CBC Members Introduce Legislation to Help Out Minority-Owned Financial Institutions

Congressman Dwight Evans (D-PA) and Gregory Meeks (D-NY), and Congresswoman Joyce Beatty (D-OH), co-chairs of the CBC’s Economic Development and Wealth Creation Task Force, introduced legislation on Wednesday which encourages federal agencies to use minority-owned banks and low-income credit unions as financial agents and depositories through the Treasury Department’s Minority Bank Deposit Program (MBDP). A recent report in the WSJ found that Black-owned financial institutions were hit hard by the 2008 recession and are still feeling the effects to such a point that Black-owned banks could altogether disappear within the next eight to twelve years. “Making access to capital and credit a reality for all small business owners and entrepreneurs should be a reality for each and every individual in our neighborhoods,” said Evans. Meeks added that “limited access to affordable financial services is a persistent problem” in minority communities, which, says Beatty, “leaves countless businesses and families in the surrounding communities with few, if any financial options to start or grow their business.” More here.