Elsie Meeks... said during her comments at the first Native CDFI Awards:
"So many tribes have existed by selling poverty. We've gotten our federal support and our grants and all that by being poor.... We're not selling poverty anymore. The message is about opportunity."
Important News Amid Election Noise. Today's elections are important. So is a speech delivered yesterday by Janet Yellen, President of the San Francisco Federal Reserve Bank. Discussing income inequality, not the usual fare of Fed Presidents, Yellen concluded:
"...there are signs that rising inequality is intensifying resistance to globalization, impairing social cohesion, and could, ultimately, undermine American democracy. Improvements in education are an imperative for reducing inequality and an easily justifiable investment, given its high social return. In contrast, improvements in the social safety net entails costs, even when policy interventions are well-designed from an efficiency standpoint. Even so, in my opinion, they deserve high policy priority. Inequality has risen to the point that it seems to me worthwhile for the U.S. to seriously consider taking the risk of making our economy more rewarding for more of the people."
I have uploaded the full speech here: Download yellen_11606_speech.pdf.
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.
A Senate Expert, Too. Kirk Victor, a widely read journalist who covers the U.S. Senate has agreed to join Ned Gramlich and Rich Cohen on our closing plenary panel on the upcoming midterm elections. Like Cohen, Victor writes for National Journal.
This is going to be good.
Closing Plenary. The closing plenary session at this year's Opportunity Finance Conference will focus on the November 7th midterm elections. The hour-long conversation will run from 1 pm to 2 pm on Thursday, November 2nd, and it will wrap up the Conference with a cliffhanger--who will win?
The panel will be outstanding: confirmed so far are Ned Gramlich, a former Federal Reserve Board Governor and former professor at the University of Michigan (not to mention a brand new Opportunity Finance Network Board Member) and Richard E. Cohen. Cohen, senior congressional correspondent for National Journal, is co-author of the Almanac of American Politics, the bible for national politics and author of many books on Congress.
My Speech. And that other Speaker. I have just about finished my speech for the conference, and I can promise you some important news and an embarrassing revelation about my past. I hope you can make it.
Chairman Bernanke will be speaking at about 12:45 pm on November 1st, following. Our newest Board Member, Ned Gramlich, a former Fed Governor, will introduce the Chairman.
If technology serves us well, we will post video and texts of both speeches on our new website (www.opportunityfinance.net) hours after we speak.
It's Getting Real. Every year this time, I get excited and nervous about our Conference. This year, we are rolling out a host of new and exciting things, ranging from our responsible mortgage platform to compete with predatory lenders to several announcements about CARS(TM), our ratings system.
We will unveil our new web site, a new marketing tool for Members, and our new Opportunity Finance Policy Agenda.
The new Opportunity Finance brand will be on full display--banners, our booth, materials.
I am looking forward to seeing more than 700 of my friends. Safe travels.
My Name is Mark and I'm a Poll Junkie. Every two years at about this time I become addicted to polling data on the upcoming elections. It's unhealthy, I know, but I can not seem to stop myself.
My favorite sites for poll data and political news are:
Let me know if you have a site to recommend.
Annual Membership Meeting. We have changed the start time for the Annual Membership Meeting to 8:30 a.m. on Wednesday, November 1st. This will give the hotel staff more time to set up for the Keynote Speech by Federal Reserve Chairman Ben Bernanke.
Registration. Registration continues strong for the Conference. I was out of the office today so I do not know the exact count, but we are preparing for the annual last-minute surge. If you have not registered yet but plan to attend, click here.
Wachovia Excellence Awards for Opportunity Finance. The results are in. Please join us for dinner on Wednesday, November 1st, to celebrate four of your colleagues (or you!) and the industry's achievements over the past year.
Making Room for Chairman Bernanke. The Annual Membership Meeting for Opportunity Finance Network will start at 8:30 a.m. on Wednesday, November 1st, and end by 11:30 a.m. We moved the meeting up 30 minutes so that we can clear out in time for the hotel staff to put together the main conference room for the Keynote Address by Fed Chairman Bernanke. Because registration seems to be running so high, we will need all the space available, including the space we are using for the Membership Meeting.
