Barbara Lee Votes to Protect Consumers, Help Small Business
For Immediate Release
July 17, 2009
Contact: Nicole Y. Williams
(202) 225-2661
Washington, D.C. – This week, Congresswoman Barbara Lee (D-CA) voted to protect consumers and investors by helping to restore the stability of America’s financial markets by supporting the Financial Services Appropriations Act. This bill is another step forward in cracking down on runaway financial excesses and rebuilding regulatory protections for homeowners, investors and consumers needed to stabilize and restore confidence in the American economy.
“This bill begins the work of rebuilding the regulatory and oversight framework of the federal government, restoring home rule to the District of Columbia and safeguarding consumers by reinvigorating the Consumer Products Safety Commission,” said Congresswoman Lee.
“By investing in the Securities and Exchange Commission (SEC), Federal Trade Commission (FTC), the Consumer Products Safety Commission, the IRS and other vital agencies, we can bring back a fair and honest market place that is safe for consumers and investors alike.”
The Financial Services Appropriations Act strengthens the role of the Securities and Exchange Commission and the Federal Trade Commission to enforce the rules that govern financial markets, detect and prosecute fraudulent schemes and protect consumers. It also gives the Inspectors General of some of our key financial regulatory agencies more of the tools they need to carry out investigations of bank failures and market manipulation.
In response to massive recalls on household products such as children’s toys, the legislation boosts funding for the Consumer Product Safety Commission so they can thoroughly inspect more of the products families bring into their homes.
To stabilize the economy and create jobs, the bill includes more capital and credit for small businesses and disadvantaged communities through the Small Business Administration and Community Development Financial Institutions Fund.
The 9th Congressional District of California stands to receive $400,000 in federal funding through this legislation, including:
- East Bay Green Jobs (Berkeley, CA) - $250, 000: The East Bay Green Jobs Project will implement and manage education programs to teach skills applicable to jobs in the energy efficiency, alternative energy, clean technology, and emerging green industry sectors which are dominated by small startup businesses.
- Hispanic Business Education and Training Program (Oakland, CA) - $50,000: Hispanic Business Education & Training, Inc. (HBET) in Oakland, CA will assist and develop programs and services for Latino and other underserved populations to learn more about new and emerging careers in the private and public sectors.
- Economic Vitality of Asian Minority Business Programs (Oakland, CA) - $50,000: This funding for the Oakland Chinatown Chamber of Commerce will be used to help Limited English Proficient entrepreneurs by offering four to five varieties of business development seminars, free of charge, to current and future small business owners in their own language.
- Economic Vitality of Minority Businesses in Oakland (Oakland, CA) - $50,000: This funding for the Oakland African American Chamber of Commerce Foundation will support ongoing programs to provide technical assistance to small businesses to help them qualify and compete for private and public contracts.
Congresswoman Barbara Lee is a member of the Appropriations Committee and serves on the Financial Services Subcommittee.
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