly being used as a political football, and its director wields so much power that the Supreme Court grappled with whether the position was even constitutional. Allowing one person to hold such unchecked power over our economy is irresponsible and verges on negligence. My bill would provide increased accountability and transparency so the American people can trust the CFPB to do its job without political motivation. If you take one thing away from this column, I hope it is this: banks’ participation in our economy and our government is critical. As you can likely tell, my beliefs differ wildly from some of my colleagues, which illustrates the need for private sector input. Banks are often the first to see economic winds changing. You likely know what programs work and don’t work before lawmakers. So, whether it’s to elected representatives or even your regulator, please speak up. You know your business better than anyone else and will be your customers’ and community’s best advocate. Our economy and our government depend on a strong financial system.