How To Stop Financial Reform From Hurting Small Businesses
Opinions expressed by Entrepreneur contributors are their own.
The International Franchise Association has taken note of the problem, writing that the law as currently proposed would include any business owner that extends credit to customers, or lets customers pay on extended credit or installment plans for goods or services they purchase. This means the businesses including franchisees -- already regulated both by the Federal Trade Commission as they've been for oh, about a century now -- would add oversight by the proposed new Consumer Financial Protection Bureau.
Fortunately, this mess has not yet become law, and there's an amendment afloat that would clear this up and make sure the Act only applies to banks and other financial institutions. If you'd like to avoid an additional layer of red tape, you might want to urge your Senator to support Amendment 3826. The amendment would, as Sen. Lamar Alexander (R-Tenn) puts it, "Take main street lending out of the financial regulation bill."
Owner of Make a Living Writing
Chris Hemsworth Used to Bomb Auditions. Then This Mindset Shift Made Him a Movie Star, and the Founder of a $200 Million Startup.
Tens of Thousands of Americans Could Be Billionaires Right Now If Their Wealthy Families Didn't Make This All-Too-Common Financial Mistake
The Man Who Invented a Technology Used Billions of Times a Day Doesn't Get Credit for It. Now He's Setting the Record Straight.
Want to Do Better Work? Just Start Saying This One Word More.
This Southern Biscuit Business Was Taking Off When Its Founder Died Suddenly. Here's What Happened Next.
These Retirees Just Wanted Their Cats to Drink More Water. Now Their Remote Side Hustle Makes $80,000 a Year.
We are on the precipice of what could be the greatest transfer of wealth that has ever happened in human history.
Elon Musk's Neuralink Is Now Officially Cleared to Start Brain Chip Implants — Here's Who Qualifies For the Trial
The billionaire's company is beginning the first round of human trials.
Over half of Gen Z individuals surveyed expressed a desire to become influencers, compared to 41% of adults from other age groups.
The company made the $60 billion revelation in an SEC filing earlier this week.
FTX has initiated a lawsuit against the parents of its founder, Sam Bankman-Fried, in an attempt to recover millions of dollars that the company alleges were fraudulently transferred and misappropriated.