WASHINGTON, DC—At a Joint Economic Committee hearing today, U.S. Senator Bob Casey (D-PA), questioned Federal Reserve Chairman Ben Bernanke on the problems faced by many small businesses in securing loans to help improve or expand their operations.
“We have seen some good economic news, but there is still a lot of misery in Pennsylvania and across the country,” said Senator Casey. “Small businesses are the jobs engines of the economy. Yet, many of them are still having trouble securing the capital they need to expand and create jobs. This is contrasted with news out today from one of the big banks that it posted a $3.3 billion profit last quarter and is optimistic about the economy. Most Pennsylvanians don’t have that optimism because they aren’t seeing those types of profits. More needs to be done to make sure the economic recovery reaches Main Street.”
Following the hearing, Senator Casey also submitted questions to Chairman Bernanke on Chinese currency manipulation that is having a negative impact on U.S. jobs, manufacturers and the economy.