Kanjo on economy: 'We are now out of the woods'
| PLAINS TWP. – Two years after a near economic meltdown, U.S. Rep. Paul E. Kanjorski told about 65 business leaders Wednesday he believes “we are now out of the woods.”
Mr. Kanjorski spoke to members of the Greater Wilkes-Barre, Hazleton, Scranton and Pittston Chambers of Commerce at the Best Western East Mountain Inn. He encouraged them to take risks, hire employees and purchase equipment for their businesses to help speed up an economic recovery. “We live in the best country in the world with the best economy in the world,” Mr. Kanjorski, D-11, said. “Although we are going through some hard times right now with the recession, when you measure us against any other nation in the world, we will do better.” Mr. Kanjorski primarily discussed how the Dodd-Frank Wall Street Reform and Consumer Protection Act will help small businesses and prevent financial companies from threatening the stability of the economy. He said he spent years working on drafting, negotiating and passing the law, which President Barack Obama signed on July 21. The new law includes Mr. Kanjorski’s “too big to fail” amendment, which he says will empower federal regulators to break up financial firms that are so large, interconnected or risky that their collapse would put the entire American economic system at risk. The amendment and other provisions of the law would provide regulators with powers to help avoid future taxpayer-funded bailouts and protect small businesses from experiencing the financial turmoil of the last two years, he said. Mr. Kanjorski said the new law would close loopholes for large companies to ensure small businesses can access credit. It also would prevent financial burdens for small businesses, protect small businesses from unreasonable fees, allow access to interest on business checking accounts, increase deposit insurance for small businesses and protect small appraisers, he said. |