April 6, 2009
For Immediate Release
Contact: Michael Levin
Phone: (202) 225-2201
Congresswoman Maxine Waters Responds TO TREASURY DEPARTMENT UPDATE
ON PUBLIC-PRIVATE INVESTMENT PROGRAM
Washington, DC – Congresswoman Maxine Waters (D-CA) responded to the Treasury Department’s announcement today of additional guidance for potential applicants interested in participating in the Legacy Securities part of the Public-Private Investment Program (PPIP), an effort to bolster the nation’s financial institutions. The Treasury Department press release can be viewed at http://www.treasury.gov/press/releases/tg82.htm
Congresswoman Waters said, "I am encouraged that the Treasury Department seems to be taking steps to enable small, minority- and women-owned business enterprises (MWBEs) to participate in the Public-Private Investment Program such as extending the deadline and evaluating criteria holistically. Treasury officials appear to have heard the suggestions made by participants at the Congressional Black Caucus TARP/TALF Access Summit and are making an effort to be responsive. However, I remain concerned that even under the updated guidelines, the burden remains on minority- and women-owned businesses to find willing partners among a select group of very large asset managers who do not have a particular incentive to welcome their assistance. For example, asset managers wishing to participate should be evaluated in part based on their inclusion of MWBEs as partners, and firms that form such joint ventures should be given a higher priority for approval. Having a diverse array of firms providing financial services will strengthen our economy so it is once again vital and healthy. I hope that the Treasury Department will give this aspect of the program additional consideration, and I would be happy to work with Treasury to help them further revise the guidelines in way that expands the opportunities for small, minority and women-owned businesses to be included."
Congresswoman Waters, a senior member of the House Financial Services Committee and co-chair of the CBC Economic Security Taskforce, has been a leader of efforts to ensure that PPIP, the Troubled Asset Relief Program (TARP), the Term Asset Backed Securities Lending Facility (TALF), and other federal programs designed to strengthen the nation’s financial markets, are fully inclusive.
Congresswoman Maxine Waters