I look forward to seeing you there.
Texas Trip. This week I am going to Dallas and Austin. On Tuesday, I will be speaking about the challenges and opportunities I am seeing across the industry as our vision becomes real at a Dallas Federal Reserve conference. Like other regional Fed bank events, this one centers on the pioneering work that Kirsten Moy and Greg Ratliff have done. While in Dallas, I will meet with the Board and senior management of the Texas Mezzanine Fund. On Thursday, I will be in Austin with Margo Weisz and PeopleFund.
I am always looking for opportunities to visit with CDFIs and others doing interesting work. Please e-mail Marie Wright (mwright@opportunityfinance.net) to let me know about upcoming events.
Tell Us What You Think. In November, December, and January, Opportunity Finance Network will hold a series of meetings in person and through our online meeting center to take a mid-course look at the strategy we set in motion in 2003. Because so many of you have made so many gains and changes, we are eager to hear your thoughts. We will put all of the feedback together, share it with the Opportunity Finance Network Board in January, and report it out to the membership.
We are in the process of selecting dates and locations--we will have in-person meetings in as many parts of the country as possible. Stay tuned for more information.
If you want to make sure you get a special e-mail notice about the schedule, please e-mail Marie Wright (mwright@opportunityfinance.net), my assistant.
David Broder Speaks Out. David Broder, the "dean" of political columnists in this country who writes for the Washington Post, wrote a remarkable column in today's paper that predicts the emergence of a new, centrist political party in the U.S. The catalyst, he suggests, is the McCain-Powell-Graham-led resistance to President Bush's proposal to re-define the Geneva Conventions.
Linda LeFever. Linda LeFever, Executive Director of the Northside Community Development Fund in Pittsburgh, PA, passed away earlier this week after a battle with lung cancer. Linda was a passionate and effective advocate for her community, her organization, her values, and our industry.
Our hearts go out to Linda's family and loved ones, as well as the staff and Board at Northside Community Development Fund.
Briefly, A Briefing. Yesterday, Elyse Cherry (our Interim Board Chair) and I met for about an hour with Federal Reserve Chairman Ben Bernanke to discuss our work in anticipation of his Keynote Speech on November 1st at our Conference. Chairman Bernanke impressed both of us with his interest in our work and his appreciation for the roles we play in the economy generally. He clearly understood what we do, how we do it, and the transformation we are going through as an industry. We both came away excited about what he might talk about at the Conference.
(For conference details, click here.)
Trenton, September 8th. On the heels of well-attended and successful regional membership meetings in New England and California, we are gearing up for our Mid-Atlantic Regional Membership Meeting in Trenton, NJ, on September 8th. HSBC has generously sponsored the event.
More than 30 people have already signed up for this full-day meeting. The agenda will center around two discussions. In the morning, we'll discuss the industry's strategic progress in the "grow, change, or die" era, including Opportunity Finance Network's financing, policy and branding work. In the afternoon, we are going to discuss in depth the capitalization opportunities and challenges CDFIs are facing.
To sign up or to learn more, contact Blake Myers at bmyers@opportunityfinance.net.
Click here. To register for the 2006 Opportunity Finance Network Conference (or just to find out more or download a conference brochure), visit our easy-access Conference site.
Chicago Retreat. I am in Chicago with the Opportunity Finance Network's Policy Committee to map out a way forward for our policy efforts. Over the past several years we have steadily built up our policy assets--with many more Members getting involved, our Washington presence growing, success in beating back efforts to kill the CDFI Fund and in other areas. Now we are preparing to "take the policy offensive" in the form of a re-energized strategy going forward.
I will report more after the retreat. Our goal is to introduce the agenda at the 2006 Opportunity Finance Conference in Washington, DC, this fall.
August 2nd. We are looking at Wednesday, August 2nd for the weblication (that's "web" + "publication") of the 2006 Opportunity Finance Conference. Please keep checking back.
