On Bauer Business Focus – Bill Sherrill helps unlock the mysteries of the Fed while emphasizing the role of small business in the nation’s path to economic recovery.
Sherrill was twice appointed as a Governor of the U.S. Federal Reserve Board, was Director of the U.S. Federal Deposit Insurance Corporation (FDIC), President of Associates Corporation of North America, and Director of Gulf and Western Industries, Inc. His comprehensive perspective is also shaped by his involvement in leading many entrepreneurial efforts, from start-ups to turnarounds, in fields as diverse as real estate development, electronics, manufacturing, banking and finance.
In 1993, he founded the entrepreneurship program at the University of Houston for the business school. Since 2007, the Wolff Center for Entrepreneurship has been among the top two programs in the nation and currently sits in the #1 position. Sherrill can still be found in the classroom helping students understand how to think like a CEO and the fundamentals of entrepreneurship.
As far as what to do with the economy, Sherrill believes that not enough stimulus has been aimed at small business. “They need to restart credit and lending,” Sherrill said. “Focusing on small business is vital for job creation since 70 percent of jobs come from small business. The government needs a better understanding of the cycle of small business and the seasonality from which it operates. They have different working requirements than large institutions. Small business works with reality. They want to see demand before they hire and they desperately need credit.”
According to Sherrill, creating 100,000 jobs is merely a break-even number. “If we go below that, and many people are not even counted in unemployment rates, then recovery will be harder. Lose a job, lose a consumer. The gains need to be much larger.”
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