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Gov. Gregoire urges federal action to help community banks, grow jobs

For Immediate Release: February 8, 2010

OLYMPIA - Gov. Chris Gregoire today continued to urge federal leaders to free up needed credit to help community banks loan to small businesses.

�As we work our way through this recession, my number one priority is creating jobs and getting people to work,� Gregoire said. �To do that, we need businesses back on their feet. And small businesses often look to community banks to get the credit they need to start hiring.�

Last week, Gregoire met with Federal Deposit Insurance Corporation Chair Sheila Bair and Treasury Secretary Timothy Geithner about the �one size fits all� regulations that Gregoire says are hurting community banks. Gregoire has also written several letters to Bair and Washington state�s Congressional delegation, urging them to take action so community banks can continue their key role of lending to small businesses and individuals.

And last fall, Gregoire traveled to Washington, D.C., with a contingent of Washington state business leaders, including the presidents of two Washington banks, to meet with members of the Obama Administration to discuss regulations harming community banks.

�If we can�t help out Main Street and get credit flowing, small businesses will not be able to stock their shelves,� Gregoire said. �They will not be able to buy the equipment they need. They are not going to hire more people. And we as a state are not going to recover economically.�

In his State of the Union Address, President Barack Obama announced a plan to invest $30 billion to spur lending and business growth. Gregoire plans continued discussions with state and federal leaders to ensure the terms to access that funding are fair and efficient for community banks.