I am concerned because as outlined by the Bureau in March of just last year, 2015, there was an acknowledgement that this rulemaking would reduce revenue by up to 70 percent of these short-term, small dollar, community-based credit providers, and potentially even put them out of business.
Frank Guinta expresses concern about proposed regulations harming small credit providers.
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Thank you very much, Mr. Chairman, for holding this hearing here in New Hampshire today.
I think the chairman's bill makes a lot of sense at $5 million instead of $1 million, which is what the President is looking for.
In my home State of New Hampshire, about 75 to 80 percent of our economy is generated by a small business owner.
I wish this wouldn't have to be described as a battlefield. Rather than that, I would like to see a more productive manner in which we could solve the Nation's problems.
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