Mail too Slow? The 2006 Opportunity Finance Network Conference Brochure is at the printer, but you can see the cover here:
And if you check here, you can download it any day now.
At the Printer. Terry Clark, who is putting together the Opportunity Finance Network Conference, has done a terrific job with the help of a planning network comprising Members, investors, funders, staff, and partners. The conference brochure is off at the printer and will reach you in early August.
You'll see a lot of new Conference content based on your feedback over the past couple of years. In addition, you will see that Federal Reserve Chairman Ben Bernanke is our confirmed keynote speaker on Wednesday, November 1st.
There is a lot new at the conference this year, starting with the schedule. After more than 20 years of running the conference Wednesday through Saturday, this year we will start on Monday, October 30th and conclude on Thursday, November 2nd.
To stay up to date, visit the Conference web site.
The Song Below. He's a country star best known for singing bar songs in big arenas. His inspiration was his view of Los Angeles during the Rodney King rioting.
Unexpected Voices. I am always listening for the message and meaning in songs, and for many years a song called "We Shall be Free" has been among my favorites. One thing I like about it is the fact that it comes from an unlikely source.
Have you heard it? Do you know who wrote it? Do you know what inspired it?
Here are the lyrics. Any guesses?
We Shall Be Free
This ain’t coming from no prophet
Just an ordinary man
When I close my eyes I see, the the way this world shall be
When we all walk hand in hand
When the last child cries for a crust of bread
When the last man dies for just words that he said
When there’s shelter over the poorest head
We shall be free
When the last thing we notice is the color of skin
And the first thing we look for is the beauty within
When the skies and the oceans are clean again
Than we shall be free
We shall be free, we shall be free
Stand straight, Walk proud
Cause we shall be free
When we’re free to love anyone we choose
When this world’s biggest enough for all different views
When we all can worship from our own kind of pews
Then we shall be free
We shall be free, We shall be free
Have a little faith, Hold Out
Cause we shall be free
And when money talks for the very last time
And nobody walks a step behind
When there’s only one race and that’s mankind
Then we shall be free.
We shall be free , We shall be free
Stand Straight, Have a little faith
We shall be free
We shall be free, We shall be free
Stand straight, Walk Proud
We shall be free.
On Opportunity. In today's New York Times, actress Rosie Perez is quoted in an article about her support for an organization that gives low-income and low-wealth kids access to careers in the arts. In the article and in a pull-out quote accompanying her picture, she says this:
"What separates an underprivileged kid from a privileged kid is opportunity."
Rest and More Rest. I am home from an excessively restful vacation. With our kids away at camp and a beach house near almost no one we know, Jennifer and I spent most of our time trying to decide whether to rest or relax. It must have been exhausting because I napped, stared into space, and pondered small things at greater length than I thought possible.
I am not yet officially back to work--that will happen on Monday when I fly to San Francisco for our West Coast Regional Membership Meeting. About 50 people have registered, so I am looking forward to learning more about what's current with our Members.
In the meantime, I'll catch up on a few things (my wife is at a business conference) and enjoy the World Cup matches this weekend.
Traveling for the fun of it. It's not as if I don't get much chance to travel, but my trip this week will be way more fun than most. I will be on vacation. I will return to work circulation on July 10th (when I'll be traveling for "work fun" to San Francisco for our July 11th Regional Membership Meeting).
Worth Reading. If you are a fan of the book Good to Great by Jim Collins, you might want to read Good to Great and the Social Sectors: A Monograph to Accompany Good to Great. I picked up this 36-page essay earlier today and I'm thinking that it will be a "must-read" for lots of people in the Opportunity Finance business. I will let you know what I think after I read it.
Have you read it already? What did you think?
St. Louis. For months I have been looking forward to speaking at a plenary session of the Community Development Society, which had invited me to talk about "Grow, Change, or Die." In particular, I wanted to talk about the branding research we did last year. As difficult as it was to talk about Opportunity Finance rather than community development finance in our network, I could not quite imagine what it would be like to cover the same material with the Community Development Society.
