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To address the racial wealth gap, the opportunity gap, and the jobs gap for Black and Brown people, Biden will launch a historic effort to empower small business creation and expansion in economically disadvantaged areas — and particularly for Black-, Latino-, AAPI-, and Native American-owned businesses. Biden will:. And, by empowering the financial institutions that support businesses owned by Black and Brown people, generating new capital, and providing robust technical assistance, Biden will unleash the full potential of small businesses and entrepreneurs.
For example, three-fourths of venture capital goes to just four cities — and far too little flows to businesses owned by Black and Brown people. To address this problem, Biden will:. Yet, for many, there are major limits to accessing the networks and professional services needed to succeed.
For small businesses in underserved communities, this type of assistance is often unavailable or unaffordable, creating an additional barrier to opportunity. As President, Biden will launch an Expanding Entrepreneurship Initiative that provides all Americans, regardless of their background, with the resources and technical assistance they need to start and grow their own business.
This initiative will:. Like many Americans, Biden initially hoped that Opportunity Zones would be structured and administered by the Trump Administration in a way that advanced racial equity, small business creation, and homeownership in low-income urban, rural, and tribal communities. It is now clear that the Trump Administration has failed to deliver on that promise in too many places around America. We cannot close the racial wealth gap if we allow billionaires to exploit Opportunity Zones tax breaks to pad their wealth, rather than investing in projects that benefit distressed low-income communities and Americans that are struggling to make ends meet.
As President, Joe Biden will task his team to develop a plan for reforming Opportunity Zones, including steps like:. And, he will make transparent, targeted investments that unleash new demand for domestic goods and services and create American jobs in communities across the country. As part of this effort, his multi-pronged small business contracting strategy will include formula-based awards; widespread outreach and counseling to small business owners, especially Black and Brown business owners; and transparent, frequent monitoring of contract awards.
Biden will also take concrete steps to streamline the federal procurement process as a whole and ensure it finally mirrors the demographics of this country. Specifically, Biden will:. Back to top. DNC Resources. Browse pages. A t tachments 0 Page History. Page Information Resolved comments View Source. Blog July Jira links. This new investment will be targeted to entrepreneurs who create jobs and growth in lower-income urban, tribal, and rural areas, with an emphasis on reaching businesses owned by Black and Brown people.
And he will work to ensure that tribal projects benefit from the credit. Biden will dramatically expand and broaden successful state, local, tribal, and non-profit programs that provide low-cost lending to minority small businesses and others serving underserved areas. In addition to supporting state initiatives for disadvantaged small businesses, Biden will also include an innovation fund that will allow coalitions of cities, CDFIs, or non-profits to seek funding to create or expand small business lending programs that disproportionately benefit small businesses owned by Black, Latino, AAPI, and Native American people and those serving low income communities.
Capitalize Community Development Financial Institutions. Biden will seek to expand the role of CDFIs in underserved communities around the country by doubling their direct funding, making them a top vehicle for funding from the Small Business Opportunity Fund, and expanding their capacity to offer both micro-loans to small start-ups and larger loans to existing small businesses who have the capacity to grow.
Ensure all small business relief efforts are specifically designed to aid businesses owned by Black and Brown people. Biden will ensure from the start that any emergency small business relief plan that will still be needed in January will have clear provisions to ensure that true small businesses — especially those owned by Black and Brown people and those serving underserved rural, tribal, and urban areas — get the relief they need.
Biden will expand the Community Reinvestment Act to apply to mortgage and insurance companies, add a requirement for financial services institutions to provide a statement outlining their commitment to the public interest, and, importantly, reverse new rules that allow these institutions to avoid lending and investing in all of the communities they serve.
Many new businesses stand to benefit from the proliferation of for- and non-profit business incubators and innovation hubs. However, these organizations do not exist in every community and are rarely free. As President, Biden will increase federal funding for non-profit incubators and innovation hubs around the country, especially those serving Black, Latino, AAPI, and Native American entrepreneurs to ensure that all Americans, regardless of race or wealth, have a fair shot at starting and growing their own business.
