Unemployment is at 10.2%. For African-American is over 31% and members of the Congressional Black Caucus and the White House is clashing over the lack of jobs and funding for back business.
On Wednesday, Ten black members of House Financial Service Committee boycotting a vote meeting on financial industry regulations reform. The vote almost cost Congressman Barney Frank(D-MA) Chairman of the Financial Service Committee votes.
A battle between Rep. Maxine Waters (D-CA) and the Obama Administration was due to lack of funding for black own businesses. The Wall Street Journal learned that a meeting between Waters and Treasury Secretary Timothy Geithner and White House Chief of Staff Rahm Emmanuel was testy. Waters alleged that White House was not aiding black owned businesses including a minority broadcaster.
The broadcaster, Inter City Broadcasting have difficulty to refinance their loans to a better rate. The meeting paid off. Two weeks after the meeting between Waters and The White House, Inner City Broadcasting was able to refinance their loans with Goldman Sachs.
Some in the Obama Administration worry that they will be seen meddling in the affairs of business.
But the Congressional Black Caucus says that they are not playing favorites and interfering in the affairs of business. The caucus see the White House favoring Big Business instead of the little guy.
At a press conference Waters stated the caucus demands over the White House. Waters says the Caucus would “use our power and our influence” to foreclosure and unemployment policies that are harmful to the community and will boost credit and federal contracts to minority own businesses.
The White House has tried to pacify the caucus to no avail. Wednesday,Chief of Staff Emmanuel and Treasury Secretary Geithner met with the Black Caucus and noting was accomplished.
After the get together; The CBC decided not to attend the committee meeting vote. The committee vote was delayed before. Rep. Frank decided to go ahead with the vote. The bill passed 31-27.
During the press conference Rep. Waters stated minority owned businesses are disproportionately affected by the recession. Minority owned small businesses. She said minority owned banks do not have level of access to government finances like other banks.