Congresswoman Maxine Waters Hosts Fed Chairman Ben Bernanke to Promote Minority Inclusion in Financial Recovery, Stabilization Efforts
Congresswoman Waters has held a series of meetings with Federal Reserve Chairman Ben Bernanke, Treasury Secretary Tim Geithner and FDIC Chairman Sheila Bair since the financial crisis began about increasing minority participation and has had some success creating roles for minority-owned firms within the Troubled Asset Relief Program (TARP), the Public-Private Investment Program (PPIP) and the Term Asset-Backed Securities Loan Facility (TALF).
The Congresswoman hosted Federal Reserve Chairman Ben Bernanke during a panel she organized to discuss minority inclusion at the recent Congressional Black Caucus Foundation Annual Legislative Conference in Washington, DC. Congresswoman Waters engaged Chairman Bernanke in a one-on-one conversation about the Federal Reserve's efforts to bring minority- and women-owned firms to the table to participate in post-bailout financial recovery and stabilization efforts.
"I was very pleased that Chairman Bernanke participated in my special banking panel and appreciated his comments on how women- and minority-owned firms can play a larger role in the post-bailout financial recovery and stabilization process," said Congresswoman Waters. "These firms have just as much expertise in financial services areas as the big Wall Street firms, but they add value to the process by bringing diversity of background, opinion and clients. That is why I will continue working to make sure they have a chance to contribute to our nation's financial recovery."
Congresswoman Waters has consistently encouraged the Fed to allow women- and minority-owned firms to play a larger role in the TALF program, which is responsible for lending credit to consumers and businesses in a favorable manner. Because of the Congresswoman's efforts, three of the four agents announced by the Fed to help administer the program so far have been women- and minority-owned firms.
"I am encouraged by both public and private conversations I have had with Chairman Bernanke on the Fed's dedication to bringing more women- and minority-owned firms to the table," said Congresswoman Waters. "Though there has been some headway, much ground remains to be covered in order to achieve more equitable representation in post-bailout financial recovery and stabilization efforts. I look forward to working with Chairman Bernanke and the Obama Administration to ensure that all firms are given an equal chance to become part of the process."
After the panel with Chairman Bernanke, Congresswoman Waters held two additional panels with experts on minority inclusion matters. Panelists included: Gary Grippo, Treasury Deputy Assistant Secretary for Fiscal Operations and Policy; Thomas J. Curry, Director of the Federal Deposit Insurance Corporation; Matthew Kabaker, Senior Advisor to Treasury Secretary Timothy Geithner; Nathaniel H. Christian, Castleoak Securities; Donald P. Cogsville, The Cogsville Group; Robert L. Johnson, RLJ Companies; Lawrence Parks, Federal Home Loan Bank of San Francisco; Tony Quintero, National Financial Services Consortium; and Donna Sims Wilson, M.R. Beal & Company.
This was the 39th Annual Legislative Conference organized by the Congressional Black Caucus Foundation. The event attracts tens of thousands of people from around the country who gather in Washington, DC for issues forums – discussions of critical issues affecting African Americans by panels made up of elected officials, community leaders and celebrities.
In addition to the banking issues panel, Congresswoman Waters hosted a forum on eliminating mandatory minimum prison sentences for drug offenses and her popular, provocative and fun "Young, Gifted and Black" forum she created years ago to attract more young people to ALC and get them thinking and talking about issues that directly affect their lives.
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