A couple of weeks ago, the Congressional Black Caucus threw down the gauntlet and forced Barney Frank to shutdown the House Financial Services Committee’s vote on a bill that would overhaul the financial regulatory system. Maxine Waters and 9 other CBC members, who sit on the Finance Committee, claimed their action was the result of the Obama Administration ignoring the needs of their Black and Brown constituency in regards to the economy and unemployment. Yesterday, after two weeks of delay, the committee vote on the bill came up again, and despite a boycott by the CBC, it passed 31-27.

Some have applauded the CBC’s actions. Last week, my colleague, Webb wrote a post praising their decision (SEE: WEESeeYou Congressional Black Caucus (CBC): “Y’all will shut a mutha f*cka down!”) However, I wasn’t ready to give dap to the CBC. My Spidey Senses were telling me that the CBC was full of shit.

Let’s face it:  African Americans being disportionately affected by the economy and unemployement ain’t nothin’ new! It’s been going on for YEARS and a majority of the members of the CBC have been in office long enough to know this AND do something about it, but it’s only NOW that they decide to flex their muscle on behalf of their constiuents? Sorry, CBC. You need more people.

My colleague, and WSY Fam, Miranda brought up a good question yesterday:

“I wonder what specific policy initatives they are bringing to the table that aren’t being addressed? Something tells me not one of the ten could tell me either.”

Word, Miranda! The first time the CBC decided to delay this vote, you’d think they would have their wishlist fired up and ret ta go so they can take it to the media. On the contrary, when pressed for specifics, they clammed up.

Nah, son. Something’s shady going on and it looks like my Spidey Sense were on point:

Hat Tip: Caribgirl, Poster at JJP

NYTimes.com:

December 3, 2009
Black Caucus Seeks to Ease Radio’s Woes
By ERIC LIPTON

WASHINGTON — The radio business has nothing to do with the plan to overhaul the nation’s system for regulating banks and other financial institutions.

Except, it turns out, in Congress.

One of most intriguing mysteries here in recent weeks is why members of the Congressional Black Caucus have chosen to buck their party and president in trying to stall financial regulation reform.

The answer lies at least in part with an aggressive lobbying campaign by a troubled New York City-based radio broadcasting company, Inner City Broadcasting, whose co-founder is a prominent New York politician and businessman, Percy Sutton.

In a rare break with President Obama, the caucus, made up of black members of Congress, is holding back support for the legislation because it wants the administration to help minority-owned businesses, including Inner City, whose financial plight has been specifically identified in meetings with top administration officials.

Inner City Broadcasting, which owns 17 commercial stations nationwide and was co-founded in 1971 by Mr. Sutton, faces a possible financial collapse because of pressure by Goldman Sachs and GE Capital to repay nearly $230 million in debt, Pierre Sutton, his son, said in an interview Wednesday.

Inner City has been battered by declines in advertising, as have many stations around the country, which have experienced drops of 10 percent or more in the last year because of the recession and the move of advertisers to the Internet.

While others are suffering, too, Black Caucus members and lobbyists for Inner City in a series of meetings have pressed the administration for special help for black-owned broadcasters like Inner City, participants in the meetings said.

Read the full article at the link above.

After yesterday’s vote, Politico reported the following:

The bill passed easily, but Waters suggested the CBC’s 43 members could vote with the GOP to scuttle a variety of Democratic bills if Obama and Emanuel don’t address what she thinks is a lack of understanding of the CBC’s wide-ranging goals of reducing urban unemployment, home foreclosures and bank failures.

Yeah, because Republicans really care about Black people.

Another thing: Is political payback in play here? I find it…interesting that Waters, a Clintonista, is leading the charge. Ya’ll know some of these Clinton supporters still can’t accept that President Barack Obama beat their girl, Hillary Clinton. And then there’s the CBC, aka the Clinton Black Caucus (tm Webb), who are pissed that PBO made it to 1600 Pennsylvania Ave. without kissing their rings.

Here’s what I think W.E.E. should do: Contact the Congressional Black Caucus and let them know that W.E.E. See Them!

Members of  the CBC Who Are on the House Finance Committee:

Rep. Maxine Waters, CA – (202) 225-2201
Rep. Melvin L. Watt, NC – (202) 225-1510
Rep. Gregory W. Meeks, NY- (202) 225-3461
Rep. Emanuel Cleaver, MO – (202) 225-4535
Rep. Keith Ellison, MN – (202) 225-4755
Rep. William Lacy Clay, MO – (202) 225-2406
Rep. David Scott, GA – (202) 225-2939
Rep. Al Green, TX – (202) 225-7508
Rep. Gwen Moore, WI – (202) 225-4572
Rep. Andre Carson, IN – (202) 225-4011

Full list of CBC members: http://www.thecongressionalblackcaucus.com/



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