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OP-ED: Congress Is Right: Federal Reserve’s Reg II Will Hurt Minority Communities in America

NNPA NEWSWIRE — The Fed is taking every effort to promote income equality and workplace diversity and inclusion, but Regulation II would undercut its great work in this respect and cause potential harm to millions of minority families. Now that a congressional coalition has drawn the Fed’s attention to this concern, the central bank should respond by taking a closer, harder look at its Regulation II proposal. It is the only right and just thing to do.
The post OP-ED: Congress Is Right: Federal Reserve’s Reg II Will Hurt Minority Communities in America first appeared on BlackPressUSA.

Published

9 months ago

March 11, 2024

Oakland Post

By Dr. Benjamin F. Chavis, Jr., National Newspaper Publishers Association President and CEO

I am pleased to congratulate Rep. Nikema Williams (D-Ga.) who led a coalition of lawmakers who wrote to the Federal Reserve urging the central bank to withdraw Regulation II — its new proposal to reduce the cap on the debit card swipe fees merchants must pay to debit card processors — out of concern that it will hurt minority communities’ credit access.

I sympathize with the feelings of these congressional members. Having dedicated my life to advancing civil rights and promoting economic advancement for African Americans, I fear that this proposal, while well-intentioned, will create regressive outcomes that will ultimately hurt the very people it is intended to help.

While lowering the current cap on debit card swipe fees may appear like a reasonable measure to take in what has proven to be a lackluster economy for many merchants, my experiences — from coordinating youth activities with Rev. Martin Luther King to serving on the national board of directors for the NAACP — have underscored the importance of scrutinizing policies for their broader implications. When doing so with Regulation II, I — like the congressional coalition — concluded that lowering the swipe fees would hurt the same small financial institutions that minority communities depend on for credit access, which would thus widen the nationwide racial wealth gap and banking disparities.

Economic history tells this story well.

While reluctant to do so at the time, the Federal Reserve first limited swipe fees on debit card transactions on 2011. Studies, including one from the Richmond Federal Reserve, indicate that most retailers did not pass their savings onto consumers — a significant portion even raised prices. Meanwhile, as Main Street continues to struggle with the policy, Federal Reserve studies have found that large corporations have reaped nearly $8 billion annually since this rule was enacted.

Although large corporations benefited from not having to pay as much in swipe fees, this price control hit the small financial institutions that had to subsidize this giveaway for them hard. It gave many of them no choice but to reduce fee-free checking from 75 percent to 40 percent.

The Federal Reserve now estimates that six million Americans are “unbanked,” and many more are “underbanked ” — meaning they must use alternative financial products like check cashing services instead of traditional checking and savings accounts to make ends meet. The debit card cap has contributed significantly to this crisis.

Many financial institutions have also raised customer fees in response to interchange fee caps, with Rule II poised to intensify these challenges. Regulation II will increase them even further. According to Nick Bourke, former Director of Consumer Finance at The Pew Charitable Trusts, it may bring up to $2 billion in additional consumer costs. This escalation of fees threatens to sideline even more minority communities from the banking system, impeding their access to essential credit services required for entrepreneurship and homeownership.

The Board of Governors at the Federal Reserve are committed to advancing racial equity. By proposing Regulation II — are not intentionally doing the bidding of large corporations; however, they may be being misled by these companies’ advocacy efforts.

The Fed is taking every effort to promote income equality and workplace diversity and inclusion, but Regulation II would undercut its great work in this respect and cause potential harm to millions of minority families. Now that a congressional coalition has drawn the Fed’s attention to this concern, the central bank should respond by taking a closer, harder look at its Regulation II proposal. It is the only right and just thing to do.

Benjamin F. Chavis, Jr., an African American civil rights leader, is the President and CEO of the National Newspaper Publishers Association (NNPA). He is a former Executive Director and CEO of the National Association for the Advancement of Colored People (NAACP) and a former NC statewide youth assistant to Martin Luther King, Jr. and the Southern Christian Leadership Conference (SCLC).

