Washington, DC (Vocus) April 28, 2010
The U.S. African Chamber of Commerce (USACC) President, Martin Mohammed, is recommending that true financial reform for this country, should be a collaborative effort between the Treasury Department, the big banking institutions, and policymakers where banks are closely regulated to lend monies and restructure debt modifications to affected families facing foreclosures and various major debt obligations. The immigrant populations of this country are severely affected by the current practices of the banking institutions. Consumer asset protection should be an integral component of a real financial reform.
According to the President of the U.S. African Chamber of Commerce (USACC), Martin Mohammed, real financial reform should be a collaborative venture between congress and key policymakers in re-structuring the Treasury Department and the central banking system’s ability to guide national monetary policies. Banking institutions should be given broad functions to lend monies not only to big corporate giants but to other business sectors.
Mr. Mohammed is of the opinion that “banks are too big to fail” and that financial reform must begin with the Treasury Department not awarding “discounts” to the big banks who, in turn, charge high interest rates with the government “bailout” monies they receive with zero interest. He emphasized that financial reform must be “proactive” and should carry a strong consumer protection component or strategy, where the American people’s monies and assets are guarded and are as safe as the assets of the big banks.
In addition, he said that the American people are paying taxes through the Treasury Department or the IRS and financial institutions act as “middlemen” and therefore getting subsidize printout money which are brought upon by American tax payers through “revenue collections.“ In essence, we have created a new wave of financial takeover where American families are losing.
The bailed out banks are not lending to these families and these bank recipients of TARF government stimulus monies are not willing to work with these families; such as lower monthly payments of mortgage modification for the houses or “toxic assets” of these affected families. What has made matters worse is that families are being asked to make payments on the original principal while there is no room for reduction of the principal.
Mr. Mohammed said that “it is unbelievable how many collectors and lenders are after the American people’s debts, especially the immigrant communities who don’t understand the financial systems of this country.” He also said that families are being haunted by foreclosures, wage garnishments, court judgments, revenue recapture by the IRS, bank seizures, and other financial tactics.
To resolve these challenges facing the American people and immigrant populations, Mr. Mohammed recommends that we should start working with small businesses who are critical to real job creation and national economic growth. This process will “restart” good credit once again for the country; in turn the housing issue will make a turnaround, bailing out families who are experiencing extreme hardships now. And the banking giants, who already are recipients of government bailout, should drastically reduce their exorbitant interest rates.
“We can only recreate an America for the twenty-first century if we all set aside our capitalistic greed and share our God-given social responsibilities and skills toward economic altruism for the common good -- as all of us, united, are too big to fail,” Mr. Mohammed concluded.
The USACC is the leading advocacy organization for U.S. African relations and emerging African 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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