Russell Simmons: How Debit Card Reform Hurts Poor & Minorities

(AOL Black Voices) —  Russell Simmons, the hip hop mogul and entrepreneur, is weighing in on the financial reform debate — and making a lot of economic sense too. In an open letterto Senator Richard Durbin (D-IL), Simmons called on the politician to change proposed legislation that could negatively impact poor and minority communities. The legislation in question is the so-called Durbin amendment to the financial reform bill now before Congress. Although the issue is a bit complicated, here’s the heart of the matter: Simmons is worried that the Durbin amendment may make it more difficult for tens of millions of “unbanked” and “underbanked” Americans to get affordable access to financial products and services from community banks, credit unions and other such places.

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