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A4 January 17, 2019 The Chronicle California Congress woman Maxine Waters Makes History BY CHARLENE CROWELL, SPECIAL TO THE CHRONICLE As 2019 begins, there is also a new Congress with leadership in the House of Representatives that makes history for people of color and women alike. Long-time California Representative Nancy Pelosi returns as Speaker of the House - the first time in 50 years that a member of Congress has achieved this feat. On a gender note, Speaker Pelosi becomes the most powerful woman on Capitol Hill and the only female in the nation’s his tory to do so. There’s also another key woman and legislator that is making history. Congresswoman Maxine Waters is now the first black and the first woman to chair the powerful House Financial Services Committee. Having served on this committee since 1995, and its rank ing member in the previ ous Congress, Waters will set the committee’s agen da in key areas affecting the economy, banking, housing, insurance and securities. The House Financial Services Committee over sees the activities and responsibilities for major financial regulators, agen cies, and the nation’s cen tral bank, the Federal Reserve. These agencies include but are not limited to the Department of Housing and Urban Development (HUD), the Federal Deposit Insurance Corporation - that insures monies in depository institutions, as well as the Securities and Exchange Commission that is charged with main taining fair and efficient investment markets. In other words, the fiery and bold black law maker who earned a repu tation for challenging Wall Street and major lenders during the hous ing crisis will now set the direction for a range of financial players, regula tors, and institutions. From monetary policy to the production and distri bution of currency, and expanding financial access to affordable hous ¬ ing options, a progressive and principled committee chair is running the show. She is also expected to set standards of performance that level the financial playing field and hold lenders accountable when they take advantage of consumers or discrimi nate in their lending. With the right kind of regulation and committee oversight, the nation may be able to change finan cial trends that have wors ened both racial and gen der wealth gaps. For example, a December 2018 report by the Asset Funder’s Network analyzed racial and gender disparities in wealth and found that black and Latina women have “lost substantial amounts of wealth in the last two decades.” From 2007 to 2016, black women ages 45-65 had a 74 percent drop in median wealth, compared to that of white women who experienced a 28 percent drop. Further, the Asset Funders Network concluded the median “quasi-liquid” savings for single black and Latina women aged 45-50 was $0. Earlier in 2017 the Federal Reserve found that nearly 1 in 5 black families have zero or neg ative net worth — twice the rate of white families. Additionally the median net worth of black fami- hes was one-tenth of that held by white families. These wealth dispari ties continue to plague communities of color in large part because of dis parities in home owner ship that enable con sumers to build wealth. Year after year, the Home Mortgage Disclosure Act (HMDA) report has con sistently found that con sumers of color are denied access to mort gages, especially private conventional loans that remain the most sustain able and affordable loans. Last year, the Center for Investigative Reporting published its analysis of the most recent HMDA report. “It found a pattern of trou bling denials for people of color across the country, including in major metro ¬ politan areas such as Atlanta, Detroit, Philadelphia, St. Louis and San Antonio,” states the report. “African- Americans faced the most resistance in Southern cities - Mobile, Alabama; Greenville, North Carolina; and Gainesville, Florida - and Latinos in Iowa City, Iowa.” A second but equally harmful trend is predatory lending that targets these same consumers with high-cost credit that cre ates debt traps. When consumers find them selves short of cash before paydays, overdraft fees, payday and car title loans are among the most predatory due to their extremely high interest rates and failure to con sider whether borrowers have the financial capaci ty to repay the loans with out taking on additional debt. For all of Black America, as well as con sumer advocates and oth ers who believe financial fairness should be the nation’s watchword, an expectation of a new era of accountability, access and transparency is hoped to soon unfold. "She is a tough and savvy defender of con sumer protection and holds the feet of the banks and the Trump adminis tration regulators to the fire," said Mike Calhoun, president of the Center for Responsible Lending in a recent interview. Should anyone doubt the resolve of Congresswoman Waters, consider her reaction last fall when she and other prominent progressives faced a series of bomb threats and other vio lence. “We have to keep doing what we’re doing in order to make this country right,” Waters told the Washington Post. “That’s what I intend to do. And as the young peo ple say, T ain’t scared.’” Charlene Crowell is the Center for Responsible Lending’s Communications Deputy Director. She can be reached at Charlene.crowell@res ponsiblelending.org. The fiery and bold black lawmaker who earned a reputation for challenging Wall Street and major lenders during the housing crisis will now set the direc tion for a range of financial players, regulators, and institutions. WE BUY HOUSES Pay Cash—As IS—Close Fast Are you behind on payments?Bad Tentants? Relocation? Job Transfer? Facing Foreclosure? Is your property vacant? Divorce? Need to settle an Estate? Tax Liens? Damage? CALL: 336-914-1678 All locations. One membership. Have a Story Let us Know Now when you join the Y, your membership includes all local Ys in North Carolina and Virginia, as well as locations around the country. • 15 locations locally across northwest North Carolina • More pool and gym space, as well as indoor and outdoor water parks • Hundreds of group exercise classes, hot yoga, Les Mills GRIT, CrossFit, and state-of-the-art training centers . with personal training and boot camps • Financial Assistance available. 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Winston-Salem Chronicle (Winston-Salem, N.C.)
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