The post OP-ED: Congress Is Right: Federal Reserve’s Reg II Will Hurt Minority Communities in America first appeared on BlackPressUSA.

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PRESS ROOM: Clyburn, Pressley, Scanlon, Colleagues Urge Biden to Use Clemency Power to Address Mass Incarceration Before Leaving Office

NNPA NEWSWIRE — Mass incarceration remains a persistent, systemic injustice that erodes the soul of America. Our nation has the highest incarceration rate in the world, with nearly two million people locked in jails and prisons throughout the country.

Published

2 days ago

November 21, 2024

Oakland Post

Read the letter here.

Watch the press conference here.

WASHINGTON, DC – Today, Congressman James E. Clyburn (SC-06), Congresswoman Ayanna Pressley (MA-07), and Congresswoman Mary Gay Scanlon (PA-05) led 60 of their colleagues in sending a letter to President Biden urging him to use his executive clemency power in the final months of his presidency to reunite families, address longstanding injustices in our legal system, and set our nation on the path toward ending mass incarceration.

The lawmakers hosted a press conference earlier today to discuss the letter. A full video of their press conference is available here and photos are available here.

“Now is the time to use your clemency authority to rectify unjust and unnecessary criminal laws passed by Congress and draconian sentences given by judges,” the lawmakers wrote in their letter. “The grant of pardons and commutations and the restoration of rights will undoubtedly send a powerful message across the country in support of fundamental fairness and furthering meaningful criminal justice reform.”

Mass incarceration remains a persistent, systemic injustice that erodes the soul of America. Our nation has the highest incarceration rate in the world, with nearly two million people locked in jails and prisons throughout the country. The extreme use of incarceration has resulted in one in two adults having had an incarcerated family member. People of color are disproportionately put behind bars, along with individuals from low-income communities, LGBTQIA+ folks, and those with disabilities. The bloated prison system reflects and emboldens biases that undermine the ideals of our nation and diminish trust in the rule of law. Mass incarceration attacks the most vulnerable Americans, thereby destabilizing families and inflicting intergenerational trauma.

In their letter to President Biden, the lawmakers praised the President’s efforts to create a fair and just criminal legal system by pardoning people convicted of simple marijuana possession and LGBTQ+ former servicemembers and urged the President to use his clemency powers to help broad classes of people and cases, including the elderly and chronically ill, those on death row, people with unjustified sentencing disparities, and women who were punished for defending themselves against their abusers. The lawmakers also outlined the fiscal toll of the growing mass incarceration crisis.

“You have the support of millions of people across the country who have felt the harms of mass incarceration: young children longing to hug their grandparents, people who have taken responsibility for their mistakes, and those who simply were never given a fair chance,” the lawmakers wrote. “These are the people seeking help that only you can provide through the use of your presidential clemency power.”

Joining Representatives Clyburn, Pressley, and Scanlon in sending the letter are Representatives Joyce Beatty, Sanford Bishop, Shontel Brown, Cori Bush, André Carson, Troy Carter, Yvette Clarke, Jasmine Crockett, Valerie Foushee, Al Green, Jahana Hayes, Steven Horsford, Jonathan Jackson, Pramila Jayapal, Henry Johnson, Sydney Kamlager-Dove, Robin Kelly, Summer Lee, Jennifer McClellan, Gregory Meeks, Delia Ramirez, Jan Schakowsky, Robert Scott, Terri Sewell, Marilyn Strickland, Bennie Thompson, Rashida Tlaib, and Bonnie Watson Coleman.

The lawmakers’ letter is supported by the American Civil Liberties Union; Center for Popular Democracy; Last Prisoner Project; Lawyers’ Committee for Civil Rights Under Law; Death Penalty Action; The National Council for Incarcerated and Formerly Incarcerated Women and Girls; The Faith Leaders of Color Coalition; Second Chance Justice of MCAN; JustLeadershipUSA; FAMM; The Episcopal Church; The Bambi Fund; Free Billie Allen Campaign; People’s Coalition for Safety and Freedom; Prophetic Resistance Boston; and Families Against Mandatory Minimums.