I may never know.
Last night, at about 3 a.m., the phone rang. Never a good thing. My wife quickly assumed that either (a) something was wrong with one of our kids, both of whom went off to overnight camp yesterday or (b) something was wrong with my parents, who live nearby.
The good news is that it was neither (a) nor (b). The bad news was that US Airways had canceled my flight to St. Louis this morning. I spent close to an hour on the phone with US Airways before they re-booked me on an American Airlines flight that would have, if everything had gone well, delivered me to St. Louis barely in time to speak.
When I got to the airport--early, because something just might go wrong--American wouldn't honor my ticket even though they had the booking. It only took several trips back-and-forth between Terminals A and B through pouring rain (because of construction, you can not connect indoors) to work that out. Because of the ticket switch, however, I was flagged for an intensive security search--my first since I flew to Europe right after 9/11.
Several hours later, my flight was available for boarding... but the timing was tricky. If the plane took off quickly, I could still make the speech in St. Louis. With a long line of planes backed up on the tarmac, however, I had my doubts. I was standing at the door to the jetway trying to decide what to do when I heard the words, "Indefinite delay..."
I called my kind and understanding hosts in St. Louis and explained. They were gracious. I agreed to send along a prepared text that they might read, in lieu of my speech. (In theory, I am speaking in St. Louis at the very moment I am writing this.)
If you want to read what I planned to say, or did say, or might be saying right now, you can download my prepared remarks (Download cds_for_blog.doc).
One last thing: Remind me to tell you about what happened when I went back to get my car to drive back to the office and the car was not there.
They travel in the same circles. Sort of.
They're the same age. Sort of.
One can sing. One can't.
One hangs out at the White House. One doesn't.
(Thanks to my friend Stephen Perloff, Editor & Publisher of The Photo Review, for making me look like a rock star. Sort of.)
My Services Are No Longer Needed. The White House Personnel Office called me earlier today to let me know that I will not be re-appointed to the CDFI Fund Advisory Board. The new Advisory Board membership should be posted on both the White House site and the CDFI Fund site soon. My hope is that the appointments continue to represent the diversity of the industry. (I will have more to say once I see the list.)
The position was more of an honor than a responsibility. We met three or four times during the four years I served. Art Garcia and the Fund staff did a very good job of putting issues before the Advisory Board and Bill Bynum, who chaired the Advisory Board while I sat on it, was a terrific Chairman. The discussions were always interesting and, best of all, the chance to discuss the Fund's progress was stimulating.
Off to South Carolina. I am heading to Myrtle Beach, SC, this afternoon to participate in a forum on rural development finance sponsored by the National Rural Economic Development Association (NREDA). NREDA primary goal is to encourage more rural electric cooperatives to use loan funds (their own, mainly) to support business development and growth. I am eager to learn more from rural experts such as Ray Moncrief of Kentucky Highlands, Scott Martin of the Northland Institute, and Steve Mercil of RAIN(R) Source Capital. Linda Salmonson of the REED Fund associated with the East River Electric Power Cooperative, Inc. in South Dakota organized the event and was kind enough to invite me.
We are renewing our focus on rural development finance thanks to the support of the W.K. Kellogg Foundation, a leading national source of support for rural community development.
Our Business Response. This afternoon I will be testifying along with many other advocates about Opportunity Finance Network's responsible mortgage finance strategy at a hearing that the Federal Reserve is holding here in Philadelphia. This hearing is part of a series the Fed is conducting nationally on subprime mortgage lending.
My statement focuses primarily on the mortgage strategy we are about to unveil to our Members. Our strategy will help Members offer responsible mortgage products to customers in their markets, regardless of whether they have been in the mortgage business in the past.
Please take a look at my statement (Download Statement.doc ) and let me know what you think.
