IFA supports pending financial reform legislation

Posted on July 12, 2010 by Franchise Gator Admin

The International Franchising Association recently came out in support of the pending financial reform legislation in Congress because of the special considerations it makes for franchise owners.

The IFA said that the regulatory bodies that would be both created and expanded through the Restoring American Financial Stability Act would benefit small business owners.

"We are pleased that conferees listened to our members regarding the expansion of regulatory authority for both the Federal Trade Commission and the newly created Bureau of Consumer Financial Protection," said IFA President and CEO Stephen Caldeira. He went onto say that while the irresponsible actions of some in the business community led to the financial crisis, "franchise business had nothing to do with the economic collapse" and the bill recognizes this fact.

The IFA president was also encouraged by the fact that the new legislation seeks to curb fees that banks and credit card companies impose on retailers for using credit or debit cards, cutting into overall profits.

Despite its support of government legislation in this case, the IFA recently came out against a new tax imposed on tanning salons. According to a joint statement from the Indoor Tanning Association and the IFA, the new tax would impact "an estimated 18,000 small businesses... jeopardizing thousands of jobs and unfairly hitting working women and college students."