Congressional Black Caucus vs Obama:Where is the Love?

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.

Wall Street Journal


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