Crapo, Otter, Coalition See Trouble On Main Street

Washington, D.C. - The financial reform bill being considered now by the U.S. Senate could have disastrous unintended effects for consumers, businesses and the local economy, say a group of small business leaders, financial experts, Idaho Senator Mike Crapo and Idaho Governor C.L. "Butch" Otter. Crapo, a member of the Senate Banking and Finance Committees, is leading a discussion Friday afternoon at a Main Street small business to demonstrate the problems inherent in S. 3217, the Restoring Financial Stability Act of 2010.

Crapo has noted that taxpayers could be on the hook for more than $400 billion to bail out government-run mortgage giants Fannie Mae and Freddie Mac, something that this financial reform bill fails to address. But what could be worse, Crapo said, is the nightmare of bureaucracy and paperwork the bill now holds for small business and virtually anyone who provides products in more than four installment payments. Crapo noted real financial reform would send a message that companies that take unwise risks are allowed to go bankrupt. He supported increased consumer protections inside the Federal Deposit Insurance Corporation, but said this bill instead creates a brand new federal bureaucracy.

"This bill was supposed to protect consumers; instead it slams Main Street small business with new paperwork and a new government bureaucracy at a time when our economy has been trying to recover," Crapo said. "The increase in unnecessary bureaucracy causes higher costs for families using the services and products of small business and Main Street service providers."

To drive home the point, Crapo and a number of Idaho business owners and services plan a discussion and news conference right on Main Street in downtown Boise:

Discussion and news conference on effects for Idaho's Main Street in the financial reform bill:
Friday, May 14th
2:30 p.m., Carpet One, 1507 Main Street, Downtown Boise
Speakers include:
Senator Mike Crapo
Governor C.L. "Butch" Otter
Harvey Neef, Owner, Carpet One
Marty Cullen, Owner, A-1 Plumbing
Steve Martinez, Co-Owner, Tradewinds Builders, local homebuilder
Jerry Aldape, President & CEO, Syringa Bancorp
Alan Cameron, President, Idaho Credit Union League
Cory Swank, Owner, Home Mortgage Resources, Meridian