Editor's notes: the bill has worked its way through both houses of Congress and was co-sponsored by a RINO out of Florida. It awaits Obama's signature. But, even before it becomes a law, small banks are prepared to refuse the money. They see no need for the increased funding and, more importantly, they do not want the added governmental restrictions that accompany ALL federal funding for whatever reason.
Understand that in recent surveys, 91% of their credit needs have already been met according to National Federation of Independent Business (NFIB).
In a recent public statement from William Chase, CEO of Tirumph Bank in Memphis, we have this comment: "We have taken a strategic decision not to have our primary regulator, the government, also be a partner in our bank . . . . Our business customers are mired in uncertainty and are reluctant to invest in their businesses." We wonder when the folks in Washington will begin to listen to those who create jobs instead of vilifying them.
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