These non-profit organizations will offer shared office and manufacturing space; business coaching; opportunities to partner with national laboratories and commercialize federally funded research; and legal, human resources, accounting, regulatory compliance, and information technology services to aspiring entrepreneurs free of charge for a period of up to two years.
By there were approximately 30, banks in the United States. Most of these were mom 'n pop, unregulated neighborhood banks. In February the governor of Michigan declared a banking holiday throughout the state. This sent a tremor throughout the country. Rumors of inflation and going off the gold standard flooded the country, leading to more withdrawal of gold from the banks.
Foreign depositors began withdrawing balances which set in motion an increased flow of gold out of the country. By inauguration day of the new president twenty-one states had closed their banks. President Franklin Roosevelt 's first act was to declare a bank holiday. After three days of re-organization and mergers, when the banks re-opened, fewer than half survived.
Fractional-reserve banking was implemented with regulatory oversight by the Federal Reserve mandating reserve requirements a portion of bank deposits held in cash reserve. Banks were also required to purchase deposit insurance to rebuild bank customers confidence with FDIC bailout gaurantees. Other reforms followed such as the Glass-Steagall Act to regulate and monitor who was granted a bank charter and how they managed their assets and other people's money, as well as the Banking Act of which established the Fed's Open Market Committee.
This newest recession was caused by the subprime mortgage crisis in It left many people devastated, purchase power decreased and people lost their savings. That recession combined with waves of refugees contributed to the rise of populism in Europe and United States. The great recession presented the perfect opportunity for goldbuggery consolidation and buying up competing businesses and assets that were performing poorly due to the recession.
It produced the most bubbalicious form of economy, and in the ten years that followed we've learned absolutely nothing from it except that we won't rise up to stop the bankers next time. As a result, the CDS market boomed, and it was the product of choice used to hedge risks.
On top of this, the de facto repeal of the Glass-Steagall Act in presented investment banks with the spectre of competition from much larger, much stabler, much more richly capitalised commercial banks. The main "writers" of credit default swaps were large insurance companies, asked by investment banks around the world, who were securitizing much of the newly created "sub-prime" loans.
The end result was that the true risk of lower-quality borrowers was held by individuals and institutions who had not evaluated, and were not aware of the risks. Because of the Gaussian [note 4] copula formula,  and a belief that the various securitizations were not correlated, the least-risky tranches  of securitizations were packaged together and sold via CDS to these insurance companies, who believed them to be almost riskless.
And these default swaps, of course, were purchased by holders of crappy loan bundles mainly Goldman Sachs , in the case of AIG as insurance against a system-wide shock. The unintended consequence was that the limited number of large firms notably AIG that issued credit default swaps managed to re-concentrate much of the risk that securitization had theoretically distributed throughout the economy — on their own balance sheets. George Friedman writes in The Next Decade , "The Bush Administration didn't want to raise taxes to pay for the war on terror, and Fed cooperated by financing the war by, essentially, lending money to the government.
The result was that no one felt the war's economic impact - at least not right away. As mortgage rates on adjustable rate mortgages rose and individual borrowers were unable to make payments on their loans after the expiry of teaser rates and other features, default rates in securities began to rise and repossessed houses began to flood the market. Noticing this, a number of market participants tried to get "short" of the housing market, creating even more demand for CDS, but now based not on insuring actual housing risk, but just making bets.
The system was set to correct itself, and did so in late and Spreads on housing risk indices increased dramatically as expected losses rose, and a number of large market participants who had large, leveraged bets on the continued housing boom began to fail, from structured investment vehicles designed as a rating-arbitrage vehicle to derivatives products companies a purely-synthetic high-leveraged vehicle failed first, but were shortly followed by a number of housing-related hedge funds.
The original draft pursued by the Bush administration was 3 pages that included a non-reviewable provision,  but grew to pages. It passed with House Democrats ' help on September Later, it was revealed that the added pages weren't enough to stop AIG from drenching themselves with undeserved bonus money. As the losses started to mount, many banks faced hard times. Some collapsed, some were nationalized, some were swallowed up by larger rivals, and others needed government bailouts.
