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Authorizing the Committee on Commerce and Economic Development to hold hearings to review Wachovia's statement of financial reparations pursuant to Bill No. 050615, unanimously passed by City Council and signed into law by the Mayor, and further authorizing the Committee to issue subpoenas to compel the attendance of witnesses and the production of documents and other evidence.
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WHEREAS, On December 15, Mayor John Street signed landmark reparations legislation into law that deals with the enslavement of African people and contemporary racial disparities; and
WHEREAS, Wachovia disclosed financial ties to slavery last spring because it held hundreds of millions of dollars in taxpayer money through government contracts for deposits and investments both locally and nationally. And because Wachovia wants to keep those contracts, it had to abide by slavery disclosure laws such as the one passed in Philadelphia last spring; and
WHEREAS, Last summer, Wachovia announced a $10 million "national partnership in support of African-Americans". The July 28 press release states that "this new community initiative follows Wachovia's June 1 announcement of historical ties to slavery through two predecessor companies" - but with no mention of new fair lending initiatives to address disparities in its current lending activities to African- Americans; and
WHEREAS, Wachovia is a $500 billion corporation that not only has historical ties to racial discrimination, it has an abysmal track record locally with regard to offering equitable access to the American Dream of small business and home ownership; and
WHEREAS, the National Community Reinvestment Coalition (NCRC) found stark disparities in local lending based on race. NCRC concluded that "when separately analyzing home purchase, home improvement, and refinance loans, racial disparities remain greater than income disparities". African-A...
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