About 50% of all African-Americans are either unbanked or underbanked - nearly double the percentage of our overall population. These Americans are often forced to resort to costly alternatives such as check cashers and payday lenders for their financial transaction needs. In addition to saving money, minority banks boost black entrepreneurship where they operate. Advocates say that for black, minority and rural communities to thrive, a new focus must be placed on increasing the number of financial institutions that serve them. Currently, there are only 23 black-owned banks in our country. Black banks, unimpeded by the prejudice and suspicion of white bankers, extend credit to borrowers that big national banks perceive as too risky owing to their modest means, and ensure profits made off of Black money stay in the fold.

Proposed Legislation: Reintroduction of H.R.154 - RESCUE Act for Black and Community Banks (117th Congress 2021-2022)
Prospective Sponsor: Rep. Ilhan Omar (MN)

• I oppose reforming current minority-owned bank policy and wish to donate resources to the campaign committee of Speaker Mike Johnson (LA) .
• I support:
  1.) Providing regulatory relief for black and community banks.
  
  2.) Codifying the Minority Bank Deposit Program.
  
  3.) Encouraging affordable lending.
  
  4.) Expanding the use of minority banks and low-income credit unions.
  
  And wish to donate resources to the campaign committee of Rep. Ilhan Omar (MN) and/or to an advocate group currently working with this issue.