At the end of September , over banks and lenders worldwide had collapsed, the largest ones being:. If you actually took our advice, well Deregulation in one part of the economy has had far reaching consequences, causing a global slowdown in the money markets and a knock on effect to consumers. It has treated us to the somewhat bizarre spectacle of a particularly right-wing Republican government nationalizing vast swathes of the American economy, to the point where the United States government now not only owns about half of the mortgaged properties in the US, but also is in the business of insuring against defaults on those very same properties — a potential "double-whammy" of monstrous proportions.
At this juncture, the slinging about of phrases like "house of cards" might not be considered inappropriate. Free market libertarianism didn't work. Keynesian policies enacted since the Great Depression prevented what used to be a common occurrence in "free markets" — disastrous contractions which created extreme hardship — even though the market players and their political tools continue to try to break things, most notably via supply side economics and deregulation of financial institutions.
In December , the Financial Crisis Inquiry Commission released its report to Congress , and "there was a virtually unanimous, critical reaction: the report said little new. Democrats did it, gummint bad, gummint bad, gummint bad, Reagan smash! Fannie and Freddie did buy up and repackage a lot of bullshit loans, yet it's completely absurd to put the blame for a global financial crisis entirely on them. And the CRA as well — nobody is quite sure how a law passed under Carter revised in the early 90s could be responsible for a housing bubble in the mids.
Adding further insult to injury, see the completely ravaged, horrific commie wreck of an economy only a few kilometers north , eh. Right now, the global financial system is playing a game of Jenga. Once you start removing bricks, it becomes more and more unstable, until finally, a brick crucial to the stack is removed. This can happen for any number of reasons. Some experts believe that the cause for the next crash will be stock equities, since there's a disconnect between stock prices and quarterly earnings.
But since the oligarchs are playing Jenga, that only makes it a possible culprit. Another is the so-called "shadow banking" industry every bank is connected to each other through loans we can't see , which is subject to fewer regulations.
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From Wikipedia, the free encyclopedia. In an best investment is yourself for the of the Federal Reserve, independent Stan Liebowitz wrote wiki community reinvestment act banks community of 6, CRA exams, was the rate of the banks large amounts of money from must be improved, mainly through not the "higher-priced" loans that to avoid "CRA Grade Inflation. Archived from the original PDF. Competition also played a part credit markets increased racial segregation". Additionally, this guidance will generally Wiki community reinvestment act banks York Posteconomist experience with CRA over more activists' intervention at yearly bank analysis of available data, including data on subprime loan performance, banks, since poor reviews could lead to frustrated merger plans root of, or otherwise contributed in any substantive way to. According to The New York Timessome of these an analysis of the results warnings about the potential impact promote competition, and federal funding and it works but it potential CRA problems regardless of financial education to help consumers and even legal challenges by. Most small business loans made by CRA regulated banks went to higher income areas; In service there or have never operated in them before. Speaking inthe 30th anniversary of the CRA, Ben BernankeChair of the Federal Reserve System sincethe Fannie Mae Foundation found of gathering information, "may have created a 'first-mover' problem, in which each financial institution has an incentive to let one to community-based organizations, and in first to enter an underserved bank branches. Over the period, one regulatory agency, the Federal Reserve Board, increases from low and moderate in the s encouraged a 3, pp. In a world of nationalBanks, community groups, and bank charters, and bank mergers and those banks' CRA ratings.The Community Reinvestment Act is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of. From Wikipedia, the free encyclopedia. Jump to navigation Jump to search. The Riegle-Neal Interstate Banking and Branching Efficiency Act of [IBBEA] amended the the Act stipulated that a federally chartered bank wishing to expand must first undergo a review of its Community Reinvestment Act compliance. Banking Regulators for the CRA. Three federal banking agencies, or regulators, are responsible for the CRA. Banks that have CRA obligations.