July 13, 2020         
Karmina: The Black Dragon Princess   •     Pfizer Pledges $100 Million to New Industry Fund to Help Fight Growing Threat of Antimicrobial Resistance   •   Building AQuisition Partners United Begins Revitalization of Chicago Communities   •   Wells Fargo Names Kristy Fercho to Lead Home Lending   •   Horizon Bank and FHLB Dallas Provide $36K Grant to Assist Workers Impacted by the Pandemic   •   KCP Distributes KOCOWA on Cox   •   World Population Day 2020: DKT International Addresses Global Supply Chain Disruption, Shipping and Distribution Delays, Limited   •   Statement by the Prime Minister on Imamat Day   •   NAWBO Chicago Names First Latina President; Elizabeth Colón Has Been an Advocate for Women Since Childhood   •   Hair Cuttery Under New Ownership Safely Reopens 500 Salons   •   Dinosaurs Roaring, Carousel Spinning as World's Largest Children's Museum Re-opens to the Public   •   MillionaireMatch Releases Findings Showing Top Qualities and Traits Among Matches   •   Corporate Social Responsibility Related News Releases and Story Ideas for Reporters, Bloggers and Media Outlets   •   Dixon, Honda Now Three for Three with Road America Victory   •   Hilton Announces Second Quarter 2020 Earnings Release Date   •   The HeroZona Foundation's Bridge Forum 'Time for Change' Returns for Part Two of Equality Series   •   Genentech Provides Update on Phase III Study of Tecentriq in Women With Advanced-stage Ovarian Cancer   •   Spin Master, Warner Bros. Interactive Entertainment, and WayForward Announce Bakugan: Champions of Vestroia   •   The Black C-Suite: Challenges and Opportunities Webcast and Panel Discussion   •   30Th Anniversary of the Oka Crisis
Bookmark and Share

Black Lawmakers Urge Minority Inclusion In AIG Auction



Washington – Black California Congresswoman Maxine Waters and 7 of her Congressional Black Caucus colleagues on the Financial Services Committee today called on Treasury Secretary Timothy Geithner to ensure that the Department provide for the inclusion of minorities, women, and minority- and women-owned businesses in its upcoming auction of U.S. Government stock in American International Group (AIG).

The text of the letter follows:

January 19, 2011

The Honorable Timothy Geithner
Secretary
U.S. Department of the Treasury
1500 Pennsylvania Avenue NW
Washington, DC 20220


Dear Secretary Geithner,

According to recent news reports, the Treasury Department is in the beginning stages of preparing to auction the government’s majority stake in American International Group (AIG), which intends to convert the Treasury’s preferred shares into common stock. This stock represents a 92.1% stake in AIG and has an implied value of over $75 billion. In addition, according to these reports, Treasury intends to divide the shares into smaller groupings so it can be sold in several offerings. We hope that you take the steps necessary to ensure that in what might be the biggest stock sale in American history that minorities, women, and minority- and women-owned businesses are fairly and fully included at all stages of this process as it moves forward.

A major undertaking of this nature demands the inclusion of a diverse group of investment and banking companies. Unfortunately, minority- and women-owned businesses are frequently excluded from participation in ventures of this size. The lack of inclusion of women and minorities is why we drafted Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Public Law 111-203), which calls for the establishment of Offices of Minority and Women Inclusion at all of the government’s financial services agencies, including the Treasury. One of the duties of the Directors of these Offices is to advise the agency administrator on the impacts of agency policies and programs on minority- and women-owned businesses. Furthermore, the law also calls for the Director to develop standards to increase the participation of minority- and women-owned businesses in the programs and contracts of the agency.

While the law requires that the Offices be established by January 21, 2011, we would hope that the Department would not wait until this date to meet its obligations under the law. Given the size of this sale and the opportunity for a large number of banks and investment firms of all sizes to participate, we strongly urge you to comply with the letter and the spirit of Section 342 and provide for the inclusion of minority- and women-owned businesses in any potential offerings of stock for sale.

Please do not hesitate to contact us if you have any questions.


Sincerely,

Rep. Maxine Waters (D-CA)
Rep. Mel Watt (D-NC)
Rep. Gregory Meeks (D-NY)
Rep. William Lacy Clay (D-MO)
Rep. David Scott (D-GA)
Rep. Al Green (D-TX)
Rep. Gwen Moore (D-WI)
Rep. André Carson (D-IN) 


STORY TAGS: BLACK NEWS, AFRICAN AMERICAN NEWS, MINORITY NEWS, CIVIL RIGHTS NEWS, DISCRIMINATION, RACISM, RACIAL EQUALITY, BIAS, EQUALITY, AFRO AMERICAN NEWS, WOMEN NEWS, MINORITY NEWS, DISCRIMINATION, DIVERSITY, FEMALE, UNDERREPRESENTED, EQUALITY, GENDER BIAS, EQUALITY

Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News