« October 22, 2006 - October 28, 2006 | Main | November 5, 2006 - November 11, 2006 »
New & Expanded. Thursday morning, Opportunity Finance Network released our 2006 CDFI Compensation Survey at our Conference. With more than 80 CDFIs participating, more jobs included, and more data points, this survey is a big step forward from the pilot survey we released in 2005 in Los Angeles.
For a copy of the survey, please e-mail Marie Wright at mwright@opportunityfinance.net or check our web site next week.
Watch it! Chairman Bernanke's speech on November 1st at the Opportunity Finance Conference was an important statement about the role that CDFIs and opportunity finance play in addressing market failures. Though many in our industry have long believed this, most observers outside our industry have not.
The speech is titled, "Community Development Financial Institutions: Promoting Economic Growth and Opportunity." The title says it well.
We had asked the Chairman to offer his perspective on the role that our industry plays. I think he answered clearly, forcefully, and emphatically that, from a macroeconmic perspective, our work is critical.
My Speech. To read or watch my Conference speech, click here.
My goal in my speech was to convey the exciting innovations that are coming together to form a opportunity finance system. Please let me know what you think by posting a comment (below).
Art Garcia to Leave. Art Garcia informed me at a meeting in his office this afternoon that he will leave the CDFI Fund on December 8th to move home to his native New Mexico. He will stay with the federal government, returning to the US Department of Agriculture's rural housing program, where he will be the New Mexico state director.
Art said that the Treasury Department will start a search for his replacement following the midterm elections.
Art has done an outstanding job and assembled a strong staff.
Expert Analysis. Rich Cohen, chief House of Representative correspondent for National Journal, expects an inconclusive mess following next Tuesday's elections. Speaking at the closing plenary session at our Conference, Cohen said he expects to see a significant number of hotly contested House race results resulting in controversies that might well extend into January 2007!
Kirk Victor, Cohen's colleague covering the Senate at the National Journal, expects the Senate to be divided or nearly divided--a less surprising outlook.
Cohen and Victor both anticipate a deadlocked Congress but see some hope for pragmatic progress in the first six months of the new Congress.
Cohen said that he is not persuaded by polling data showing significant and growing Democratic trends. He said that structural barriers--incumbency and gerrymandered districts, in particular--are likely to protect the Republicans from a rout.
WWW.OpportunityFinance.net. As our Conference enters its final day, I look forward to reflecting on the event. For news, videos of Fed Chairman Bernanke's speech yesterday and my comments on Tuesday, please visit our new web site.
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