USACC: American Families Are Too Big To Fail, Too
U.S. African Chamber of Commerce President said that it is with extreme disappointment that the Democratic-controlled Senate on Thursday defeated a plan to spare hundreds of thousands of homeowners from foreclosure through bankruptcy, a proposal that President Barack Obama embraced but did little to see it through.
Washington, DC (Vocus/PRWEB ) May 1, 2009 -- U.S. African Chamber of Commerce President said that it is with extreme disappointment that the Democratic-controlled Senate on Thursday defeated a plan to spare hundreds of thousands of homeowners from foreclosure through bankruptcy, a proposal that President Barack Obama embraced but did little to see it through.
"I am not sure if elected officials are aware of what is happening in neighborhoods in America and how families are losing their houses. Our message to you is that families are too BIG to fail, too," says Martin Martin Mohammed, President of USACC.
A dozen Democrats joined Republicans in the 45-51 vote to scuttle the measure, which Obama had said was important to saving the economy and promised to push through Congress. But facing stiff opposition from banks, Obama did little to pressure lawmakers who worried it would encourage bankruptcy filings and spike interest rates.
"The banks that are too big to fail are saying that 8 million Americans facing foreclosure are too little to count in this economy," said Senate Majority Whip Dick Durbin of Illinois, who championed the measure and had spent weeks negotiating with financial lobbyists in a bid to strike a deal.
The USACC is the Leading Advocacy Organization for U.S. African Relations and promotes Emerging Markets. The USACC is the umbrella organization for African Chambers of Commerce and Professional Trade and Business Associations throughout the United States and abroad.
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