July 11th in San Francisco. We will be holding a Regional Meeting for Members and allies on Tuesday, July 11th, in San Francisco. As with the recent New England Regional Meeting and the planned Mid-Atlantic Regional Meeting in September, this meeting will blend a national perspective and practitioner-led discussions of pressing issues.
We hope staff from CDFIs across the West, as well as those across California, will join us for a day of discussion and networking. Please let Blake Myers (bmyers@opportunityfinance.net) know if you plan to attend or need more information.
We are pleased that the one-day Regional Meeting is sponsored by Wachovia.
The Best Part of my Job... is visiting with CDFIs. In the past month, I have traveled to see New Hampshire Community Loan Fund (in Concord), Low Income Investment Fund (San Francisco), Northern California Community Loan Fund (SF), Lenders for Community Development (San Jose), Rural Community Assistance Corporation (Sacramento), and Pacific Community Ventures (San Francisco).
I also got to talk with more than 20 additional Members and Allies at the New England Regional Meeting earlier this month. On July 11th, we will be meeting with some of our West Coast Members and Allies at a regional meeting in San Francisco.
Sitting and talking with you--staff, management, boards--is the single best way for me to understand what you are doing, what challenges you face, and how we might help. I can not do it often enough. I also enjoy explaining what I see happening in and around the industry and reporting on the things we are doing at Opportunity Finance Network, whether that is in one-on-one discussions, staff meetings, Board Meetings, or annual meetings. I am always looking for chances to get out and about, so please let me know if you would like me to come spend some time with you. You can either e-mail me (mpinsky@opportunityfinance.net) or Jill Lukas, my assistant (jlukas@opportunityfinance.net).
I hope to see you soon.
Appropriations Disappointment. The House Appropriations Subcommittee last night approved a disappointing $40 million allocation for the CDFI Fund for fiscal 2007. If enacted this Fall, this would cut funding almost $15 million from the current funding level. Last year the same Subcommittee approved $55 million. The cause seems to be overall pressure to cut funding rather than objections to the Fund; President Bush had proposed to eliminate the Fund and the House Subcommittee is rejecting that recommendation.
This is just the first step of many on the way to a fiscal 2007 budget. The full House Appropriations Committee still must act, and we are working with our partners in the CDFI Coalition to get at least $15 million back. In addition, we have strong support in the Senate that we will try to leverage when the Senate takes up this appropriations measure and when the Senate and House meet to resolve differences.
Looking ahead, one pressing concern is that the $40 million figure could come into play if the Congress fails to pass a budget before it recesses this fall and enacts a continuing resolution. That resolution is almost certain to take the lowest of the pending funding proposals--the House's or the Senate's, or it could take the President's proposal to eliminate the Fund!
We're going to need your help fight back. To volunteer to make calls or write letters, e-mail our policy team at cneas@opportunityfinance.net. To stay up-to-the-minute on the appropriations fight, keep a watch on our policy web site. And if you have suggestions about what we can do to win this fight, please add your comments below.
Back in California. I am back in California for a series of meetings with Members, prospective Members, and storyteller Joel ben Izzy. After spending time with a group of Members last week at the New England Regional Meeting, I am eager to hear what is new with the Low Income Investment Fund, Lenders for Community Development, Northern California Community Loan Fund, Pacific Community Ventures, and Rural Community Assistance Corporation.
Joel ben Izzy and I are discussing whether to offer a session together at the 2006 Opportunity Finance Network Conference on "Delivering the Message: Keys to Effective Public Speaking." We are looking for feedback on whether people would want to attend the session. Anyone? (Please post a comment with your thoughts or ideas.)
Anti-Predatory Lending. Wachovia's plan to purchase Golden West Financial Corporation is more than just a move into California. Golden West is parent of World Savings, a major mortgage lender. Marian and Herb Sandler, the co-CEOs of Golden West, are strong advocates against predatory lending and have funded anti-predatory lending advocacy efforts.
Full disclosure: Opportunity Finance Network has a long-term partnership with Wachovia, first on the Wachovia CDFI Excellence Awards that we present annually and, more recently, on an effort to use web technology better for knowledge sharing across the industry.
