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Minority CEOs Warn: "New Interchange Proposals Could Reduce Credit Availability"

WASHINGTON,  -- The Minority Business RoundTable (MBRT), a leading national non-profit organization representing CEOs of minority-owned businesses, today urged Senators to reject last-minute amendments revamping the credit card "interchange" system, which helps provide credit to millions of small businesses and consumers.

 Roger A. Campos, CEO of the Minority Business RoundTable, issued the following statement:

"The banking bill has been debated for months. That's not true of several last-minute amendments regulating the credit card 'interchange' system. Senators should carefully scrutinize these proposals to ensure that they do not threaten credit availability to small and minority-owned businesses, many of which already lack access to sufficient capital.

"Evidence suggests that the proposed new interchange rules could harm community banks and credit unions, the primary lenders to millions of small and minority-owned businesses. If enacted, these rules also could cause financial harm to consumers, according to the Government Accountability Office.

"Constricted credit and reduced consumer spending are the wrong recipe for America's economy. These significant changes to the credit system need to be thoroughly vetted and scrutinized. The Senate should not ram them through without review."

About the Minority Business RoundTable

The Minority Business RoundTable (MBRT), a registered non-profit corporation, is a national membership organization for CEOs of African-American-, Hispanic-American-, Asian-American-, and Native-American-owned top-tier businesses, representing a variety of trades and industries. Members hold positions equivalent to chief executive officer (CEO) or chairperson in their respective businesses. MBRT functions as the vehicle for its members to analyze and help formulate effective public policies that impact minority-owned businesses.

For more information, please visit www.mbrt.net

 

SOURCE Minority Business RoundTable



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