Citing the inability of government agencies to consistently meet their small business contracting goals, Obama wrote in one order that he is “committed to ensuring that small businesses, including firms owned by women, minorities, socially and economically disadvantaged individuals, and service-disabled veterans have fair access to federal government contracting.” The president also said that if those firms can, in fact, do more work than statutory goals call for, the government also should try to exceed those goals.

The heads of the Commerce Department, the Office of Management and Budget, and the Small Business Administration will co-chair the Interagency Task Force on Federal Contracting Opportunities for Small Businesses. They’ve been given 120 days to provide the president with proposals and recommendations for innovative strategies to increase opportunities, such as mentorship programs; remove barriers to participation by unbundling large projects; and improve training for federal acquisitions officials.

The task force also must expand outreach efforts to small business advocates and associations and develop strategies to match firms, including those owned by minorities or located in HUBZones, with contracting and subcontracting opportunities. Within 90 days, the task force will develop a Website that documents small business participation in federal contracting to ensure greater transparency and accountability.

The Interagency Task Force on Veterans Small Business Development, which will be chaired by the SBA chief, calls for an improvement in capital access and capacity through loans, surety bonding and franchising and that agencies achieve their pre-established goals.

“It’s a great day in America—potentially,” said Richard Copeland, president and CEO of Minneapolis, Minnesota-based Thor Construction (No. 48 on the B.E. Industrial/Service 100 list with $103 million in sales). Copeland is also national president of the National Association of Minority Contractors.

“We haven’t had this kind of exposure, sensitivity, and initiative around our issues, and the issue of inclusion and making America work for all of its citizens, in decades. This is long overdue,” said Copeland, who a few months ago felt very pessimistic over black business owners’ inadequate access to contracting opportunities.

Timothy Adams is president of the Maryland-based Systems Application Technology, Inc. (No. 87 on the B.E. Industrial/Service 100 list with $45.3 million in sales) and contracts primarily with the Department of Defense.

“The administration understands the importance of small business across the spectrum of government spending, and this shows us how important small business is to the American economy,” said

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Adams. “My concern, though, is whether the agencies will be able to identify the changes they need to make and then find the resources to implement them. I’m also excited about the Website and hope it will show real-time participation.”

The two memorandums represent a great opportunity for minority businesses to finally get their fair share of contracting opportunities, said long-time advocate Hank Wilfong, president of the National Association of Small Disadvantaged Businesses. But, he also cautions them against sitting back and waiting for things to happen. Despite their good intentions, the officials tasked with implementing the orders and their staffs will still need to be pushed.

But because he also recognizes that entrepreneurs have both limited time and resources to devote to advocacy efforts, Wilfong urges them to reach out to associations like NASDB and the Minority Business Legal Defense and Educational Fund, which can provide guidance on how they can all “organize and mobilize” to ensure that the orders don’t become yet another set of empty promises.

Copeland, whose association belongs to both of those groups, agrees. Many of the very acquisitions and procurement officials who have, for decades, denied opportunities to small businesses are still entrenched in the system, he said. And without additional pressure from those who will most benefit from them, the orders will not be adhered to.

“If we can get the carrot coming from the top and we use a hammer from the bottom, we might finally make some headway in this economy and bring prosperity to the businesses that are creating the jobs for the emerging workforce,” Copeland said.

Faced with the reality that there remained at day’s end profound disagreement on how to move forward, Obama seemed to have come to terms with the fact that a divide remained. He issued an ultimatum to members of both parties, saying that if Republicans could not find ways to work with Democrats to create a comprehensive bill in the next six weeks, his party would have to go it alone.

“We cannot have another yearlong debate about this,” the president said.

It’s a risky proposition, given that many lawmakers are concerned about the political ramifications they may face during November’s midterm elections. All House members and a third of the Senate are up for re-election. But Obama thinks it’s a risk well worth taking, noting “that’s what elections are for.”

The summit was premised on the idea that there was perhaps more common ground between Democrats and Republicans than they realized. In his opening remarks, the president stressed how everybody is faced with the challenges of healthcare costs and recalled his own personal experiences with family medical emergencies, such as the time his daughter Sasha had meningitis as a baby.

“I remember thinking, while sitting in the emergency room, what would have happened if I didn’t have reliable healthcare,” Obama said. He added that “everybody understands the problem is not getting better; it’s getting worse,” but also acknowledged that there was a possibility that Democrats and Republicans would remain deadlocked.

