Federal Reserve Vote Boycotted, Silicon Valley’s Solution To Supply Chain Issues And More For Small Business Owners

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This week didn’t go as planned for the Federal Reserve. Yesterday, the Committee on Banking, Housing and Urban Affairs convened to vote on President Joe Biden’s nominees for the Federal Reserve Board of Governors, only for it to be delayed after Republicans staged a boycott over Sarah Bloom Raskin, the White House’s pick for Wall Street regulator. A longtime Washington policymaker and lawyer, her nomination has been met with a lot of opposition. With no Republicans present at the meeting, the panel didn’t have a quorum and the vote was stalled. 

This wasn’t what Main Street had hoped for: Ahead of the confirmation vote, the Small Business Roundtable sent a letter of support calling for quick confirmation of nominees Dr. Lisa DeNell Cook and Dr. Philip Nathan Jefferson, noting that whoever is appointed to these positions will play an important part in shaping the post-Covid economy. “Through the Federal Reserve’s mandate to maximize employment, stabilize prices, and maintain interest rates, it will play an important part in determining small businesses’ access to capital and overall growth in the years to come,” read the letter. 

In a conversation with Forbes Contributor Rhett Buttle, Heather Boushey, a member of the Council of Economic Advisers who advises the president and the administration on economic policy, discussed the impact of the Federal Reserve on small business. “The Federal Reserve’s policy-making touches every part of the economy. They have a dual mandate to push the economy towards full employment and to ensure price stability,” said Boushey. Unfilled board seats, she said, make it more difficult for the Federal Reserve to regulate and promote financial stability. That’s why it’s important that nominees be appointed swiftly. 


Story Spotlight 

Flexport Is Silicon Valley’s Solution To The Supply Chain Mess—Why Do Insiders Hope It Sinks?

Founder Ryan Petersen has positioned himself as shipping’s savior, earning Flexport a new $8 billion valuation. But industry rivals say the 41-year-old near-billionaire and his startup are all show.

Key quote: “If we can fix problems for Flexport, we can fix problems for the wider world. We have a chip on our shoulders. People should believe in us.” —Ryan, Petersen, Founder and CEO, Flexport


Must-Reads Across Forbes

Swabs for Covid testing made Copan CEO Stefania Triva a billionaire. But, despite countless buyout offers, she’s snubbing the dealmakers and keeping the company firmly in the family. “We’re financially solid and independent, and this allows us to grow without seeking external funding,” she says. 

Three-time Grammy-nominated artist Camila Cabello joins the ranks of the celebrity investor set with soda maker Olipop’s $30 million Series B. This is the Forbes 30 Under 30 alum’s first major venture investment and she’s in good company alongside other A-list investors including Mindy Kaling, Priyanka Chopra Jonas, the Jonas Brothers and Gwenyth Paltrow. The company raised $55.9 million at a $200 million valuation and plans to use the funding to expand the brand’s presence, getting into 20,000 stores by the end of the year. 

Fearless Fund, the first venture capital fund founded by women of color for women of color, has partnered with peer coaching platform The Cru and the Tory Burch Foundation to award 150 women-led small businesses grants ranging from $10,000 to $20,000 for a multimillion-dollar total investment. Recipients will have access to peer coaching services to help them achieve their professional goals. 

In his book The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time, Square cofounder Jim McKelvey chronicles how the financial services and digital payments company disrupted a system that made it hard for many small businesses to accept credit cards. Here are the key takeaways for entrepreneurs.  

Bet on tech: With automation, small business owners stand to improve their productivity and efficiency. These marketing automation tools can help deliver a seamless customer service experience and boost sales. 

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