Despite romantic notions that the American dream is built solely on sweat and determination, the reality is that in addition to hard work, the success of American ingenuity is also contingent on reliable access to affordable credit. Without consistent sources of financing, small and large companies alike would not be able to innovate and grow.

Unfortunately, not all businesses have access to traditional corporate bonds, and that is where collateralized loan obligations, or CLOs, come in. CLOs are a critical resource for many companies, especially small and midcap companies, and regulators would do well to keep this in mind when evaluating new rules that could restrict their availability in the future.

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