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CONSUMER LENDERS HAIL CLINTON'S CHOICES

 WASHINGTON, Dec. 11 /PRNewswire/ -- "We're pleased with President-elect Clinton's choice of his economic team," said Lana R. Batts, president and CEO of the American Financial Services Association (AFSA), the trade association representing consumer lenders. "With the selection of economic advisers of substance and stature, Bill Clinton is sending a clear signal to Congress and the financial services industry that he intends to push hard for his economic recovery and deficit reduction programs."
 "The president-elect, in his remarks yesterday, also touched on competitiveness as one of his themes," said Batts. "Our member companies -- the non-banking providers of consumer credit -- will be an important part of the solution to improve the competitiveness of our nation's businesses," she stated. "Batts pointed out that "whether finance companies or diversified financial services firms, AFSA members can serve as models for building a financial system where capital-strong companies raise their funds in the markets, and don't cost the taxpayer a dime."
 Batts also noted that AFSA member companies "have a tradition of lending in their communities and in the inner cities ... and of staying with their customers even in tough times."
 "The Clinton administration will face many economic challenges," she said. "The members of our association look forward to working with him and his economic team."
 AFSA is the trade association for financial services firms that provide credit to consumers and small businesses. Its 350 members, with assets of $561 billion, hold $225.2 billion in auto loans, home equity loans, and personal loans outstanding, in addition to credit card receivables of nearly $100 billion.
 -0- 12/11/92
 /CONTACT: Frances B. Smith of American Financial Services Association, 202-296-5544/


CO: American Financial Services Association ST: District of Columbia IN: FIN SU:

IH -- DC007 -- 6144 12/11/92 10:19 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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