I swear I have a reason for not blogging Wednesday: Five years ago, I was at a meeting where an NFIB lobbyst mentioned that Congress was considering doing away with an obscure law that prevents banks from paying interest on business checking accounts. Obscure as it is, that regulation seemed absurb to me ever since opening my first business checking account. So, I piped up in the meeting and said, “good for them.” Here’s some advice: don’t do that. A couple of weeks later, I received a phone call from the lobbyst who had been contacted by the Senate Banking Committee with the urgent need for some small business owner to testify in favor of doing away with the prohibition of interest on business checking. Assured that they didn’t need an expert on the topic, just a small business owner who thought it was archaic, I reluctantly agreed to testify. Fast-forward exactly five years (almost to-the-day) and you’ll still find that banks can’t pay interest on business checking (although there are any number of ways that businesses regularly skirt the regulation). But it appears that once more the issue is before a congressional subcommittee. And so, once more, I have the honor of going to Capitol Hill and putting in my 2¢ worth. And in this cae, it’s literally 2¢ because that’s about how much most small businesses would earn if they were allowed to earn interest on what they leave in their checking account. But if you add up all those 2¢ that small businesses can earn, well, that’s worth the trip.
So, tomorrow (or today, if you’re reading this on Wednesday), I will be appearing before a subcommittee of the House Financial Services Committee once more swearing to tell the whole truth and nothing but the truth. It may be difficult for me to blog until Thursday. See you then.