Travelers, in the 21st Century, it is still Federal Reserve 'business as  usual'... The Mid-South Tribune sends in letter asking questions on why African American-owned, Native American-owned, and Hispanic-owned banks and institutions are not part of $200 billion bail-out?

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              For text of letter in Adobe PDF Format     Fed Letter in PDF

 

Posted: Black Information Highway and The Mid-South Tribune ONLINE, March 13, 2008

 

To: The Honorable Christopher Dodd                                         Via Fax

From: Ms. Arelya J. Mitchell, Publisher

           The Mid-South Tribune

           The Mid-South Tribune ONLINE

           And the Black Information Highway

           www.blackinformationhighway.com

 

Date: March 13, 2008

 

Re: Federal Reserve $200 Billion Treasury Note Bail Out of Mainstream Banks and Financial Institutions

 

 

April 4th, 2008 will mark the 40th Anniversary of Dr. Martin Luther King, Jr.’s death. How apropos it was that he was talking about economic freedom, which you will see if you take the time to read it. It is simply time for minority –owned financial institutions in this 21st Century to be put in a position to help their own as well as their country. As Black newspaper founder Frederick Douglass stated (and it is also our credo): “…Power concedes nothing without demand.” Black businesses are usually blocked at the door of these mainstream banking institutions and have been so intimidated that they are even afraid to come forward in small business  hearings held by Sen. John Kerry who must be commended for at least calling a spade a spade (no pun intended) when it comes to Black business persons having little or no access to capital because of economic discrimination. Whether African American business people have A-1 credit or “F”, they still don’t qualify to have access to grow.  Having written this preamble, I am formally requesting the following to be supplied pursuant to the Freedom of Information Act:

  1. A list of banks and investment firms scheduled to get funds from the Federal Reserve’s $200 billion treasury bail-out?
  2. Since this bail-out will be in the form of treasury notes, what type of contracts will banks, investment firms, and hedge funds sign with Federal Reserve under the auspices of the Treasury Department?
  1. A  report on these banks’ and institutions’ Community Reinvestment Act (CRA) activities over a five-year period which are used to calculate and justify their rate of leverage of U.S. Dollars against deposits/investments from the Federal Reserve.
  1. How much U.S. currency is to be printed based on the release and leverage of the $200 billion in treasuries?
  1. A list of other financial institutions that are scheduled to received funds from the $200 billion bail-out?
  2. An explanation of why Native American and African American funds are being utilized to bail out banks that continue to discriminate against America’s minority businesses.
  3. A list of African American-owned banks, African American-owned investment firms, and other African American financial firms that will receive funds from the Federal Reserve $200 billion bail-out in treasury checks?
  4. A list of Native American-owned banks, Native American-owned investment firms, and other Native-American financial firms, pursuant to the 1934 Indian Law that will receive funds from the Federal Reserve $200 billion bail-out in treasury notes?
  5. A list of Hispanic American-owned banks, Hispanic-owned investment firms, and other Hispanic- American financial firms that will receive funds from the Federal Reserve $200 billion bail-out in treasury checks?
  6. A copy of the proposed bill you and your committee will present for passage to bail out mainstream banks, mainstream investment houses, and other mainstream financial firms.
  7.  An investigation into mainstream banks’, mainstream investment firms’, and other mainstream institutions’ illegal use of the Patriot Act to discriminate against minorities.

Sir, make no mistake it is my resolve to stay on this matter as it, too, is my resolve that I need God, air, and water to survive—and not a Federal Reserve system that continues to operate on a Country Club level. It is simply time for Economic Tiger Woods to be allowed into the F.R.’s exclusive club; it is time out that we only get to caddy.

 

c:  Mr. Ben S. Bernanke, Federal Reserve Chairman

      Steve Alvarez, Esquire, Federal Reserve

     Cong. Carolyn Cheeks Kilpatrick, Black Caucus

     Cong. Maxine Waters

   Cong. John Conyers

   Cong. Barney Franks

   Cong. Nancy Pelosi

     Sen. Barack Obama

     Sen. Hillary  Clinton

     Sen. John McCain

     Sen. Bob Corker

     Sen. John Kerry

     Sen. Edward Kennedy

Mr. Harry Alford, National Black Chamber of Commerce

Hispanic Chamber of Commerce

Native American Tribal Councils

Mr. Eddie Rye, Jr., Afra-Genesis Network

Mr. Earl Graves, Sr., founder, Black Enterprise Magazine

Mr. Tavis Smiley, PBS/NPR

Mr. John Smith, Chairman, NNPA

Mr. Tom Joyner