Small Banks Are Getting Hammered: Chamber of Commerce's Donohue

During an interview on the FOX Business Network’s Cavuto: Coast to Coast, U.S. Chamber of Commerce CEO Tom Donohue commented on the impact government regulations have on small businesses, using the example of attacks on big banks and how the trickle-down effect hits small businesses.

“When all of the attacks have been made on the major banks, they don’t recognize that this goes down the line and it affects the regional and the local banks,” Donohue told Charles Payne. “And local banks have to follow so many rules and regulations that in many times makes it almost impossible to get the type of support that small business need.”

Donohue said there is currently a “very positive” relationship among both large and small businesses in the U.S.

“If you look at a company like Boeing or General Electric or Caterpillar, they have 10,000, 15,000 small companies that contract with them to help them conduct their large company business,” said Donohue, adding that the Chamber of Commerce is encouraging more of those business relationships.

Commenting on the U.S. presidential election, the Chamber of Commerce CEO said he doesn’t support any candidate.

“For 103 years the Chamber of Commerce of the United States has never gone into a presidential race,” he said. “We operate all around the world and my team and I cannot be around the world talking to people—companies and governments—and saying ‘oh by the way we’re here to talk to you but we’re trying to get rid of our President. ‘ We only have one President and whoever it’ll be, we’ll support.”