FOR IMMEDIATE RELEASE    
CONTACT: Cullen Schwarz

Monday, November 23, 2009    
(202) 225-5802

 Financial Services Committee Members Plan to Hear Testimony from Small Businesses, Financial Institutions, Administration Officials in Southfield Nov. 30

Washington, D.C. – Congressman Gary Peters today announced Members of Congress will soon travel to Michigan to examine how a lack of small business lending is hampering the nation’s economic recovery.  The House Financial Services Subcommittee on Oversight and Investigations will hold a field hearing at 11 a.m. Monday, November 30 at Lawrence Technological University in Southfield.  The Congressional panel plans to hear witness testimony on small businesses’ struggle to secure loans and smaller financial institutions lack of access to capital during the current economic downturn. 

The field hearing is being held at the request of Congressman Gary Peters, a Member of the House Financial Services Committee, and other Members of the Michigan Congressional delegation.  

“While the balance sheets of large banks are growing healthier, many small banks in Michigan and around the country are struggling to raise capital and small businesses in many cases still do not have sufficient access to financing,” said Rep. Peters.  “I talk to small business owners in my district and throughout Michigan who want to invest, who want to add jobs, but are having trouble accessing credit at reasonable terms.  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 is open to the public; however, seating may be limited.  As with all Congressional hearings, only invited witnesses will be allowed to testify.

WHAT:     House Financial Services Subcommittee on Oversight and Investigations field hearing: “Improving Responsible Lending to Small Businesses”

WHO:     Congressman Gary Peters, Members of the House Financial Services Subcommittee on Oversight  and Investigations, witnesses (likely witnesses may include small business owners, officials from small financial institutions, government officials—a full witness list will be made available soon). 

WHEN:     11 a.m. Monday, November 30, 2009

WHERE:    Lawrence Technological University, Southfield, Michigan
                 21000 West Ten Mile Road
                 Southfield, MI 48075-1058