Members Meet. More than 60 staff and board members from the Opportunity Finance Network Membership met in Concord, NH, on Thursday (May 4th) for the New England Regional Meeting. The NE Regional meeting is the longest continuous regional meeting in the industry.
The discussion ranged from New Hampshire Community Loan Fund's remarkable work on manufactured housing park preservation to the challenges small rural business funds face in the current operating environment. We had a lengthy discussion about the current state of the industry, new innovations, and the policy environment.
The next regional membership meeting will be in San Francisco in July (either July 11 or 12) at the offices of the Low Income Investment Fund. In September, we will host a Midatlantic regional membership meeting in New Jersey (site and date to be announced).
Blake Myers on the Opportunity Finance Network staff is organizing and coordinating the meetings. To find out more or to participate in planning, write to Blake at bmyers@opportunityfinance.net.
Off to New Hampshire. The New England Members of Opportunity Finance Network have held regional meetings since 1985--in fact, Opportunity Finance Network emerged from one of the meetings. 54 people from our Members in the region will meet tomorrow at the Concord, NH, offices of New Hampshire Community Loan Fund. Look for a follow-up report.
Low Income Investment Fund. Monday evening I went to New York to see the Low Income Investment Fund pay tribute to four Board Members who are leaving the LIIF Board due to term limits. LIIF CEO Nancy Andrews honored outgoing Board chair Nic Retsinas of the Joint Center for Housing Studies, Moises Loza of the Housing Assistance Council, Dorothy Broadman of Capital One, and Sister Lillian Murphy of Mercy Housing. Nic and Moises are former Opportunity Finance Network Board Members.
Calling All Leaders. The Association for Enterprise Opportunity (AEO), which represents microenterprise organizations across the U.S., has launched a search for a new CEO. AEO is a partner to Opportunity Finance Network on policy, in the CDFI Coalition, and through the CDFI Data Project. In informal ways, too, we work closely together. The entire field will be well-served by a strong new CEO at AEO. To learn more, contact David Erickson-Pearson, the search consultant AEO has hired, at epdavid@earthlink.net.
Fed Chairman Bernanke to Speak. When I first joined the Federal Reserve's Consumer Advisory Council in 2003 I met a thoughtful, inquisitive guy named Ben Bernanke. Only later did I learn that he was, at the time, a Governor of the Board of the Federal Reserve System. In my three years on the Council, I got to know him well enough to know that he finds what we do important and intriguing. In his new role, Chairman Bernanke's interest in our work can only be a good thing. So we invited him to deliver the keynote address at The 2006 Opportunity Finance Conference, and I am delighted that he agreed. We have asked him to talk about our role in creating economic opportunity and inclusive growth.
Chairman Bernanke will speak following lunch on Wednesday, November 1, 2006.
How's it Playing? The justice issues in the current immigration policy debate are complex. The response in the past week has been dramatic with marches and protests, heated debates on network and cable news shows, and a steady flow of watercooler conversations. Organizers of the protest are planning a day of economic boycotts on May 1st that are likely to turn up the heat further. So who gains? And who loses? Analysts are asking whether we are seeing the birth of a new civil rights generation. In Washington, DC, political analysts are thinking--this week--that the Republicans may be more at risk than the Democrats. But there are an array of immigration-related issues that divde Democrats, as well. Not to be lost in the mix, Senator Ted Kennedy's efforts to broker a compromise are upsetting Democrats. (I admit that I thought Sen. Kennedy might be on to something when he told The New York Times,)
"We are the land of opportunity," he said. "Our streets may not be paved with gold, but they are paved with the promise that men and women who live here — even strangers and newcomers — can rise as fast, as far as their skills will allow."
(There's something about that word--opportunity.)
Carver Buys Community Capital. Carver National Bank, based in Harlem, has agreed to purchase Community Capital Bank of Brooklyn. Carver is the nation's largest minority owned bank. Community Capital was the third-ever community development bank, after Shorebank in Chicago and Southern Development Bank Corporation in Arkansas. Community Capital also was a founding member of the CDFI Coalition.