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Tennessee State University Set to Debut the First Division I Hockey Team at An HBCU

THE AFRO — “I am incredibly excited to embark on building this program, supported by God, my family, TSU students, alumni, and all those eagerly awaiting this moment,” said Duanté Abercrombie, the head coach of the Tennessee State Tigers ice hockey team, in a press release courtesy of TSU Athletics. “I firmly believe that one day, TSU will be recognized not only as a powerhouse on the ice but also as a program whose student-athletes leave a profound legacy on the world, enriched by the lessons learned at TSU.”

Published

2 days ago

November 21, 2024

admin

By Mekhi Abbott
Special to the AFRO
mabbott@afro.com

Tennessee State University (TSU) continues to break ground on a historic journey to become the first historically Black college or university (HBCU) to field a National Collegiate Athletic Association Division I ice hockey team. Alongside some assistance from the National Hockey League (NHL), the NHL Players’ Association and the Nashville Predators, the TSU Tigers have already named their official head coach, unveiled their jersey and received their first official commitment from a student-athlete.

TSU held an official press conference to announce the plan in June 2023. Their first official season as a sanctioned Division I program is planned to commence in 2025-26. On April 18, TSU named Duanté Abercrombie as the head coach of the Tennessee State Tigers ice hockey team.

“I am incredibly excited to embark on building this program, supported by God, my family, TSU students, alumni, and all those eagerly awaiting this moment,” said Abercrombie in a press release courtesy of TSU Athletics. “I firmly believe that one day, TSU will be recognized not only as a powerhouse on the ice but also as a program whose student-athletes leave a profound legacy on the world, enriched by the lessons learned at TSU.”

Abercrombie was raised in Washington, D.C., and was mentored by hockey legend Neal Henderson, the first Black man to be inducted into the United States Hockey Hall of Fame. Abercrombie attended Gonzaga College High School and graduated from Hampton University, where he was a track and field athlete prior to retiring due to an injury. After college, Abercrombie briefly played professional hockey in both the New Zealand Ice Hockey League as well as the Federal Hockey League.

After his career as a professional hockey player, Abercrombie moved onto coaching, including stints with his alma mater Gonzaga and Georgetown Preparatory School. In 2022-23, Abercrombie was a member of the coaching staff for NHL’s Toronto Maple Leafs organization.

“We are no longer doing club play in 2024-25. We are going right into D1 play for 2025-26,” Nick Guerriero told the AFRO. Guerriero is the assistant athletic director of communications and creative content at Tennessee State.

On Jan. 19, TSU got their first official commitment from an ice hockey recruit, Xavier Abel. Abel played at Drury University and scored 12 goals in 34 games, including three game-winning goals. Abel was recruited by Guerriero.

In July, the Tigers got their second commitment from forward Trey Fechko. In October, Trey’s brother Marcus Fechko also committed to Tennessee State. Since, the Tigers have also signed forward Greye Rampton, goaltender Johnny Hicks, Grady Hoffman and four-star forward Bowden Singleton. Singleton flipped his commitment from North Dakota to Tennessee State. Guerriero said that TSU has a “few” other recruits that they are waiting to announce during their November signing period.

“I think it’s important to invest in these unorthodox sports for Black athletes because it allows Black children to have more opportunities to play sports in general,” said Zion Williams, a 2024 Gettysburg College graduate and former collegiate athlete. “The more opportunities that children have, the better. They won’t feel like they are boxed into one thing or sport.”

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HBCU Champions Advance to Postseason Play

WASHINGTON INFORMER — From HBCU football teams, to the University of the District of Columbia’s soccer program, and Howard University’s volleyball players, athletes are still working to capture titles and garner bragging rights in their various conferences.

