Congressional Black Caucus Presses On Help For ICBC
December 3, 2009 at 4:28 AM (PT)
The CONGRESSIONAL BLACK CAUCUS is blocking a wide-ranging financial reform bill championed by the OBAMA administration, and the NEW YORK TIMES reports that the opposition is based on aggressive lobbying by INNER CITY BROADCASTING CORP., which the paper, citing an interview with ICBC's PIERRE SUTTON, says "faces a possible financial collapse because of pressure by GOLDMAN SACHS and GE CAPITAL to repay nearly $230 million in debt."
The Caucus is holding out on support for the bill until special help for minority-owned businesses like ICBC is included, according to the report. ICBC has been utilizing THE PODESTA GROUP, a major lobbying firm, in its efforts to get help from the federal government. "There is a lot of concern about INNER CITY BROADCASTING," said HOUSE FINANCIAL SERVICES COMMITTEE Chairman BARNEY FRANK, who told the TIMES that he has been calling "private and public companies" on behalf of ICBC, at the request of the Caucus.
While publicly stating that it shares the concerns voiced by the Caucus, the WHITE HOUSE is privately objecting to the demands, reports the TIMES, citing a source who attended one of the meetings with the Caucus and said that the WHITE HOUSE "did not believe it was appropriate to pressure financial institutions to make concessions for specific loans or businesses."