One of the most fundamental differences to emerge during the summit was whether to pass one big bill or a series of bills that attack issues one-by-one. Throughout the day, Republicans repeated a mantra to “scrap” the House and Senate bills already on the table, to “start over” and take a “step-by-step” approach.

Senator Lamar Alexander (R-Tennessee), a former governor, said that the Democrats’ proposals include too many tax increases and spending cuts on Medicare and would dump millions of Americans into a Medicaid program. Likening the summit to a Detroit auto show where customers leave unimpressed with the newest model, he said, “This is a car that can’t be recalled and fixed, and we ought to start over.”

A few areas of agreement did emerge, such as greater provider regulation, which would enable children to stay on their parents’ plans longer. Lawmakers agreed on allowing consumers to buy coverage across state lines and allowing small businesses to form purchasing pools, but they differed on how to accomplish that and how much government involvement there should be.

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Lawmakers agreed that consumers shouldn’t be denied coverage or penalized because of pre-existing conditions or if they fall sick. But Democrats believe that’s why coverage should be mandated while Republicans countered that there should instead be high-risk pools [JJ2] from which people could buy coverage. Democrats who think such pools would come with an astronomical cost that few people could afford decried the latter notion.

Republicans also argued against the White House proposal [JJ3] delivered earlier this week, which is closely based on the Senate bill and would cover more than 30 million people over 10 years, saying it was unaffordable.

“Today’s summit should have been used to start anew because Americans simply don’t agree with the Democrats’ approach,” said Rep. Tom Price (R-Georgia), who chairs the Republican Study Committee[JJ4] . “Amidst all the talk, one contrast stood out with crystal clarity. The Democrat plan operates on the assumption that Washington knows best while we believe the best solutions will be found by putting patients first. This fundamental divide has been the basis of debate for the past year. All we saw today was another seven hours of it.”

“One of the repeated references throughout the day is that the American people don’t want this,” said Dr. Henrie Treadwell, director of Community Voices at Morehouse College of Medicine. “I think when they say that it’s a way of segregating Americans who are people of color and who work in jobs that don’t provide insurance or who’ve been chronically unemployed for so long that nobody counts them anymore, but they still get sick.”

Treadwell added that many African Americans who don’t get coverage at work actually buy insurance, but the deductibles are so high that they get little or no value for the dollars spent.

A huge majority of the 30 million people that Obama’s plan proposes to cover would be African Americans and other minorities, and includes significant emphasis on wellness and prevention, said Rep. Elijah Cummings (D-Maryland).

“That’s very important in our community because one of the many reasons we have such a high level of health disparity between whites and blacks is because, so often, we get treatment late. And that’s a problem,” Cummings said. “So we go in sicker and it takes a lot more to get us well.”

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Cummings does not suffer any illusions that Republicans will get on board with a comprehensive plan.

“We’re at a point where we have no choice but to proceed without the Republicans, period. If the day brought out anything, it’s that the Republicans want to obstruct what the president is trying to do.”

But the best way to move forward is still a big question. House Majority Whip James Clyburn hinted Thursday night that there are enough votes in the House to pass the Senate version of the bill, which Obama has said he wants to see happen.

Throughout the summit, however, Republicans warned of the perils of using the controversial reconciliation procedure, which would allow the Senate to pass a bill with a simple majority of 51. Senate Majority Leader Harry Reid told Republicans to “stop crying” about it, noting that they’d used the procedure 21 times, more than any Democratic majority has.

Stay tuned.

The leadership of President Obama marks the singular difference between the sense of helplessness that characterized the collective psyche of America this time last year, and the sense of capability now being felt across the nation and around the world. I believe this is the chief reason the Nobel Committee selected President Obama to receive the Nobel Peace Prize in Oslo, Norway, this month. Thanks to Obama’s election, Americans once again believe that we can be anything and do anything, and that we are more than equal to the adversity we face.

