| IMMEDIATE
RELEASE: Monday February
9, 2009
MBRT Urges Swift Bipartisan Senate Approval of Economic Stimulus to Rebuild Economy Utilizing America's Small & Minority Businesses
-
Economists of both parties
agree: speed matters
more than shape or size
- Mandate
transparency, accountability,
and greater oversight
- Create
bid competition and
expand small and minority
business contracting
to reduce costs and
restore confidence in
the procurement process
Washington,
D.C. -
The Senate stands ready
to vote on what President
Obama calls an imperfect
plan, but urgently needed
to approve $827 billion
compromise version of
the economic stimulus
package-one that is markedly
different from the $819
billion bill that was
passed last month in the
House of Representatives.
Once the Senate bill passes,
House and Senate leaders
will meet this week to
reconcile the two versions
with hopes of delivering
the bill to the White
House for President Obama's
signature by President's
Day (February 16). The
Senate plan features about
$100 billion more in tax
cuts and less spending
on aid to states and on
education to appease Republicans.
Bur negotiating a final
version of the 800 page
bill won't be easy. Last
week, House Speaker Nancy
Pelosi called the Senate's
changes "very damaging".
And, Larry Summers, the
President's top economic
adviser said that some
parts of the House bill
"are very important to
the President," noting
money for higher education
in particular.
An
overwhelming majority
of economists from both
parties are saying that
that the precise size
and shape of the Congressional
stimulus package does
not matter as much as
the urgency of timing
and any delay could be
damaging on an already
tortured economy. "Already,
minority auto suppliers
and dealers from Michigan
and around the country
are experiencing record
layoffs and downsizing
and even bankruptcy trying
to cope with the loss
of revenues from the economic
downturn and fall out
from banks who received
billions from Treasury,
yet they are not lending",
said Roger A. Campos,
President & CEO of MBRT.
"Right now we need to
get money flowing to businesses.
Tax cuts are secondary
to spending. It takes
money to make money."
Everyone
agrees that there also
must be vigorous enforcement
of oversight and accountability
and transparency. There
must also be bid competition
and expansion of contracting
authority for small and
minority business set-asides.
It is a well known fact
that big business contracts
with small and minority
businesses to reduce their
costs and because they
may have a unique service
or product that adds value.
So, why not deal directly
with small and minority
businesses through existing
government contracting
programs? This makes more
sense when you realize
that small and minority
businesses create the
most jobs, have more innovative
solutions, and contribute
more to the economy than
big business. "It spreads
the wealth around and
levels the playing field
for smaller companies
to participate in government
contracting. The federal
government currently has
a goal of awarding 23
percent of all federal
contracts to small and
minority businesses. It
seems only fair that the
rescue plan should have
minimum standards and
similar goals", said Roger
A. Campos.
On
January 13, 2009 MBRT
lead a coalition of fourteen
minority business trade
groups urging Congress
to restore the flow of
capital, increase SBA's
lending authority, expand
the government's financial
guarantee loan programs
and include America's
Women, Veteran owned,
Small and Minority Businesses
as part of the economic
stimulus plan.
About
the Minority Business
RoundTable:
The Minority Business
RoundTable is the only
national, bipartisan,
non-profit organization
for CEOs of the nation's
leading African-American,
Asian-American, Hispanic-American,
Native-American and other
minority-owned businesses.
Its members analyze and
help formulate effective
public policies that impact
minority-owned business.
Our corporate members
work to create sustainable
communities and national
economic viability through
successful partnerships.
The
Minority Business RoundTable
is proud to have Glaxco
Smith Kline, Equifax,
Southwest Airlines, IMPAC
real estate holding companies,
the Allegis Group and
Aerotek, Inc., the Business
Roundtable, an association
of chief executive officers
of the country's leading
corporations, Western
Union, U.S. Small Business
Administration, Departments
of Homeland Security,
Energy, Commerce, Labor
and other federal agencies,
corporations and business
trade groups as strategic
partners. For more information
on the Minority Business
RoundTable, please visit
www.mbrt.net.
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NEWS
RELEASE
Minority
Business Roundtable
1629 K Street, Suite 300
Washington, D.C. 20036
Contact: Roger A Campos
President & CEO
Minority Business Roundtable
202-289-8881
rogercampos@mbrt.net
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