SBA NOMINATION MOVES FORWARD
Linda McMahon's nomination as head of the Small Business Administration is moving forward, having won approval last week from the Senate Committee on Small Business & Entrepreneurship. The vote was 18-1, with Cory Booker, D-N.J., casting the lone dissenting vote. McMahon's nomination now goes to the full Senate for final confirmation. It's not known when a vote will be held.
McMahon got a warm reception from the committee at a hearing last month in which she said she would use her position at the SBA to help create jobs.
McMahon has a background in small business, having founded and built World Wrestling Entertainment Inc. with her husband, Vince. She resigned as the company's CEO in 2009 and ran unsuccessfully for the Senate from Connecticut in 2010 and 2012.
President Donald Trump signed an executive order last week directing the Treasury secretary to review the Dodd-Frank financial oversight law passed following the 2008 financial crisis. The law, which created requirements for banks of all sizes, has driven up costs for financial institutions including small and community banks that serve smaller companies. The requirements include additional paperwork on mortgages and other loans.
Dodd-Frank has had a severe impact on many community banks, forcing many to consolidate or shut down even after the Great Recession took a heavy toll on the industry. The U.S. had 5,521 community banks as of Sept. 30, down more than 25 percent from 7,442 at the end of 2008, according to the Independent Community Bankers Association, a trade group. Dodd-Frank became law in 2010; its provisions including those that affect community banks have been gradually taking effect since then.
Women starting businesses can get some help from an upcoming seminar sponsored by SCORE, the organization that gives free counseling to small companies. It will be held Thursday, Feb. 16 at 1 p.m. Eastern time. You can learn more and register at http://bit.ly/2kKDBc0 .
Follow Joyce Rosenberg at www.twitter.com/JoyceMRosenberg . Her work can be found here: http://bigstory.ap.org/content/joyce-m-rosenberg