Today, Congressman Scott Murphy (NY-20) released the following statement after the Senate voted to pass bipartisan Wall Street reform 60-39:
"Over the past decade, Washington failed to regulate Wall Street. Our economy was devastated when the financial markets collapsed two years ago, leaving Main Street to pay the price. I was proud to support this bipartisan legislation to protect consumers, help strengthen our small businesses and crack down on Wall Street's risky practices.
"I came to Washington as a small businessman looking to solve problems with commonsense solutions. The business checking provision that I championed was included in this legislation and will allow Upstate small businesses to access the capital they need to grow and expand in these tough economic times. By ending taxpayer funded bailouts and creating strong consumer protections, we will not only hold Wall Street accountable, we will also strengthen our economy."
Leveling the playing field for small businesses: On November 7, 2009, Scott Murphy introduced H.R. 4067, The Business Checking Fairness Act. The legislation would simply repeal an outdated law that prevents small business owners from earning interest on business checking accounts. The bill has 25 co-sponsors and was included as an amendment to H.R. 4173, The Wall Street Reform and Consumer Protection Act, which passed the House on December 11, 2009 by a vote of 223 to 202. The provision was also included in the final conference report which was passed by the House on June 30, 2010.
When it was introduced, Brad Close, VP of Public Policy with the National Federation of Independent Businesses (NFIB) said: "We appreciate Congressman Murphy going to bat for small businesses and introducing The Business Checking Fairness Act. The Business Checking Fairness Act will help level the playing field between big and small businesses, and we look forward to working with Congressman Murphy to get his bill enacted into law."