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| Carson to Deliver Weekly CBC Message to America |
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November 20, 2009
Over the next week, the following remarks will be played on almost 500 radio stations across the
“Nearly two years into this economic downturn, millions of businesses across the
“For each of these businesses—and indeed for every business that hopes to grow and stay successful—access to capital is absolutely critical. Without it, businesses struggle to cover everything from rent to supplies to salaries to health care.
“Unfortunately, the Federal Reserve has reported that 65 percent of domestic banks have tightened their lending standards and 70 percent have raised their interest rates since this crisis began. This is just the latest in a string of restrictive lending practices that have continually held back our nation’s four million minority-owned businesses.
“Too often, African-Americans and other minorities see their loan applications dismissed off hand and their interest rates randomly increased—all regardless of credit worthiness.
“As a Member of the Financial Services Committee, I have had an opportunity to work with my colleagues on a number of solutions to this longstanding problem.
“Last year, we ensured that minority-owned businesses have access to TARP and Recovery Act funds. And today we are working to establish a Consumer Financial Protection Agency and expand the Community Reinvestment Act, which together will protect consumers while directing financial institutions to responsibly invest in the communities where they do business.
“Our work in Congress still has a long way to go, but I am proud to see some of our efforts are already encouraging lenders to look more fairly at minority businesses.
“As a result, business owners are hiring back thousands of unemployed workers. And minority entrepreneurs are gaining more opportunities to build innovative businesses that will help pull our nation out of this ongoing recession.
“There is much work left to be done, but I am confident that we will soon see a nation where all businesses can thrive on a level playing field.
“This is Congressman André Carson of
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