New America Alliance Works With the Treasury Department to Achieve Diversity in...

New America Alliance Works With the Treasury Department to Achieve Diversity in Its Economic Recovery Efforts


DALLAS, Nov. 12 /PRNewswire-HISPANIC PR WIRE/ — The New America Alliance (NAA) commends the Treasury Department for addressing NAA’s concerns that ongoing request for proposal (RFP) language afford minorities appropriate opportunities to participate in the implementation of the Troubled Assets Relief Program (TARP).

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As stewards for Latino and Latina-owned businesses nationwide, the NAA is actively advocating that the current request for proposal (RFP) and contracting processes associated with TARP, as authorized under the Emergency Economic Stabilization Act (EESA), properly include participation by qualified minority and women-owned financial firms. The NAA understands the severity of the current economic crisis necessitates rapid implementation of TARP; however, the NAA does not perceive that a need for rapid implementation is inconsistent with appropriate diversity.

“We believe that from this financial debacle we are all sadly living, a new financial system will arise,” said Carlos Loumiet, NAA Chair of the Board. “We wish to make sure that system is more representative and inclusive of our community than has historically been true in the past.”

A 15-member task force, led by NAA Chair Carlos Loumiet, and NAA CEO John C. Guerra, Jr., has met with senior Treasury Department officials on several occasions and the NAA has made a series of recommendations, including a tiered model for subcontracting, which allows for multiple level entry points to ensure inclusiveness of minority and women-owned talent, and a proposed category of firms controlled and managed by women and minorities, though not necessarily majority-owned by them.

“The current economic crisis is having a staggering impact on minority communities. During a time of crisis, you have to develop creative solutions to resolve issues,” said Guerra. “By having qualified minority financial firms meaningfully participate in the country’s economic recovery, we have a unique opportunity to create other wealth-building opportunities among minority communities.”

Throughout this process, the NAA has worked with other organizations such as the National Association of Securities Professionals (NASP), the National Association of Latino Elected and Appointed Officials (NALEO), and the Real Estate Executive Council (REEC) to advocate for the inclusion of minority firms.

The NAA plans to continue working with the Treasury Department as a resource and advisor to identify qualified Latino-owned firms for future solicitations. Additionally, moving forward, the NAA hopes to assist the Treasury Department on economic issues of broader impact on the Latino community as a whole, as those issues are addressed.

The New America Alliance (NAA) is a national organization comprised of prominent Latino business leaders united to lead the process of American Latino economic empowerment and wealth-building through economic capital, leadership development, strategic philanthropy, and public policy advocacy.

SOURCE New America Alliance

New America Alliance Works With the Treasury Department to Achieve Diversity in Its Economic Recovery Efforts