CRA and the fair lending laws will remain important components of our strategy to bring more opportunity to our neediest and worthiest citizens. At the end of 1996, for the first time, the dollar volume of mutual funds exceeded the dollar volume of bank deposits. In these circumstances, I think you will agree that it makes sense to start thinking about how these financial powerhouses can shoulder some of the public responsibilities that banks today must assume. But I am thinking less today about obligation than about opportunity. One of the most promising new frontiers for partnership is in the field of small business lending and support of entrepreneurial enterprises.
Nothing is more crucial to our nation's economic future.
Small business generates more than half of all jobs in America and more than half of the nation's gross domestic product. And nothing, therefore, is a higher priority for me personally and for the OCC than finding ways to stimulate bank lending to small business, especially minority small business. We know the need is there. All across the country, I've met and spoken to small business people who tell me that they cannot get the credit they need for start-up and expansion or can only get it on prohibitive terms. Studies show that minority entrepreneurs have a particularly tough time of it.