Thinking About Local Businesses on Election Day
With Election Day just one week away (on November 6), we have many candidates and many issues to consider. Stacy Mitchell at the Institute for Local Self-Reliance created a helpful guide for determining which candidates support independent and local businesses. Take a look, and consider asking your local and federal candidates if they are in favor of these issues:
1. Restructuring the Banking System
“Congressional candidates should support the SAFE Banking Act, which would cap the size of banks and force the largest banks to be split up.” Surveys show that nearly half of independent and small businesses are not getting the financing they need, as a majority of small business lending is provided by small and mid-sized banks (even though the largest 18 banks control 60% of total bank assets).
Local candidates should support depositing public funds with local banks. The City of Phoenix recently took steps to invest up to $50 million in public funds with local banks and credit unions. Local candidates should also favor “creating a public partnership bank similar to the Bank of North Dakota, which has expanded the lending capacity of local banks and thereby made credit more available for local businesses.” Bills similar to this have come before the Arizona Legislature, but have not become law.
2. Closing Corporate Tax Loopholes
Page 1 of 2 | Next page