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Members of the Congressional Black Caucus have chosen to buck their party and President Obama in a bid to stall financial regulation reform reports the New York Times. Inner City Broadcasting has put forth an aggressive lobbying campaign asking the administration to help minority-owned businesses, including Inner City.

Inner City, a troubled New York City-based radio broadcaster, which owns 17 commercial stations, is facing a possible financial collapse because of pressure by Goldman Sachs and GE Capital to repay nearly $230 million in debt.

Inner City has been battered by declines in advertising, and Black Caucus members and lobbyists for Inner City have pressed the administration for special help for black-owned broadcasters. Members of the caucus asked the administration to squeeze lenders like GE Capital and Goldman Sachs to renegotiate their loans.

"There is a lot of concern about Inner City Broadcasting," said Rep. Barney Frank (D-MA), who also serves as chairman of the House Financial Services Committee. Frank also said the radio stations were only one issue raised by the caucus, and that others included financial difficulties faced by black-owned auto dealers, newspapers, banks and government contractors. (12-03-09)

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