Williams Weekly                          

Small Business Committee

This week the House Committee on Small Business held a hearing examining workforce training programs. The current labor shortage in the United States is disproportionately affecting small businesses, with 40% of small employers unable to fill job openings as of August. Traditional education paths may not suit everyone, but skilled trades offer viable alternatives. By focusing on these areas, there is potential for significant improvement in the labor market, ultimately benefiting both small businesses and the broader economy. Watch here.

Financial Services Committee

This week the House Financial Services Committee held two hearings. The first hearing covered oversight of the Securities and Exchange Commission. The SEC has been issuing rules and regulations at an alarming rate. Overlapping implementation dates, rule requirements, and compliance periods are raising concerns across the financial services industry. For small businesses, these growing compliance burdens can be especially overwhelming, often stretching their already limited resources and capacity. Watch my line of questioning here.

     
Next, we examined the effects of Basel Endgame and this administration’s continued onslaught of hurried rulemaking and overregulation. Since the banking turbulence in March of 2023, federal regulators are continuing to put forward unjustified regulatory proposals, without fully considering their impacts. Many of these proposed changes will dramatically affect the banking community by limiting access to reliable credit and increasing overall borrowing costs for individuals and small businesses. These increases in costs will make it harder for Americans to obtain a loan. Whether they want to start their own business, expand current business operations, or buy their own home, small businesses and everyday Americans rely heavily on loans and credit lines from banks of all sizes to access the capital they need to do so. Watch my line of questioning here.

In God we trust,

Roger Williams

Member of Congress