There are approximately 5.8 million people currently residing in Colorado. The scenic beauty, robust economy and strong sense of community are just a few reasons why people continue to migrate here. Demographic experts predict this growth trend will persist, potentially pushing the state’s population to more than 7 million within the next 25 years. However, alongside this growth comes heightened competition for jobs and housing, with the Black community facing vulnerability in this regard.

A report from Colorado’s realtor association reveals the Black community has the lowest homeownership rate in the state, with only about 42% of our community owning their homes. Consequently, the escalating housing prices and rents disproportionately affect our community. Personally, I am alarmed by the exorbitant prices I see whenever a “for sale” sign appears in my neighborhood.

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This underscores the importance of vigilance regarding any legislation that may jeopardize job availability in our region. One specific bill, the Credit Card Competition Act, poses a significant threat to diverse communities in Colorado. This bill, championed by major retailers, introduces new regulations for the financial industry that could result in fewer jobs, diminished credit card rewards and stricter loan requirements.

The travel industry is expected to bear the brunt of immediate job losses. Many individuals in our community rely on well-paying jobs at the Denver International Airport. However, airlines and travel organizations caution this bill will lead to a substantial reduction in travel credit card rewards, thereby discouraging air travel, hotel stays and dining out.

Furthermore, the reduction in credit card points will adversely affect families and independent businesses that heavily rely on these rewards. Many businesses reinvest their points into essential tools and materials for growth, while families utilize points for memorable trips.

Moreover, the bill may impose more stringent loan requirements, forcing banks and credit unions to scale back their offerings. This will disproportionately affect individuals at the lower end of the economic spectrum.

Various leaders from diverse communities, including the U.S. Hispanic Chamber of Commerce and labor unions like the Association of Flight Attendants-CWA and the Transport Workers Union of America, have raised concerns about this bill. Even organizations spanning the political spectrum, such as the Progressive Policy Institute and Heritage, have criticized it. Airlines, community banks, credit unions and other entities in the finance sector have also voiced their opposition, citing detrimental affects on their businesses and customers.

Who supports this bill? Large retailers stand to gain significantly if it passes. Historically, when these corporations have lobbied for profits, promises of sharing savings with customers have often gone unfulfilled. For instance, following the Dodd-Frank Act’s favorable price controls, customers saw minimal savings, if any, and instead faced higher prices at stores.

Colorado’s U.S. Sens. Michael Bennet and John Hickenlooper understand the sway of large corporations in Washington, D.C., and have advocated for our communities before. It’s imperative they do so again by opposing this legislation, which prioritizes corporate interests over the well-being of Coloradans.

Maya Wheeler is the former executive director of the African Chamber of Commerce in Colorado, and current executive director of the Wezesha Dada Center (WDC). The WDC brings women together and provides technical assistance, support referrals and resources to help women establish businesses, achieve financial independence and improve their overall well-being.