Reps. Cleaver, Meeks, & Beatty Urge Fed to Partner With Minority-Owned Firms As It Implements Economic Response Programs

(Kansas City, MO) – United States Representatives Emanuel Cleaver, II (D-MO), Gregory Meeks (D-NY), and Joyce Beatty (D-OH) issued a letter to Federal Reserve Chairman Jerome Powell calling on the Fed to include minority-owned asset managers and broker deals as partners in the implementation of its capital markets and liquidity programs.

In the letter, the lawmakers wrote:

"Diversity and inclusion are central to the economic resilience of the American economy, and this must be reflected in the manner in which the Administration implements stimulus activities, and in the firms with which the Fed conducts its market activities. Please…confirm how you plan to incorporate these recommendations in the manner in which the Fed continues to use market intervention to sustain the economy and mitigate the negative impacts to the broader economy of the global pandemic."

"The Fed has responded to the coronavirus pandemic with urgency and bold action required to help the American economy weather this raging storm," said Congressman Cleaver. "However, we want to ensure equitable distribution of these vital lending programs to minority-owned firms because they're facing the same headwinds as everyone else, and, historically, tend to be overlooked. As the Fed continues to help businesses across the nation bridge the gap to the other side of this crisis, I look forward to further discussions to protect minority-owned firms."

You can find the official letter here.

Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Blue Springs, Grain Valley, Oak Grove, North Kansas City, Gladstone, Claycomo, and all of Ray, Lafayette, and Saline Counties. He is a member of the exclusive House Financial Services Committee; Chairman of the House Subcommittee on National Security, International Development, and Monetary Policy; member of the Select Committee on the Modernization of Congress; member of the Committee on Homeland Security; and a Senior Whip of the Democratic Caucus. For more information, please contact Matt Helfant at 202-590-0175 or Matthew.Helfant@mail.house.gov A high-resolution photo of Congressman Cleaver is available here.