Washington Watch - May 7, 2014


Washington Watch - May 7, 2014

Small Businesses Celebrated Across U.S.

The annual National Small Business Week kicks off next week with events scheduled across the U.S. to promote, encourage, and support the millions of small businesses that contribute to the U.S. economy. Starting in San Francisco, the Small Business Administration (SBA), will host four regional events throughout the week focused on highlighting small business success stories and providing networking and programming to support those individuals interested in starting a new small business.

The events will travel to Kansas City on May 13th, Boston on May 15th, and culminate in Washington, D.C. on May 15th and 16th.

The National Association for the Self-Employed is pleased to serve as a sponsor of the week’s activities and looks forward to promoting the self-employed, who represent nearly 76% of all small businesses in the U.S.

To participate virtually in the week’s events, visit: National Small Business Week 2014

Housing Reform Bill Could Move Through Senate

This week, the U.S. Senate is expected to address long-standing legislation that would significantly reform Freddie Mac and Fannie Mae. Introduced by the Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Development, the bill would “winded” down the federally backed mortgage giants, Freddie and Fannie, and return control to shareholders via the private sector. The bill would not end the practice of the federal government backing 30-yr fixed mortgages offered by either entity, but would rather put in place protections for the American taxpayer should the mortgage industry collapse as it did in 2008 by requiring 10% of all mortgages to be backed by private dollars.

There is wide concern that the Johnson-Crapo bill could cause interest rates to rise due to additional fees and requirements placed on each new mortgage, however, analysts are non-committal on how much rates and associated costs could rise.

The chances of a bill passing the House are far less certain. Chairman Hensarling of the House Financial Services Committee has pushed through his committee a competing bill that would restrict any involvement by the federal government in providing any mortgage security backing.

The Administration has taken an open approach to the reform attempts and only time will tell if the Senate and House will be able to come together on a deal.

Washington Watch Online

Visit NASE Advocacy to view archived editions of Washington Watch. While you’re there, read the latest updates from the Washington, D.C. office, write your Congressperson, and find out how you can join the fight for micro-business.

Courtesy of NASE.org