Proposed federal legislation could be bad
for business, impair credit

By Rod Hirsch
SBPA Executive Director
A far reaching piece of legislation weaving its way through the halls of Congress – intended to protect the American consumer - could cripple small businesses and stifle the availability of capital to finance expansion, replace inventory, purchase supplies or cover payroll according to bankers and business leaders in Washington and New Jersey.

The Consumer Financial Protection Agency Act, which has been approved in the House of Representatives, is now awaiting debate in the U.S. Senate. The legislation would create the Consumer Financial Protection Agency,
a goliath package of regulatory reform

prompted by the colossal meltdown of Wall Street, the nation’s banking and financing system and the failure of the government to adequately respond to the crisis.

The CFPA is designed to protect consumers from unfair financial products and services, like sub-prime mortgages, according to the bills’ sponsors. It would have the power to set basic standards for financial products, ban practices such as teaser rates on loans, and require easy-to-understand contracts for credit cards and mortgages.

The U.S. Chamber of Commerce, the world’s largest business federation representing more than 3 million businesses and organizations is strongly opposed to the CFPA and has mounted a national lobbying effort against the House bill, including television advertising and letter writing campaign. Next | 1 | 2

Somerville Business & Professional Association elects
jeweler Paul Sanford president

SOMERVILLE – Members of the Somerville Business & Professional Association have elected jeweler Paul Sanford president and re-elected electrician Jeff Hockenbury vice president and Beneath It All owner Lorraine Sarra secretary/treasurer for 2010.

Sanford replaces outgoing president Kevin Cahill, co-owner of Discover Wines, who remains a member of the executive board.

Re-elected to the SBPA executive board were Anne Sobel, vice president of the TD Bank branch at 50 W. Main St.; Jan Lush, Big Little Railroad Shop; John Harrity, Somerville School of Music; Leigh McLachlan, McLachlan Realtors and Annie’s Balloon Affair; Anthony Vetro, CPA and Valerie Gibson of The Artisans Group.

Newly elected is Steve Zampella, owner of Rita’s and Bob Petix, owner of Scampi's Restaurant.

Sanford, an accredited gemologist and appraiser, opened his store at 92 W. Main St. in downtown Somerville five years ago; previously he had a jewelry store in Branchburg for15 years. A full-service jewelry store, Sanford specializes in customized engagement rings and wedding bands. Sanford also does repair work and buys scrap gold.

The new president said one of his top priorities is to further expand the membership base of the organization.

“I’m optimistic we can continue to make a difference in downtown Somerville by working with our fellow merchants and business owners,” Sanford said, “especially in these challenging economic times.

“Now is an opportune time for all small business owners to join together and see how we can help each other attract more business to Somerville,” he added. “We want to move forward as best we can.”

Sanford expects to build upon the successes of his predecessor, which include the spring and fall street fairs which attract huge crowds to the borough, as well as the Mother’s Day essay contest held in conjunction with borough schools and the first annual Halloween Parade, which drew more than 1,000 costumed children and parents downtown. Both events were coordinated by McLachlan.

“I think Paul will make a wonderful new president,” Cahill said. “He brings a tremendous level of enthusiasm to everything he does and has consistently demonstrated a heartfelt passion for the success of his fellow merchants and for the borough.”

The SBPA meets the first Tuesday of the month beginning at 8:15 a.m. at Somerville Police Headquarters, 15 South Bridge Street.Further information is available on the SBPA website, somervillebiz.org.