Change is Coming to Bronzeville
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Otis Monroe
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- Hillside, IL
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Friends,
With all of the Obama meetings taking place, have we begun to define what "Recovery and Reinvestment" means for Bronzeville? There are 30 banks that recieved "Bailout" funds from the Emergency Stabilization Act of 2008 that funds the TARP…
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- Zip Code:
- 60162
- About Me:
- Activist
- Company or Organization Name
- The Monroe Foundation
- Industry
- Banking
- Website:
- http://www.themonroefoundation.org
- Blog:
- http://none
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- What your goals for building a better Bronzeville community?
- To help build private/public investment partnerships
Partners in Community Recovery and Reinvestment-
We must begin to have a dedicated public policy discussion around building effective strategies to engage financial institutions that have taxpayer support support from the TARP to invest in initiatives that flow from the Obama meetings.
Secondly, the challenge of accomplishing some of this is the fact the the legislation that created the TARP (Toxic Assets Relief Program), does not specifically speak to investment or leveraging of public funds for such. The Monroe Foundation's Community Reinvestment Organizing Project has proposed several public recommendations to the Obama Admininstration, that includes:
- Institutions recieving funds from TARP or the Capital Purchase Program should submit with its' application a TARP Utilization Plan that outlines institutional and proposed investment leveraging
- Utilization of TARP or Capital Purchase Funds should be subject to evaulation of how such funds provide capital for small business and mortgage lending opportunities in communities where the institution has a presence in an low-moderate income community
- Utilization of TARP or Capital Purcahse Funds that are used to support community and economic development activities within LMI communities, should be subject to evaulation through the service and/or investment tests of the Community Reinvestment Act of 1977
To learn or join the Community Reinvestment Organizing Project, email: omonroe@themonroefoundation.org
We must begin to have a dedicated public policy discussion around building effective strategies to engage financial institutions that have taxpayer support support from the TARP to invest in initiatives that flow from the Obama meetings.
Secondly, the challenge of accomplishing some of this is the fact the the legislation that created the TARP (Toxic Assets Relief Program), does not specifically speak to investment or leveraging of public funds for such. The Monroe Foundation's Community Reinvestment Organizing Project has proposed several public recommendations to the Obama Admininstration, that includes:
- Institutions recieving funds from TARP or the Capital Purchase Program should submit with its' application a TARP Utilization Plan that outlines institutional and proposed investment leveraging
- Utilization of TARP or Capital Purchase Funds should be subject to evaulation of how such funds provide capital for small business and mortgage lending opportunities in communities where the institution has a presence in an low-moderate income community
- Utilization of TARP or Capital Purcahse Funds that are used to support community and economic development activities within LMI communities, should be subject to evaulation through the service and/or investment tests of the Community Reinvestment Act of 1977
To learn or join the Community Reinvestment Organizing Project, email: omonroe@themonroefoundation.org
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