More than 50 small business owners from across the United States, including representatives from Pennsylvania, will assemble in Washington, D.C. on Tuesday, November 14th. Their mission is clear and resolute: to urge policymakers and the Federal Reserve to reconsider the proposed Basel III Endgame regulation.
The Basel III Endgame, a new regulatory proposition being considered by the Federal Reserve, has stirred up concern among small business owners. The Federal Reserve itself acknowledges that this regulation could potentially increase the cost of accessing capital, such as business loans or lines of credit. In an environment where interest rates are already high, this poses a significant challenge for small businesses seeking necessary funding.
Throughout their time in Washington, these small business owners are scheduled to meet with over 40 lawmakers and senior officials at the Federal Reserve. They aim to shed light on the detrimental impact the proposed regulation could have on small businesses nationwide.
As part of their advocacy efforts, they’re delivering a comment letter signed by more than 3,000 small business owners from across the country, including 166 signatures from Pennsylvania entrepreneurs. This strong show of solidarity illustrates the shared concerns and the potential widespread impact of the Basel III Endgame regulation on the small business community.
Representing Pennsylvania are five dedicated business owners:
- Ben Johnson of Freya Systems from Media
- Heather Kniess of Shiny Happy Cleaners from Pittsburgh
- Kevin Lewis of Premisien, Inc. from Philadelphia
- Marc Domingos of Movers For Me from Mechanicsburg
- Silvia Lucci of LUHV FOOD from Hatboro
These entrepreneurs are among the 52 small business owners flying into Washington from 10 different states; their journey signifies the gravity of the situation and the need for immediate action.
While in the nation’s capital, these small businesses will be providing firsthand insights into the challenges they face and their collective stance against the proposed Basel III Endgame regulation.
The small business community’s rallying cry is clear: Stop the Squeeze on Small Business. Their presence in Washington serves as a powerful reminder of the role small businesses play in our economy and the importance of accessible capital for their survival and growth.
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