The past year has been an incredibly challenging one for media companies, and Black Enterprise has been no exception to the rule. I am more proud than ever of the quality of our media properties and events, and the employees who produce them, each of whom have fought tooth and nail to deliver the trusted information, proven strategies, first-class services, and indispensible inspiration our audience has come to rely on. As a result, we are poised to enter 2010—the 40th anniversary year for Black Enterprise magazine—stronger, better, and more focused than ever on our mission of helping you to build and sustain your personal prosperity, career success, and entrepreneurial dreams. I am personally thankful to you for being as passionate as we are about the need for us to continue to serve our mission.

However, that spirit of hope and determination must be balanced with a clear recollection of the tough lessons we’ve all had to learn these past two years. We must not return to the reckless spending that exposed so many of us to financial devastation when the economy veered into recession. And while entrepreneurs are anxious to resume the hiring and capital investment necessary to grow their businesses, they must continue to remain mindful of controlling costs, managing cash flow, and investing only in those things that will position their companies to thrive in a still unpredictable

post-recession economy. The bottom line: we must not allow our burgeoning sense of hope to boil over into—in the now immortal words of former Federal Reserve Board Chairman Alan Greenspan—“irrational exuberance.”

The battle cry that swept Obama into the White House was not “Yes, He Can”; it was “Yes, We Can.” The resurgence of America’s can-do attitude requires each and every one of us to carry it out. I again urge you to make the effort to help that friend, neighbor, laid-off co-worker, or family member in need of employment with a job referral or a recommendation. Go out of your way to direct your holiday spending to support those businesses, especially those owned by black entrepreneurs that provide jobs and economic vitality to our communities. Make outreach to the most vulnerable in our communities, including children and the elderly, part of your holiday tradition.

Set an example of what the Christmas season is really all about—acts of love, kindness, giving, and selflessness—and adopt that example as a way of life for your household in 2010 and beyond. On behalf of Black Enterprise and the Graves family, I wish you and yours a blessed Christmas and a New Year of realized hopes and prosperity.

On Sunday, thousands of miles away in the village of Harlem, New York, Gov. David Paterson, the first African American to occupy New York’s statehouse, hosted an event that served as a tribute to the descendants of those enslaved Africans who had to fight “evils” on American shores. In the Great Hall at The City College of New York, he hosted a reception to help kick off a week-long convention that will commemorate the centennial anniversary of the NAACP. Under the theme, “Bold Dreams, Big Victories,” the event attracted conference attendees as well as leading civil rights and political leaders like Rev. Al Sharpton, House Ways and Means Chair Rep. Charles Rangel, former New York Mayor David Dinkins, New york City Controller and mayoral hopeful William C. Thompson, Jr., NAACP’s New York Chapter President Hazel Dukes, and Benjamin Jealous, the 36-year-old former community organizer who last year became the youngest person to run the nation’s oldest and largest civil rights organization.

As the series of speakers spoke at the podium, each recounted the organization’s history and communicated its vital role in advancing African Americans over the past 100 years. Led by such activists as W.E.B. DuBois and Ida Barnett Wells, the organization was started In 1909 in response to the lynchings of African Americans and defense of blacks’ constitutional rights that had been stripped by Jim Crow laws.

Paterson told the crowd: “The NAACP was established on February 12th of that year, the 100th birthday of Abraham Lincoln, the president who freed the slaves with the signing of the Emancipation Proclamation. The NAACP was the response to the violence being felt by blacks all over the country through hangings, murders and vicious attacks. It was a reminder to America that we were supposed to be free.”

He added, “The NAACP has always stood for economic, political and social justice. That’s why we have an African American as president of the United States. As governor of this state at the only time when two African American governors are in office at same time, it could not have been possible without you.”

Jealous echoed Paterson’s sentiment, citing the NAACP’s century-long fight for racial equality. The organization won hard-fought battles that desegregated the Armed Forces and educational institutions; enabled blacks to gain positions in corporate America; and hold political office. Maintained Jealous:”Ultimately, those actions paved the way for Xerox’s Ursula Burns to become the first black woman to head a Fortune 500 corporation and for American Express CEO Ken Chenault and Citigroup Chairman Dick Parsons to lead major corporations. The NAACP represents the best long-term investment this country has known.”

For years, however, there have been questions about the NAACP’s relevance — especially among young blacks, some of whom are Jealous’ contemporaries. In talking with the organization’s new leader a few months ago, I asked him how he responds to such commentary. He told me that the focus of today’s NAACP would include the development of programs to reverse the high incarceration rate of black males, halt predatory lending practices, combat environmental racism and provide access to educational opportunities for impoverished youth — all topics on the convention’s week-long agenda.