Issues? The CDFI Fund Advisory Board is meeting on Wednesday, April 26th, in Washington. As an industry representative on the Board, along with Bill Bynum of Enterprise Corporation of the Delta, I am looking for your thoughts on the Fund's activities of late. The agenda is set to bring the Advisory Board up-to-speed on a wide range of Fund programs and activities. The meetings always leave time for discussion of additional topics, however. Have a question? An Issue? Please write me at mpinsky@opportunityfinance.net.
Knowledge Sharing. Terry Clark is Opportunity Finance Network's new Senior Vice President for Knowledge Sharing. Terry will oversee the Annual Conference, new learning systems, our Consulting Services, and publications. Terry joins us after more than 20 years in community and economic development, most of it in New York City, and several years leading the National Association of Securities Professionals. Please welcome Terry at tclark@opportunityfinance.net.
Watch Your In-Box. The latest issue of Opportunity Finance Network's monthly e-newsletter will be arriving in your in-box this week. Watch for updates on staff, the 2006 Annual Conference, and the New England Regional Meeting.
Washington Post-ABC News Results. A new poll seems to confirm the downward trend in public support for President Bush and the Republican congressional leadership. According to preliminary results released this morning, with full results due this afternoon,
"The new survey found that 38 percent of the public approved of the job Bush is doing as president, down 3 percentage points in the past month and his worst showing in Post-ABC polling on this key measure since he became president. Sixty percent disapproved of his performance."
With new reports of the President's roll in leaking high-security information, Congress's failure to approve an immigration reform bill coupled with increasing public concern about immigration reform, and corruption scandals roiling Congress, the odds are increasing that the mid-term 2006 elections will be a watershed.
Immigration Policy. I participated in a conversation last week at the MacArthur Foundation on future policy issues and options for our field. Immigration was near the top of the list not only because of the on-again, off-again congressional effort to revise our national policy (it ended up "off-again" at least until Congress returns from its recess). It also rose to the top because of the rapidly shifting demographics that show up almost everywhere. The impact of those changes will be economic and political, though perhaps not in ways that we might assume. A story in today's Washington Post reports on efforts by some organizers of the primarily Hispanic rallies and public protests against certain provisions of immigration reforms to mobilize a new civil rights movement out of the protest movement. The story cautions:
"They face the challenge of appealing to a population that is divided economically, racially and by national origin, a fact that has perplexed marketing and political strategists alike. And some experts say they fear that forming a political coalition around issues more broad-based than immigration might prove daunting."
AP-Ipsos Results "Scary," Republican Says. A new AP-Ipsos poll today shows that both President Bush and the Republican Party have lost further ground. MSNBC.com reports.
FDIC Nominee a CDFI Supporter? Sheila Bair, once a senior Treasury Department official overseeing the CDFI Fund, is the Bush Administration's choice to lead the Federal Deposit Insurance Corporation, one of the four bank regulatory agencies. At Treasury in the first years of the Bush Administration and since, as a Professor at the University of Massachusetts at Amherst, has been a CDFI advocate. At the FDIC, she would be in position to provide critical support. For more, see today's Wall Street Journal.
What does it mean? The Wall Street Journal ran an insightful piece today on the political meaning behind Rep. Tom Delay's decision to give up his seat in Congress. Conclusion? The Democrats have a great opportunity to regain control of the House of Representatives but may not be ready to seal the deal. Where have you heard that before?
Who Benefits? The New York Times today reports that President Bush's tax cuts on investment income "significantly lowered" the tax obligations of the richest Americans, "reducing taxes on incomes of more than $10 million by an average of about $500,000." The Times found that the tax cuts on investment income had a more disparate impact associated with wealth than prior Bush Administration tax cuts on income and noninvestment income.
