Aunty Maxine Is Set To Give Big Banks the Business

Rep. Maxine Waters will continue to reclaim her time representing California in the House of Representatives for the next two years following her win in Tuesday’s Midterm Elections. In addition to being reelected, the Democrat is poised to take over the House Financial Services Committee, which would give her the power to take down big banks, fight against Wall Street corruption, and subpoena President Trump.


Affectionately known as “Aunty Maxine,” Waters has been the top Democrat on the banking panel since former congressman Barney Frank retired in 2013. Now that Democrats won control of the House, she is likely to become the chair of the powerful panel, which has control over financial regulation and housing finance reform. This will give Waters the ability to execute on her pledge to fix Fannie Mae and Freddie Mac and hold big banks accountable when their practices harm customers.

Throughout her 14-term tenure on The Hill, Waters has been a fierce critic of Wall Street and Trump, who is pushing a deregulatory agenda. Waters, on the other hand, has called for increased regulation of major financial institutions and even issued a report calling for Wells Fargo to shut down following a series of high-profile scandals. Waters later introduced the Megabank Accountability and Consequences Act, a bill that would require regulators to shut down a large bank for repeatedly violating consumer protection laws. She has also pledged to pass higher fines for major banks that break the law.

Furthermore, as chairwoman, Waters would be granted subpoena power to dig up dirt on other banks and target Deutsche Bank for its past dealings with Trump. With the committee gavel, Waters will also have the ability to issue subpoenas to Trump allies, like Treasury Secretary Steven Mnuchin, forcing him to provide documentation regarding the president’s alleged ties to Russia.

The post Aunty Maxine Is Set To Give Big Banks the Business appeared first on Black Enterprise.

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Activists to NFL: ‘Deposit Funds Into Black-Owned Banks’

The Seattle Medium is reporting that activists in Seattle are calling for the NFL and Seattle Seahawks owner Paul Allen, to deposit 10% of all revenue as well as one-third of the funds making up player pensions, into black-owned banks.

The demands are reportedly spurred by the recent news that Allen, who also co-founded Microsoft, donated $ 100,000 to the Republican Party to help it retain control of the House of Representatives in the midterm elections. According to Federal Election Commission findings, it is the largest political donation Allen has made to an individual or committee.

“I have been out here protesting the economic injustices that have occurred in professional sports and to add insult to injury the owner of the Seattle Seahawks and Portland Trailblazers, Paul Allen donated $ 100,000 to the Republican Party so they can maintain control of the House of Representatives,” said activist Eddie Rye Jr. to The Seattle Medium.

“ESPN, CBS, were bidding over $ 1 billion dollars to have the broadcast rights of NFL games. So out of all the money being generated and the NFL being 70 % black, none of that money is coming back to the black community,” he said.

Rye and several retired NFL players are part of the movement, NFL/Black Community Revenue Sharing Program, to reap benefits for the black community from the economic windfalls black athletes’ talents have provided sports leagues and team owners.

Many black athletes have been inspired to engage in activism since Colin Kaepernick shook up the sports scene by protesting racial injustice with his #TakeaKnee campaign.

In what many considered a bold and risky public relations move, Nike recently made Kaepernick the face if its newest “Just Do It” ad campaign. The decision to use Kaepernick was financially advantageous to the sports apparel company. Ten days after the ad debuted on social media, Nike stock rose to an all-time high on Sept. 13 at $ 83.90 and then closed at $ 83.49 on Friday afternoon. That’s a 4% increase since the ad’s release on Sept. 3, according to CBS News. In addition, Nike’s online sales jumped nearly 31% from Sept. 2 through Sept. 4, which is nearly double the profit that the company garnered during the same period in 2017, according to a research report by Edison Trends.

—Selena Hill and The Shadow League contributed to this report. 



The post Activists to NFL: ‘Deposit Funds Into Black-Owned Banks’ appeared first on Black Enterprise.

Money | Black Enterprise


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Europe’s top banks ease past ECB’s latest stress tests; Barclays ranks lowest

Results of the stress test of Europe's bigger banks released Friday revealed that all of the financial institutions in the EU wide examination passed the European Central Bank's "adverse scenario".


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