At our hour-long meeting, he admitted that re-energizing the organization and recruiting new members would be a daunting challenge. But he plans to connect with new members by promoting the value of service and developing a digital outreach effort.

Organizations like the NAACP will remain relevant by squarely dealing with issues that African Americans face in 21st Century America with a 21st Century approach. Even the Obama Administration has narrow its broad-based efforts on some issues and has begun to focus on programs targeted at blacks: for example, in the past two weeks, it has held summits on poverty and its impact on African American children and minority businesses development. (Since Paterson assumed the governorship roughly 18 months ago, he has increased minority procurement among New York state agencies from 5 percent to 25 percent.)

But there’s a key component to making the NAACP relevant: you. Instead of criticizing such outfits, we need to join and help bolster them–yes, I’m renewing my membership. By doing so, we can play a hands-on role in solving the problems confronting our communities as well as shape the agenda for the next 100 years. We can ensure that our long-term investment pays huge dividends in our economic, political and social advancement. To paraphrase Obama, we must do what we can to win our fight.

Derek T. Dingle is the editor-in-chief of Black Enterprise magazine.

JOB SEEKERS

These days, with roughly 13 million unemployed Americans, most job seekers are looking for any type of employment––even a series of odd jobs and part-time gigs––to make ends meet. President Obama’s Recovery Act promises to save or create more than 3 million jobs in areas such as healthcare, technology, renewable energy, education, and construction. But what can the unemployed do until those jobs become available?  Gay Gilbert, administrator for the U.S. Department of Labor’s Office of Workforce Investment, Employment and Training Administration, says the agency received approximately $4 billion from the stimulus bill as an infusion for such programs––double the amount it spends annually. Although the Labor Department funds national programs, it’s up to state agencies to implement them. Gilbert explains that money flows directly from the federal government to the states. Local workforce investment boards decide how to allocate money and are responsible for implementing One-Stop Career Centers using Department of Labor program funding. “The stimulus has helped ramp up a new capacity to serve. Before the stimulus, our One-Stop Career Centers were really overflowing,” she says. “There was desperation for services because states were so overwhelmed. But I think states are starting to solve these challenges.”

Funded through the Recovery Act, the programs that directly benefit job seekers include:

Adult Employment and Training Activities: This $500 million program provides training services to eligible individuals through local One-Stop Career Centers (www.careeronestop.org). With more than 3,000 local centers nationwide, job seekers can benefit from three levels of services:

1. Core services that offer outreach, job search and placement assistance, and labor market information.

2. Intensive services that provide comprehensive assessments, development counseling, and career planning.

3. Training services that give job seekers workplace opportunities within their communities as well as basic skills and individual occupational tutorials from qualified instructors.

Dislocated Worker Employment and Training Activities: This $1.25 billion program assists workers who have been terminated or laid off from employment due to a permanent closure or substantial layoffs. Other eligible workers include individuals who have exhausted unemployment insurance; self-employed workers who can’t find work because of an economic downturn or a natural disaster; and homemakers who no longer receive support from another family member. An additional $2 million in funds have been allocated for National Emergency Grants related to plant closings, mass layoffs or other worker dislocations.

Program of Competitive Grants for Worker Training and Placement in High Growth and Emerging Industry Sectors: This $750 million program provides grants for worker training and placement in projected high-growth industries. Of the total, $500 million supports research, labor exchange, and job training projects for careers in energy efficiency and the renewable industry. The remaining $250 million supports projects in the healthcare sector.

Community Service Employment for Older Americans: This $120 million program provides part-time employment for low-income seniors nationwide. The Department of Labor’s Senior Community Service Employment Program (SCSEP) promotes high-quality job training and employment assistance to workers age 55 and older with a family income of no more than 25% over the federal poverty level, which is an annual income of $22,050 for a family of four in 48 states and Washington, D.C. Senior workers can benefit from community and participant services, which include Individual Employment Plans (IEP).

Employment Service Grants to States: The $400 million program provides career information and job-matching services for job seekers.

Unemployment Insurance: The Emergency Unemployment Compensation Act of 2008, which was scheduled to expire on March 31, 2009, was extended through Dec. 31, 2009. This program provides 20 weeks of unemployment insurance and an additional 13 weeks for individuals in states with high unemployment rates.

