On Heels of President's Announcement, REP. Gary Peters Announces Field Hearing In Michigan on Small Business Lending

Press Release

Congressman Gary Peters today announced plans to soon hold a House Financial Services subcommittee field hearing in Michigan on small businesses' struggle to secure loans and small financial institutions lack of access to capital during the current economic downturn. Today's announcement comes on the heels of President Obama unveiling further Administration proposals to support smaller financial institutions and bolster small business lending.

The Financial Services Oversight and Investigations Subcommittee hearing will likely be the first opportunity for Administration officials to testify before Congress on the legislative proposals unveiled today. Treasury Department officials, state and federal bank regulators, banking representatives and Michigan business and consumer groups will be invited to testify.

"I talk to small businesses in my district and throughout Michigan who want to invest, who want to add jobs, but are having trouble accessing credit at reasonable terms," said Rep. Peters. "Small businesses across the country are facing the same problem. Nearly one in six Michigan residents is looking for a job--with even more who are underemployed, have moved out of state or have left the labor force. To put people back to work we have got to ensure we have credit market conditions that allow small businesses to grow."

The field hearing announced today is being held at the request of Congressman Peters and other Members of the Michigan Congressional Delegation. Michigan has been particularly hard hit by the recent recession and global credit crisis, with a nation-leading unemployment rate of 15.3% and a host of small lenders and businesses suffering from a lack of access to capital. Economists say Michigan may see total job losses surpass one million by the end of this decade, a loss of over 20% of the state's jobs since 1999.

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