For months now I have warned that politicians just can't keep their hands off the emerging entrepreneurial economy. They have finally noticed the economic transformation this country is in and are responding by finding ways to gain control and offer favors.
From the National Dialogue on Entrepreneurship:
Congressional Democrats have taken the first step forward in their Innovation Agenda, passing the Small Business Lending Improvements Act of 2007. Aimed at lowering the cost of financing, the legislation would create four new loan programs: a Rural Lending Outreach program; a Community Express program; a Medical Professionals in Designated Shortage Areas program; and, an Increased Veteran Participation program. While passed by the House, the legislation faces opposition from the Administration over the inclusion of subsidies to reduce fees for lenders and borrowers in the 7(a) program.
Rather than empower the free enterprise system that fuels entrepreneurial actions, these policy makers want to take control and pick winners and losers. What we really need is much less intervention, control and regulation if we want to spur entrepreneurship, and not create more bureaucracy as this legislation would do.
