Last post, I shared the story of a woman in the Bronx who is struggling mightily due to the economic meltdown that continues to plague our neighborhoods and communities. I shared that I was in Washington chairing meetings for National People's Action/Illinois People's Action with regulatory agencies charged with safeguarding our nation's economy from failure. One year ago we met with the Fed Chairman Bernanke and shared that our communities had lost their confidence in the ability of our regulators to safeguard our economy. We called the regulators to account and demanded that they respond to the disaster in our neighborhoods that they had not prevented. Our direct actions, collaborative efforts, community organizing and courage to hold Big Banks accoutable for the economic disaster have produced results. Our meetings two weeks ago were productive and I am guardedly optimistic about the future outcomes from our conversations and agreements. I am hopeful for continued dialogue between local communities and the folks steering the rules and regulations for our economic future. I am looking forward to collaboratively building an economy for a new day that works for everyone. I am hopeful that through increased transparency our neighbors will have more opportunities to secure fair credit and that through renewed reinvestment into people and neighborhoods, our communities will flourish and become havens of opportunity. As our nation debates the roles of the Fed in protecting consumers and ensuring that fair and just practices are the rule, I am cautiously hopeful that the chairman will live up to his promise of making this a priority of the Fed. Soon, the US Senate will consider Financial Reform including the creation of an independent Consumer Finance Protection Bureau within the Federal Reserve. The bureau would be a voice for consumers within an institution that has historically taken most of its cues from Wall Street and Big Banks. Hopefully, the voices of neighborhoods and communities will be heard as rules and regulations that safeguard our economy. Here is a picture of our team that met with regulators in DC.
NPA/PICO TEAM 2010
The recent caustic debate over health care reform has revealed the ugly nature of the ideological rifts in our nation. We have seen the best and the worst of political discourse. And, we haven't seen anything yet. Financial Reform may boil blood, especially the blood of the privileged few who hold on to enormous amounts of wealth while others literally starve and die right here in our own neighborhoods! I only hope that those who stood with great courage to begin reforming our health care system will stand with the same courage to enact real financial reform and much needed immigration reform in the weeks and months ahead. And, I pray that the "better angels of humanity" will prevail as "the moral arc of the universe is long and it bends towards justice."
Peace & Joy!
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