August 19, 2020 – Ask Richard Bennett, president and CEO of Marlborough Savings Bank, how business is going, and you’re likely to get an earful about the recently passed federal financial reform. At least that was the case for U.S. Rep. Jim McGovern, who made a stop at Marlborough Savings during a recent tour of Marlborough businesses.
During his tour, McGovern asked Bennett what specific parts of the new federal reforms has him worried.
“All 2,000 pages,” Bennett replied.
McGovern said that what he’s heard from local business people is that the economic situation is not getting worse.
“Most people I talk to say that business is the same or better than it was last year,” he said. “I’m optimistic that we’re seeing the beginnings of positive news.”
One stop on the tour brought McGovern, who is seeking reelection this November, to a sit-down meeting with Dennis Murphy III, treasurer of Murphy Insurance in Marlborough, which has seven offices across the MetroWest region.
Murphy, who is the grandson of the agency’s founder, said personal insurance, which makes up about half of the agency’s business, has rebounded since the recession, but the business insurance side, which makes up roughly the other half, is still slow.
“From and industry standpoint, we’re sort of in a state of flux,” Murphy said. “I think that has to do more with the economic situation than the regulatory issues, though.”
State Sen. James Eldridge, D-Acton, State Rep. Danielle Gregoire, D-Marlborough, and Marlborough Mayor Nancy Stevens, also joined McGovern on the tour, which stopped at a local shoe repair store, a clothing store, a salon and a restaurant, all along Main Street.
To end the day, McGovern had a “roundtable” discussion with business leaders at the Main Street Café downtown.
Bennett, as well as Arthur Bergeron, a Mirick O’Connell lawyer and chairman of the Marlborough Economic Development Corp., attended the meeting to discuss ways to revitalize downtown Marlborough. Bennett said additional signage around the downtown area and parking improvements could help improve the area.
This story originally appeared here