Is It Impossible to Start a U.S. Small Business?: QuickTake Q&A

President Donald Trump has joined the defense of a revered component of the American economy -- small business. As his fellow Republicans in Congress have done for years, Trump says regulations written in the name of preventing bank meltdowns and bailouts are crushing companies that have fewer than 500 employees. To start, he’s ordered a sweeping review of the Dodd-Frank Act of 2010, which tightened restrictions on banks. To hear Trump tell it, it’s close to impossible to start or expand a small business in the U.S. these days. The data suggest that’s less true today than it was a few years ago.

Addressing owners of small businesses on Jan. 30 at the White House, Trump said, "you people know better than anybody it’s almost impossible now to start a small business" and "virtually impossible to expand your existing business," because banks "don’t loan you money" due to regulations like those in the Dodd-Frank law. Trump pledged to do "a big number" on Dodd-Frank, which has been under attack by congressional Republicans.