Notes from the CEO
Entrepreneurship Embodies America’s Pioneer DNA
I came across this commentary from Jim Blasingame, a Forbes contributor, on Forbes.com recently and the message really hit home, especially so close to the 4th of July. I encourage you to take a minute to watch it. The gist of his message is that the heart of American spirit and economy is in jeopardy because of the current state of our financial regulatory system. The one-size fits all financial regulatory solutions being considered by our state and federal governments have the potential to seriously damage community banks and, in doing so, seriously damage the fabric of our economy, innovators, entrepreneurs, and small businesspeople.
Blasingame starts by saying, “America is exceptional for many reasons, not the least of which is the way our pioneer DNA morphed into entrepreneurship. But all DNA has to be nourished, and the food of entrepreneurship is capital.” It’s so true and why I believe I, and so many others like me, work as community bankers. Working in the spirit of innovation and moving foward as a community and an economy is the foundation of how community banks came to be and why I and so many others like me are proud to be community bankers.
The warning Blasingame provides is one that should be taken seriously. He says, “In nature, when one member of a symbiotic relationship is diminished, the other is usually harmed too. Fewer independent community banks will result in a weakened small business sector.” I believe this is true. If the financial regulatory system in this country are not bifurcated, community banks will suffer and, therefore, so will the foundation of our economy … innovators, entrepreneurs, and small businesses. It’s that simple.
James E. Beckwith
President & CEO Five Star Bank