The group will look to the Treasury to put in place a process to ensure minority participation, including lowering the $10 billion asset threshold required to participate in the public-private partnership Obama announced last week or allowing smaller companies to form joint venture partnerships that would enable some businesses to reach that threshold. Gary Grippo, deputy assistant secretary for fiscal operations and policy at Treasury, said he would share the group’s ideas with Treasury Secretary Timothy Geithner and Obama.
The CBC plans to put together a more detailed proposal for administration officials that it will prepare with the help of minority trade associations.
“This is not going to be a one-day meeting. We are not going to sit back and allow billions of dollars to be dumped into this economy and watch the same old players be advantaged by it,” Waters said “We’re not going to sit back and watch some of the players who are responsible for the economic mess we’re in today be the recipients of these taxpayer dollars that provide services and make even more money despite the fact they’ve mismanaged their own businesses.”