Additionally, benefit payments are increased by $25 per week through Dec. 31, 2009.

Temporary Suspension of Taxation of Unemployment Benefits: Federal income tax on the first $2,400 of unemployment benefits is suspended for 2009.

COBRA Continuation Coverage: This program provides premium reductions for health benefits. Eligible individuals pay only 35% of their COBRA premiums and the remaining 65% is reimbursed to the coverage provider through a tax credit. The premium reduction applies to periods of health coverage beginning on or after Feb. 17, 2009 and lasts for up to nine months for those eligible for COBRA during the period beginning Sept. 1, 2008 and ending Dec. 31, 2009.

For more information about these programs and others, visit www.dol.gov/Recovery and www.recovery.gov.

HOMEOWNERS/HOME BUYERS

To put it simply, the White House wants to make your house more valuable. To that end, its Making Home Affordable Program is part of an extensive plan to restore the housing industry and help up to 9 million American families, including: homeowners approaching foreclosure; those who are current on their mortgage payments, but hold loans now higher than the present value of their property; and individuals considered first-time home buyers.

Foreclosure Relief: If you’re having trouble making monthly mortgage payments (due to a recent increase in your monthly mortgage bill, job loss, or unforeseen medical bills), the administration has worked out a plan to allow you to modify your loan. The adjustment should make your monthly obligation less burdensome.

To qualify for Home Affordable Modification, you should be able to answer “yes” to these four questions:

1. Is the home in question your primary residence?

2. Is the amount you owe on your mortgage less than or equal to $729,750?

3. Did you receive your mortgage loan before Jan. 1, 2009?

4. Is the payment on your loan (including taxes, insurance, and home- owner’s association fees, etc.) more than 31% of your monthly gross income?

If you answered yes to each of these questions, you should immediately contact your current mortgage service provider—the financial institution to which you send monthly payments. Their contact number should be on the mortgage coupon booklet or your monthly statement. A customer service representative should be able to give you details about applying for a loan modification.

Mortgage Refinancing: If you’re a homeowner whose home is worth less than the amount of your mortgage loan, you may be eligible for the new Homeowner Affordability and Stability Plan. You qualify for Home Affordable Refinance if:

1. You own a home that contains one to four units.

2. You hold a mortgage owned or guaranteed by government-sponsored Fannie Mae or Freddie Mac. (If you’re not sure, ask your lender).

3. You are current on your mortgage payments.

4. You believe the amount you owe on your first mortgage is less than or equal to the current market value of your home.

This refinancing plan is open to borrowers whose first mortgage is no larger than 105% of the home’s present market value. If, for example, you suspect the house is worth $300,000, but you owe the bank $315,000 or less, you could qualify. The actual market value of your home will be determined after you apply to refinance. It is possible that borrowers with interest-only “teaser” rates could refinance through the Making Home Affordable program. Fannie Mae and Freddie Mac purchased some of these types of loans in 2006 and 2007. In the end though, you will save more money over the life of the loan. Interest rates on refinanced loans will be pegged to market rates at the time you apply. And, of course, the new loans won’t carry any prepayment penalties or balloon payments. For more information about loan modifications or refinancing, you can call a federally approved housing counselor at 888-995-HOPE (4673) or visit http://makinghomeaffordable.gov.

First-time Home Buyer Tax Credit: If you’re about to purchase a house for the first time or you haven’t owned a primary residence in at least three years prior to the date of purchase, you may be eligible for a tax credit of 10% of the purchase price of your home. The maximum tax savings is $8,000, which can clear your tax bill (if you owe) and/or result in a refund. To get the credit you must earn less than $75,000 per year in gross income (or, for married couples, $150,000)—and you need to act quickly. The tax savings will only go to those home buyers who close the sale of their new home by Dec. 1 of this year. A few final words of caution: Beware of con artists posing as reputable brokers, lenders, or aid agencies.

Many business owners and advocates applaud the Obama administration’s efforts to revitalize American business, large and small, through its economic stimulus and financial stabilization initiatives. The administration’s focus has been in three key areas: financing, tax breaks, and industry-specific projects.

