Goldman Sachs wants to put small business on the agenda in a Donald Trump and Kamala Harris administration Presidential debate on September 10,
The banking giant unveiled a billboard campaign on Monday in Times Square, just a block from ABC's global headquarters, where the televised debate will take place.
The billboards are part of the advocacy arm of the bank's nonprofit, the 10,000 Small Businesses Initiative, and call on debate moderators to also discuss small business policy during the debate.
“The issues that matter most to us have been largely ignored by the candidates running for office this November,” Jessica Johnson-Cope, president of the Goldman Sachs 10,000 Small Business Voices national leadership council, told the Post.
“Presidential candidates should be asked to provide more detail on their proposals to support Main Street.”
10,000 small businesses The Post has learned that local business owners also sent a memo to ABC leadership outlining six key questions local business owners want to know about Kamala Harris and Donald Trump.
“Small businesses are the backbone of the American economy, accounting for 44% of U.S. GDP and employing nearly 50% of American workers,” the memo reads.
Despite their enormous contribution to the economy, the concerns of business owners are often overshadowed by more controversial topics.
In June, the candidates discussed abortion, immigration and the overall economy. CNN's 90-minute debate between then-Democratic candidates Joe Biden and Donald Trump — but did not address small business.
Biden's lackluster performance in the debate is considered one of the major reasons why he decided not to seek a second term as president.
The ad campaign and letter came after an incident. Recent Goldman Survey The survey revealed that 55% of local business owners are dissatisfied with how candidates are addressing small business issues; including inflationary pressures, small business tax policy, regulatory burdens, workforce training and access to affordable capital.
Since 78% of business owners say small business policy is a factor in their vote, this could be a key issue for both Trump and Harris to win over voters.
Goldman's philanthropy placed the billboard less than a block from ABC News headquarters and also prepared a detailed memo containing six different questions the network could ask at the first debate between Kamala Harris and Donald Trump.
Suggested questions focus on how candidates would address topics such as increasing the number of qualified workers, helping small businesses adopt artificial intelligence, and providing affordable child care for small business employees.
One question said, “Small businesses are struggling with inflation, workforce, and access to capital… What specific policy proposals will your administration implement to support America's small businesses and help them compete?”
“High interest rates and limited credit options are making it challenging for small business owners to access the capital they need to grow their businesses. What are your plans to make it easier for small businesses to access affordable loans or credit?” another person asks.
Goldman Sachs launched the 10,000 Small Businesses Initiative as a philanthropic venture in 2009. It provides local business owners with educational programs, mentors, and access to capital.
More than $200 million has been awarded to small business owners at LaGuardia Community College in Queens.
Several Goldman Sachs executives have left the bank to work in politics—earning the bank the nickname “Government Sachs.”
Biden's Securities and Exchange Commission chairman, Gary Bentler, was a Goldman partner. Under Trump, Goldman alumni, including the bank's former chief operating officer, Gary Cohn, served as head of the National Economic Council, while Goldman partner Steve Mnuchin was Treasury secretary.
Mnuchin was assisting in passing The Paycheck Protection Program, which gave small businesses forgivable loans for up to eight weeks of payroll costs in the early days of the COVID-19 pandemic.
Though Johnson-Cope acknowledged ABC might not include her proposed questions, she wants to make it as easy as possible for the network to include them. “Who knows?” she said, adding that she remains hopeful.