Published

2 days ago

November 21, 2024

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By Ed Hill | The Washington Informer

As the semester quickly winds down, several teams at historically Black colleges and universities (HBCUs) are hoping to find success in the postseason.

From HBCU football teams, to the University of the District of Columbia’s soccer program, and Howard University’s volleyball players, athletes are still working to capture titles and garner bragging rights in their various conferences.

South Carolina State proved all the prognosticators wrong by winning the Mid-Eastern Athletic Conference (MEAC) regular season title after being picked to finish fourth in the preseason poll.

As a result of their success, defeating the Morgan State Bears 54-7 on Nov. 16, the South Carolina Bulldogs now qualify for the Cricket Celebration Bowl on Dec. 14 in Atlanta, kicking off at noon and streaming on ABC.

However, another game between Jackson State and Southern University must happen a week before the big matchup in Atlanta, before the Bulldogs (8-2, 4-0 MEAC) know who they’ll be going against.

The Bulldogs, who have one game remaining on the schedule against Delaware State on Saturday, Nov. 23, will square off against the winner of the Southwestern Athletic Conference (SWAC) title game between Jackson State and Southern University on Dec. 7.

The Southern Jaguars (7-4, 6-1 SWAC) won the West Division, while the Jackson State Tigers (9-2, 7-0 SWAC) captured the East Division and the two will now meet up on Jackson, Mississippi at Mississippi Veterans Memorial Stadium, kicking off at 1 p.m. and streaming on ESPN2.

In the Central Intercollegiate Athletic Association (CIAA) championship game, it was Virginia Union University that defeated rival Virginia State 21-17 for the title in Salem, Virginia, on Nov. 16.

Virginia Union University celebrates after defeating Virginia State University, and winning the regular season CIAA title in Salem, Virginia, on Nov. 16. (Courtesy photo)

It was the Virginia Union University Panthers’ second straight CIAA title, avenging a 35-28 loss to the Virginia State University Trojans on Nov. 9. The Panthers (8-3 overall, 6-1 in the CIAA) got an effort of 178 yards rushing on 32 carries and a touchdown from Jodo Byers.

Virginia Union will open the playoffs with a road game at Wingate in Wingate, North Carolina on Nov. 23, with kickoff at 1 p.m.

In the Southern Intercollegiate Athletic Association (SIAC) championship, it was Miles College (9-2) overwhelming Clark Atlanta (7-3), 53-25 in the title game. The Miles College Golden Bears piled up over 430 yards of total offense, giving them a NCAA Division 2 bid as they host Carson-Newman on Nov. 23 at 11 a.m.

Miles boasts one of the top defenses in the country in Division 2, having forced 33 turnovers.

University of the District of Columbia Soccer Team Defeats Molloy

In men’s soccer, the University of the District of Columbia defeated Molloy University in the East Coast Conference (ECC) championships final on Nov. 17.

The University of the District of Columbia men’s soccer team celebrates after winning the East Coast Conference championship game on Nov. 17 (Courtesy photo)

Mustafa Tahir scored the game-winning goal in the 100th minute. It was Tahir’s third game winner of the season.

The Firebirds (8-7-4, 3-4-1 in the ECC) earned an automatic bid to the NCAA Division 2 tournament against the No. 7 seed Post University. on Friday, Nov. 22. UDC enters the game on a four-game win streak.

Howard University Volleyball Dominating in the MEAC

Howard University is one of the hottest women’s college volleyball teams.

Howard University’s volleyball team has been on fire at 21-5 overall and undefeated in the Mid-Eastern Athletic Conference. (Courtesy photo)

The Bison (21-5 overall, 14-0 MEAC) went undefeated in league play and are on a current 15-game game win streak headed into Friday’s tournament in Dover, Delaware.

The final is scheduled for Sunday at 8:30 pm on ESPNU.

Howard is the top seed, and they will be looking to capture their sixth tournament title and NCAA bid in the past nine years.

The Bison boast one of the top players in the country in junior outside hitter Rya McKinnon, who is headed for an unprecedented third straight Player of the Year honor.