Kristen Christian, Founder of Bank Transfer Day, Letter to Congressman Becerra
March 30, 2012
Congressman Xavier Becerra
Los Angeles (District Office)
1910 W Sunset Boulevard
Los Angeles, CA 90026
Washington, D.C. (Capitol Office)
1226 Longworth House Office Building
Washington, D.C. 20515
When I discovered credit unions on October 4th of last year, I had to share this unfortunately well-kept secret. These not-for-profit financial cooperatives are dedicated to “people helping people” by offering low interest rate loans to individuals and small businesses and distributing profits amongst all member-owners. Through the power of social media, my simple recommendation resulted in over half of a million people shifting their banking business. Without any change to existing legislature, this act of conscious consumerism brought a significant amount of money back to the local level.
I believe wholeheartedly that, given the opportunity, credit unions can put our country on the path toward economic recovery. The Small Business Lending Enhancement Act offers the opportunity to create 140,000 new jobs in the first year alone at no cost to taxpayers. By raising the Member Business Lending cap, we would allow credit unions to continue to offer responsible loans with low interest rates to independent businesses.
While most banks aren’t offering the capital these businesses need to grow, credit unions have the resources to offer loans. Any interest the credit unions earns from these loans will be recycled back into the local community each serves.
If you can find time before Congress returns to session in mid April, I’d appreciate the opportunity to have an open dialogue with you about the urgency of H.R. 1418. I live a few blocks from your office in Echo Park. I’d be glad to swing by at your convenience or can suggest some wonderful independent restaurants within the immediate neighborhood that would be glad to facilitate a meeting.
Thank you for your time,
Founder, Bank Transfer Day