Brown Chairs Senate Banking Hearing that Examines Ways to Restore Credit to Main Street Businesses

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Brown Chairs Senate Banking Hearing that Examines Ways to Restore Credit to Main Street Businesses

TradingMarkets.com – WASHINGTON, D.C. – The credit crisis limiting the ability of small businesses across the country to expand operations and hire new workers was the topic of a Senate hearing today. The U.S. Senate Banking Subcommittee on Economic Policy, chaired by U.S. Sen. Sherrod Brown (D-OH) held a hearing entitled "Restoring Credit to Main Street: Proposals to Fix Small Business Borrowing and Lending Problems."

"It is no secret that roughly two-thirds of jobs in this country are created by small businesses, and it is clear that we must once again rely on the engine of small business growth to move us down the path to full recovery," Senator Brown said in his statement today. "Unfortunately, banks have drastically reduced lending, and small businesses do not have access to the credit they need to expand and hire new workers."

Testifying at today's hearing were U.S. Sens. Carl Levin (D-MI) and Debbie Stabenow (D-MI); Mr. Rick Gillet, President, Sutton Bank (Attica, OH) on behalf of the Independent Community Bankers Association; Mr. Arthur Johnson, on behalf of the American Bankers Association; and Mr. Raj Date, Chairman and Executive Director, Cambridge Winter Financial.

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