WASHINGTON, Oct. 1 /PRNewswire-HISPANIC PR WIRE/ — The Hispanic Alliance for Prosperity Institute today urged Congressional leaders in both political Parties to enact a rescue plan for the nation’s financial system.
“We are disappointed by the failure of Congressional leadership on both sides of the aisle in the House that resulted in resulting in a historic loss in the capital markets that wiped away more than $1 trillion in investments and retirement savings of average Americans, and we are optimistic that the Senate won’t make the same mistake, but the House must act in tandem,” said Jose Nino, Institute co-Chair. “Both Parties in both Houses of Congress can waste no more time – they must pass a new Economic Rescue measure, and to do so this week.”
“With controversial and unwise earmarks removed from the previous legislation, it is imperative to move forward with bipartisan negotiations to avoid a credit crisis that will cripple not just Wall Street, but small businesses all across this country,” Nino added. “Minority businesspersons, who already find it difficult to access capital, will feel the impact first and hardest. They’ll be followed in short order by minority consumers, the same ones who were disproportionately targeted by predatory sub-prime mortgage predatory lending practices in the first place.”
“If Congress fails to act, it will provoke a deep and hard recession that will have its most serious impact on those whose financial situation is already precarious. For them, the American Dream could easily turn into a nightmare.”
“This is no time for politics, or for quotable soundbites. Instead of competing to see who can come up with the best quip, let’s see who can work the hardest to reach across the aisle and stop the bleeding that has already cost this country more than $1.2 trillion in lost investment value and federal investments in the financial markets.”
In the four years since it was founded by former Interior Secretary Manuel Lujan, the Hispanic Alliance for Prosperity Institute has been a powerful voice of hope and opportunity for Hispanic Americans. As a pro-business Hispanic advocacy organization, the Institute’s mission is to help Hispanics take part in the American dream through programs of research, public education and advocacy.