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Big business needs more regulation, not less

The organized voice of "big business" uses the term "small business" to represent its own interests when it comes to government regulation

Critics of federal regulation often hide behind the claim of protecting small businesses ("Too many rules," Aug. 4). Yet these critics fail to understand the needs of most small businesses — the 98 percent of all U.S. businesses with fewer than 20 employees. It's a case of the organized voice of "big business" using the term "small business" to represent its interests.

My own career as a small business owner (currently with fewer than 20 employees), as well as my experience mentoring thousands of micro-enterprise start-ups during the last 30 years, lead me to the conclusion that business, in fact, needs more and better regulation, not less.

I've watched lobbyists for the banking and insurance industries put into place more and more state and federal legislation that permits some big businesses to avoid the responsibilities that should go with the services they offer.

I've watched the taxpayer foot the bill for business crises that result from lack of accountability, regulation or basic responsibility on the part of big business.

The relationship and trust that I have had with banks and insurance companies have diminished considerably as I discover that services I once trusted are no longer available — a fact only explained in the small print.

My bank is no longer legally bound to cover its own mistakes or fraud if I don't discover them in 30 days. My credit card processing service can decide on a whim to hold back hundreds of thousands of dollars as collateral, for no apparent reason and unrelated to any change in my business activity.

There has to be a better way to assess which regulations are worthwhile and which are not.

Wendy Rosen, Baltimore

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