Date: Friday, July 16, 2010, 5:36 am
By: Michael H. Cottman, BlackAmericaWeb.com
Austan Goolsbee, a senior economic advisor for the Obama administration, took a seat behind the hardwood table in the West Wing of the White House and praised a sweeping financial regulatory bill designed to protect Americans – and African-Americans, in particular – from unscrupulous mortgage lenders and shady neighborhood check cashing centers.
“This is a very big triumph for the president and the American people,” Goolsbee told several black journalists at the White House, including a correspondent from BlackAmericaWeb.com.
“There was no group more hard hit by the dubious practices in mortgage lending than the African-American community,” Goolsbee said this week.
The Senate on Thursday passed a landmark regulatory package, the most comprehensive restrictions on banks and Wall Street since the 1930s. President Barack Obama is expected to sign the legislation into law next week and Democrats are hailing the measure as a major victory for the president who has been criticized over the past few months for his management of the economy and the BP oil spill. …
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