Colorado’s economy has thrived due to the work of small business owners, many of whom are immigrants — including myself and the community I represent. Immigrant entrepreneurs in Colorado generated a billion dollars in business revenue for the state in 2020 alone. And the state has benefited from hard-working first-generation immigrants who are employed in the constantly growing tourism sector.

Despite all the economic success our community has brought, lawmakers are threatening the well being of our businesses and community members with credit card routing legislation.

The bill, sponsored by Sens. Dick Durbin (D-Illinois) and Roger Marshall (R-Kansas), is being touted as an effort to allow retailers more options for electronic payment systems and to cut costs overall; but in reality, it would slash the funding for the rewards consumers receive when they use their bank credit cards to make purchases. Families and small business owners in Colorado rely on rewards programs and savings to better protect their hard-earned dollars.

Cash rewards have offered a lifeline to low-and middle-income earning Americans — many of whom have recently, or are currently, experiencing financial struggles.

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Rewards, however, are not where the slashing stops. The Durbin-Marshall credit card bill would directly affect financial institutions’ furthering of security and innovation, and would lower the protections small businesses and consumers need in this world of ever-increasing fraud.

Colorado business owners’ bottom lines and consumer wallets will take a direct hit — one they simply can’t afford. Our tourism economy that employs so many will be hit hard, and that is a risk we cannot take.

Our local credit unions oppose this bill. Local labor organizations oppose this bill, including unions such as the Communication Workers of America that counts many immigrants as members. We recognize this legislation for what it really is and that is why we call upon two friends of our community, Sens. John Hickenlooper and Michael Bennet, to oppose this bill.

This bill is not about helping small businesses. It’s about helping the retail conglomerates that have taken advantage of immigrant-owned businesses time and time again.

It’s time lawmakers recognize this too. It’s time to alleviate the financial burden on our community, rather than add to it.

Samuel G. Michael is the president of the Ethiopian Community of Colorado.