What pieces of legislation will you or the CBC develop to protect African American consumers, investors, and home buyers?
First, we need to look at brokers who will give mortgages to individuals who don’t have jobs or the income to maintain the loans. There is a need for some sort of checks and balances. There have to be some penalties. We have to make sure that it’s considered a crime. If not, they’re going to continue to do it.
How closely are you working with the CBC’s Economic Recovery Task Force on providing opportunities for black financial firms as a part of the PPIP program related to TARP or the TALF program?
Very closely. We’re now looking to see how we can hold some hearings through my committee in conjunction with the CBC to get additional information about what’s really going on to assist minority companies that are being left out. Some are prepared to provide services but can’t get in the door. We want to make it possible for them to get inside.
What needs to be done to strengthen black community banks?
I really feel that we should encourage people to utilize them so that we can keep them open because that has a lot to do with how well your community does. They’re the ones that should be getting the bailouts.
Should they be given them access to TARP money as Rep. Maxine Waters proposes?
Sure, I do. They deserve it more than the others because they’re making loans to people in the community and that, to me, is crucial. Right now these big banks are getting TARP money but still not making the loans.