Wednesday, September 28, 2011

President Obama’s American Jobs Act

Congress is now sitting on President Obama’s American Jobs Act. It emphasizes infrastructure improvements and tax cuts. Given the politics, it will not move quickly. Congress just isn’t interested because it affects your life, not theirs.

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1 comment:

  1. If our political leaders REALLY want to help small business…..

    It seems like almost every other word we hear from our political leaders is about the need to support small businesses to get the economy back on track. As small business owners, there’s one simple thing that could be done that would provide almost immediate help.

    Small business owners have big troubles with big banks and credit cards and the new Consumer Financial Protection Bureau (CFPB) should take a look at the numerous obstacles.

    First, banks don't like smaller accounts. Many of us face hassles even receiving business lines of credit. Often, we rely on our personal cards to fund our small businesses.

    But when we face fraud problems or billing disputes related to those business uses, the banks say that the consumer protection laws don't always apply. Even consumer groups say it's a gray area. And where we have rights, we have to fight with the banks, which, as you might imagine, does not often lead to a result in our favor.

    For those of us who do qualify for business credit cards, the cards have no consumer protections under the law. Banks can raise our interest rate at any time for any reason, or for no reason at all. Banks can lower our credit limit at any time, even to amounts below our current balance. There are no restrictions on penalty fees. When we are victims of fraud or billing errors we have no right under the Truth In Lending Law.

    Consumers gained important new protections in the Credit CARD Act of 2009. In response, some credit card companies have been accused of marketing business cards to consumers and then denying those consumers their rights because they have business cards, not consumer cards.

    Groups such as the National Small Business Association have joined consumer groups in calling for change. While some issuers have voluntarily extended some consumer protections to business cards, small businesses deserve better. We deserve a level playing field. We are counting on the new Consumer Financial Protection Bureau (CFPB) to help.

    Ken Weinstein
    Trolley Car Diner
    Trolley Car Café, Owner
    Philadelphia, PA

    Peggy Zwerver
    Earth – Bread + Brewery, Member
    Philadelphia, PA

    Phyllis Castells
    Heart of the Home, Owner
    New Hope, PA

    Candace Griesel
    La Bella Vita On Main, President
    New Hope, PA

    Ira Josephs
    Selene Whole Foods Co-Op, Manager
    Media, PA