Cong. Rush and other members of the Financial Services Committee fought and secured the inclusion of provisions in the final Wall Street Reform legislation that President Barack Obama will sign into law:
• Creates the Consumer Financial Protection Bureau to protect taxpayers from predatory tactics
• Establishes Offices of Women and Minority Inclusion in each federal financial agency
1. In addition to this bill’s well-publicized plans to establish over a dozen new financial regulatory offices, Section 342 sets up at least 20 Offices of Minority and Women Inclusion. The Treasury, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the 12 Federal Reserve regional banks, the Board of Governors of the Fed, the National Credit Union Administration, the Comptroller of the Currency, the Securities and Exchange Commission, the new Consumer Financial Protection Bureau…all would get their own Office of Minority and Women Inclusion.
• Authorizes the SEC to issue rules on proxy access
• Strengthens the Neighborhood Stabilization Program
• Provides Emergency Assistance for Unemployed Homeowners
THE FOUR MAJOR VICTORIES IN THE WALL ST REFORM BILL:
Last night the House passed the Dodd-Frank Wall Street reform bill. The legislation now must pass the Senate. Because there were a ton of CBC members (Waters, Watt, Meeks, Towns, Cummings, Rush) involved in the process they scored, led by Maxine Waters, on several major fronts.
1. OFFICE OF MINORITY AND WOMEN INCLUSION: Women- and minority-owned firms were largely overlooked for the contracting opportunities made available by the government’s historic intervention at banks and other financial institutions. Congresswoman Waters authored an amendment, adopted by the House-Senate conference, to create Offices of Minority and Women Inclusion at each of the federal regulatory agencies — including the Department of the Treasury, the Federal Reserve and the Federal Depository Insurance Company, among others — in order to ensure the racial, ethnic and gender diversity of the work force and senior management. The offices would also increase the participation of minority-owned and women-owned businesses in the programs and contracts of each agency.
2. CHAKA FATTAH scores $1 BILLION for help for Unemployed Homeowners:
While the first wave of foreclosures was driven by subprime and predatory loans, current foreclosures are increasingly being driven by unemployment. Congresswomen Waters has introduced a national program to assist unemployed homeowners by providing them low-interest loans to help them pay their mortgages. The program is based on a successful program that has helped many Pennsylvania homeowners avoid losing their homes. The financial regulatory reform bill will provide
$1 billion for this purpose; the Treasury Department has committed to providing an additional $2 billion for the program.
3. NEIGHBORHOOD STABILIZATION PROGRAM: created 2 years ago through Congresswoman Waters’ efforts — enables local governments and non-profits to purchase and rehabilitate foreclosed and abandoned properties and sell those homes to low- and moderate-income buyers.
NSP has made significant investments into communities nationwide, and the need for NSP funding is growing. The financial regulatory reform bill includes an additional $1 billion in funding for NSP.
4. PROTECTING HOME OWNERS FROM SCAM ARTISTS: Waters worked with Americans for Financial Reform and the American Bar Association to include language in the final financial regulatory reform bill that would regulate attorneys providing financial services or products, such as loan modification and debt settlement services, to be regulated under the newly-created Consumer Financial Protection Bureau
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