Video archive of the US Congress

House Proceeding 03-24-09 on Mar 24th, 2009 :: 1:40:35 to 1:46:10
Total video length: 8 hours 7 minutes Stream Tools: Stream Overview | Edit Time

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Maxine Waters

1:40:31 to 1:40:51( Edit History Discussion )

Maxine Waters: i hope a attention and asking some very hard questions about the future of this great nation. i yield back the remainder of my time. the speaker pro tempore: for what purpose does the gentlewoman from california rise? >> i ask unanimous consent to address the house for five minutes. the speaker pro tempore: without objection, the gentlelady is recognized for

Maxine Waters

1:40:35 to 1:46:10( Edit History Discussion )
Speech By: Maxine Waters

Maxine Waters

1:40:52 to 1:41:12( Edit History Discussion )

Maxine Waters: five minutes. ms. waters: i rise to discuss an important issue. several members of the house have been working with the congressional black caucus, the financial services committee, and other committees to increase access for minority and women-owned business enterprises. just this week, a new report was released by the center for

Maxine Waters

1:41:13 to 1:41:33( Edit History Discussion )

Maxine Waters: community economic development on the imperative of closing the racial wealth gap. i'd like unanimous consent to include the summary of this report for the record. one of our primary focus areas over the last several months has been minority and

Maxine Waters

1:41:34 to 1:41:56( Edit History Discussion )

Maxine Waters: women-owned business enterprises assets to the troubled asset relief program, the tarp. originally, tarp was designed for the purchase of toxic mortgage related assets and presented several opportunities for women and minority-owned businesses to participate through asset management, legal

Maxine Waters

1:41:57 to 1:42:17( Edit History Discussion )

Maxine Waters: accounting and other professional services. following the announcement of the tarp, representative gregory meeks and i convened a meeting of over 60 minority asset managers and officials from the treasury department to ensure maximum participation by women and minority-owned

Maxine Waters

1:42:18 to 1:42:38( Edit History Discussion )

Maxine Waters: businesses. we wanted to make sure that there were real opportunities for paicipation in the tarp. as a result, legislative language was placed in the tarp bill describing specific steps treasury was to take to ensure minority participation.

Maxine Waters

1:42:39 to 1:43:01( Edit History Discussion )

Maxine Waters: in addition, members from the national association of securities professionals met with treasury several times and submitted written recommendations on how treasury could work better with minority the asset management space. unfortunately, shortly after

Maxine Waters

1:43:02 to 1:43:22( Edit History Discussion )

Maxine Waters: enactment of the tarp, secretary paulsen shifted the focus from -- paulson shifted the assets from to ailing institutions. this became known as the capital purchase program. this shift both cut off major opportunities for minority and women-owned businesses via

Maxine Waters

1:43:23 to 1:43:43( Edit History Discussion )

Maxine Waters: asset related services and opened an opportunity for participation in the way of debt underwriting and other banking and professional services. unfortunately, these opportunities were never realized as banks that received tarp funds began a cycle of self-patronage which led to

Maxine Waters

1:43:44 to 1:44:04( Edit History Discussion )

Maxine Waters: little or no access to tarp. contracting opportunities for women and minority-owned businesses. the most egregious of this type of patronage was highlighted through banks paying themselves to underwrite their own debt. yesterday, the secretary of the treasury announced a new program aimed at purchasing

Maxine Waters

1:44:05 to 1:44:27( Edit History Discussion )

Maxine Waters: toxic assets from financial institutions. with this announcement, we have come full circle and a significant opportunity for minority and women-owned businesses to participate has presented itself again. the public-private investment program could purchase up to $1 trillion in assets.

Maxine Waters

1:44:28 to 1:44:49( Edit History Discussion )

Maxine Waters: members of the c.b.c.'s economic security task force planned to convene a tarp cess summit. the summit will be designed to ensure meaningful participation in tarp through the public-private investment program, specifically, we hope to provide opportunities for minority and women-owned businesses and administration

Maxine Waters

1:44:50 to 1:45:10( Edit History Discussion )

Maxine Waters: stockholders to learn more about the new program and the capabilities of minority and women-owned businesses, develop short- , mid-, and long-term strategies to better facilitate access to tarp resources and identify specific contacts within the relevant agencies.

Maxine Waters

1:45:11 to 1:45:33( Edit History Discussion )

Maxine Waters: moving forward, i believe this is an important initiative to ensure we bring diverse talent to tackle the daunting economic problems facing us now. mr. speaker and members, this is very important. we have billions of dollars that are being injected into our society by way of the tarp

Maxine Waters

1:45:34 to 1:45:56( Edit History Discussion )

Maxine Waters: program and the other program and the stimulus program. we have to make sure that these programs are open and available to all members of our society who are equipped, prepared, and ready to participate. if the -- if our communities are to pull itself up by its

Maxine Waters

1:45:57 to 1:46:10( Edit History Discussion )

Maxine Waters: boot straps, if they are to open up opportunities and create jobs, we cannot be shut out of these opportunities boys are allowed to play. we must make sure that these opportunities are available to all of the women and

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