Reps. Williams and Luetkemeyer Host Roundtable on Effects of Rising Interest Rates on Small businesses

WASHINGTON, D.C. – House Small Business Committee Vice Ranking Member Roger Williams (TX-25) and Ranking Member Luetkemeyer (MO-03) hosted community bankers to discuss the effects of rising interest rates on small businesses.

"The Federal Reserve has been forced to aggressively raise interest rates to get inflation under control," said Congressman Williams. "As a small business owner of over 50 years, I understand these actions have dire impacts on Main Street America. Today, I was glad to host community bankers to share their firsthand accounts on how these interest rate hikes will slow economic growth, increase the cost of credit, and make it harder for small businesses to expand operations. I thank the participants for joining today and look forward to continuing our work to better serve our Nation's job creators."

"Just last week we saw inflation soar to a nearly 41 year high. Inflation remains a top problem for Main Street USA. Biden's inflation crisis impacts every aspect of a small business' daily operations. For too long now, small businesses have been on the receiving end of increased wholesale prices, forcing themselves to raise their prices and adjust their staffing levels just to keep their doors open," said Ranking Member Luetkemeyer.

Panelists:

• Ken Hale, President and CEO of BOM Bank
• Christy Bussey, Director of Growth and Solutions for the Independent Bankers Association of Texas
• Steve Scurlock, Director of Government Relations for the Independent Bankers Association of Texas and former Deputy Banking Commissioner of Texas

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Congressman Roger Williams represents the 25th Congressional District of Texas and serves as a member of the House Committee on Financial Services and as Vice-Ranking Member of the House Small Business Committee.