Time for Politicians to Stop Treating Small Business Owners like Second-Class Citizens

Small business is the backbone of the American economy, right?  Well, you wouldn't guess that based on the way credit cards are regulated these days. Even though banks review small business owners' personal credit reports when they apply for company credit cards and then relay usage information to these same personal credit files -- and even hold small business owners personally liable for any debt they might incur -- cards branded for business use were excluded from the landmark Credit CARD Act of 2009. You might assume there was a good reason for the distinction between general-consumer credit cards and small business credit cards under the reformatory law that has revamped consumer rights and infused the personal finance space with transparency.  But there isn't one. "Politicians wanted to appease the credit card companies and give them another revenue stream that was taken away by new consumer regulations," says Dr. Peter Nigro, the Sarkisian Chair in Financial...(Read Full Article)

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