01/23/2009 05:12 am ET Updated Dec 06, 2017

ASBL President Lloyd Chapman discusses Obama and the economy on Fox's Cavuto

The American Small Business League (ASBL) released the following video via YouTube this afternoon. In it, the ASBL's President Lloyd Chapman states that small businesses are an engine for economic growth. Chapman contends that the incoming Obama Administration is ignoring small business issues and has even dropped a promise to stop the diversion of federal small business contracts to corporate giants.

The ASBL was the first organization to expose the Obama-Biden Transition Team's decision to drop its promise to enact a windfall profits tax on the oil and gas industry as a means of providing American families with an emergency energy rebate. Now, the ASBL is contending that President-elect Obama is dropping his promise to stop the diversion of federal small business contracts to corporate giants, as well as his commitment to the small business community expressed through the Obama campaign's Small Business Emergency Rescue Plan. To make things worse, the ASBL's most recent press release charged that President-elect Obama accepted more than $1 million in campaign contributions from the venture capital industry. The group maintains that millions more have been contributed to other senior democratic leaders.

With these concerns in mind the ASBL's December 23rd press release stated:

" President-elect Barack Obama is preparing to create significant changes in federal contracting law that will allow some of the nation's wealthiest investors to receive federal contracts earmarked for small businesses. Under the banner of "increasing access to capital" for small businesses, the policies will allow firms controlled by individual venture capitalist and even large venture capital firms to participate in federal small business contracting programs." (