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For Business Leaders
A House committee approved a bill to protect small businesses from predatory lenders who seize their assets without warning using a legal instrument called a confession of judgment.
The U.S. House Financial Services Committee voted Thursday 31 to 23 to advance the bill. The proposal, introduced by New York Democrat Nydia Velazquez and Roger Marshall, a Republican from Kansas, would ban confessions of judgment in business loans.
WASHINGTON, D.C.-On Wednesday, Congressman Marshall’s legislation, the Expanding Contracting Opportunities for Small Businesses Act of 2018, passed out of the Small Business Committee with unanimous support. This legislation modernizes sole source contracts to small businesses.
WASHINGTON, D.C. - Today, the House passed S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” This legislation provides the much-needed relief to our nation’s community banks and credit unions from the burdensome Dodd-Frank regulations.
“It doesn’t take rocket science to know that one-size-fits-all regulations don’t work," Rep Marshall said. "The community banks in western Kansas handle different types of businesses than banks on Wall Street.”