[Clock the NYT graphic below to see a full-size chart]
Inclusive prosperity? We have used the term "inclusive prosperity" for many years as a kind of shorthand to describe the overarching goal of our work--aligning capital with social, economic, and political justice. As I read media coverage and listen to radio reports on the current congressional debate, I can not help but think that Opportunity Finance Network should have a position on the issue, even though in some ways it seems a stretch from our policy work. Porous borders and "don't ask, don't tell" enforcement practices result, in part, from our economy's need for cheap labor, an addiction that is linked unmistakably to the rationale for and the historical role of slavery. I just do not know enough about the issues to propose an industry position. But I would bet that others in the industry have some recommendations. What are they?
For some useful background reading, you might check out the research and publications that the Brookings Institution has put out recently. A section of its website is dedicated to immigration reform issues.
October 30-November 2, 2006, Washington, DC. After the success of our Los Angeles Annual Conference last Fall, we are building momentum toward our 22nd Annual Conference October 30-November 2, 2006, in Washington, DC. Just a week before the critical mid-term elections, the Conference will feature policy, innovations in the field, practitioner networking, and a very special keynote speaker (no, it's not me).
We are eager to hear your suggestions for conference sessions and events. Our DC co-hosts will be meeting on April 21st to discuss tours and conference content, and we rely on our Members to shape the conference program. Please use the comment link below to post your suggestions or e-mail session and other conference ideas to our senior conference planner, Terry Clark (Terry starts work at Opportunity Finance Network on April 10th) at tclark@opportunityfinance.net.
May 4th, Concord, NH. Continuing a long tradition, Opportunity Finance Network's Members in New England will meet on May 4th in Concord, NH, for the New England Regional Meeting. The agenda will include a combination of national, regional, and local topics. For more information, e-mail Blake Myers at bmyers@opportunityfinance.net.
New CFO. Geoff Kent joined Opportunity Finance Network on April 3rd as Chief Financial Officer and Executive Vice President for Planning. He will take over CFO duties from Kathy Stearns, who will devote all her time to CARS(TM), the CDFI Assessment and Ratings System. In addition, Geoff will assume responsibility for strategic and operational planning and execution.
Geoff most recently served as President & CEO of a private consulting firm that provided emergency CEO and COO services to small businesses. Prior to that, he worked as a senior consultant for Deloitte & Touche Consulting Group. He earned his MBA at the Wharton School at the University of Pennsylvania.
Please welcome Geoff to the Opportunity Finance field. You can reach him at gkent@opportunityfinance.net.
Keeping Track. There is so much going on in the field of Opportunity Finance right now that one of the most difficult things we all have to do is try to keep track of news, knowledge, and information. I am fortunate that my job lets me see across the industry and to glean--if not always to fully digest--the rich variety of things you are doing.
The purpose of this blog is to share informally with you what I learn, what I experience, and what Opportunity Finance Network is doing. I hope that, in turn, you will use this technology to share your ideas, experiences, and work with me and with our Network.
It will take me a while to figure out what I should post and I assume it will take you a while to figure out what to respond to (and, perhaps, how). I hope to use this as
All that said (and promised), this is an experiment in communications. Please let me know what you think, what you want to know, and what you know that others would like to know.
Thanks,
Mark
SACI gets sacked. Sandra Kerr, Opportunity Finance Network's Washington representative, reports this morning that the House of Representatives' Budget plan for fiscal 2007 rejects President Bush's second effort to gut community development programs under the guise of "Strengthening America's Communities." This is just the first step of many to win back funding for the CDFI Fund and many other programs, but it is a step in the right direction.
When is "The Hammer" not a hammer? When it's part of a racket, apparently. Rep. Tom DeLay's decision to quit his re-election race less than a week after a second former senior aide was indicted for allegedly trading votes for multi-million dollar favors is big news. As news commentators are noting, DeLay's decision does not so much change the perception that Republican control of the House of Representatives is slipping as it confirms it. Chris Mathews of NBC and MSNBC, who broke the story last night, emphasizes that DeLay is concerned that a single seat could tip the balance of the elections--confirming that the November congressional races will be tight. See MSNBC coverage of DeLay's resignation.
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