Financing: Most notable is the plan to unfreeze credit for business owners through the U.S. Department of the Treasury’s Consumer and Business Lending Initiative––a program under its Financial Stabilization Plan––in which it will inject $15 billion into the small business loan market by purchasing securities backed by Small Business Administration-guaranteed loans in secondary markets. The White House believes the process will get old loans off the balance sheets of lending institutions and, in turn, free up capital for them to grant additional financing for small businesses. Moreover, the government has agreed to increase the guarantee it provides on SBA-backed loans from 75% to 90% for 7(a) and 504 community development loans. It has also waived fees for businesses. Minority and women-owned businesses are three to five times more likely to receive an SBA-backed loan than a conventional bank loan, according to a recent study by the Urban Institute, a research organization that examines social and economic issues.

The administration will deploy another $30 million in funding to SBA’s micro-loan program. Of that amount, $24 million will support technical assistance and training programs for entrepreneurs. The remaining $6 million will subsidize loans. Additionally, the stimulus package will provide $100 million to more than 1,000 Community Development Financial Institutions across the country which, in turn, finance a battery of micro-lenders. The $6 million commitment to micro-loan programs is very significant, says Gina Harman, president and CEO of ACCION USA, one of the nation’s largest micro-lenders, whose clients range from home-based ventures to metropolitan restaurants. Over the past six months to a year, a lot of organizations that have supported the smallest of enterprises found it very difficult to find capital to lend to their clients. ACCION awarded loans can be as little as $500 or as much as $50,000, although the typical loan amount is $10,000. Harman urges entrepreneurs to go to their local banks and ask about micro-lenders in their community.

Tax Breaks: Through the Recovery Act, business owners can take advantage of the legislation’s tax provisions, including a tax credit up to $2,400 for employing disadvantaged workers such as veterans and unemployed students who have been out of work for six months; carry back net operating losses over five years instead of two years for any company with less than $15 million in gross receipts; and an increased expensing limit of $250,000 (up from $128,000) for new equipment purchased in 2009.

Tax experts say that these measures can give small companies a much-needed boost. Allowing companies to use current losses to offset profits made in the previous five years, instead of two, makes them eligible for tax refunds.

Industry-specific Projects: Manufacturers and contractors will see a benefit of $120 billion in set-asides for infrastructure projects, namely construction and repair of roads, highways, bridges, railways, sewers, and public transportation systems. So-called “green” businesses that produce solar panels, wind turbines, and advanced batteries can take advantage of $37.5 billion in stimulus funds for clean, efficient, and renewable energy. Another $6 billion in loan guarantees is for renewable energy projects, plus a 30% tax break for investments in wind and solar energy. The president has also set-aside grants for Internet broadband improvements, eco-friendly renovations, and technology research and development.

The government has allocated up to $5 billion in financing to auto suppliers through its Trouble Asset Relief Program (TARP), enabling them to continue shipping parts, paying employees, and producing diverse products essential to the auto industry. Additionally, some $300 million in stimulus funds to acquire electric vehicles for the federal fleet, plus tax breaks intended to spur demand for fuel-efficient vehicles could give a boost to auto makers.

Certain businesses, including manufacturers, will benefit from the government’s increased funding for highway projects, aviation, and infrastructure repair. “As the money works through the pipeline you will see various companies and industries benefit from it,” says Dorothy Coleman, vice president of tax and domestic economic policy with the National Association of Manufacturers. “But it is not going to happen overnight.”

Much of the stimulus money will be distributed through state departments and funnel down to local or city governments, says be Board of Economists member Thomas Boston, who is also CEO of EuQuant, an Atlanta-based consulting firm, and a professor of economics at Georgia Tech. So, it will be up to individual municipalities to make sure that minority business owners get their fair share. Minority businesses need to act fast, he adds.

Some funding expires within 120 days so there may be a limited window of opportunity. For weekly updates on how minority suppliers are accessing the stimulus money, go to blackenterprise.com.

OBAMA’S ALPHABET SOUP

As part of his New Deal in the 1930s, FDR created a series of agencies to help move the country out of the Great Depression. Some of these regulatory bodies and programs such as the Federal Housing Administration (FHA), Securities and Exchange Commission (SEC), and Tennessee Valley Authority (TVA) have become long-standing institutions within the federal government. Collectively, pundits of the time called them the “alphabet agencies.” More than 65 years later, President Obama has created his own group of initiatives for today’s tough economic times. Here’s a glossary of some programs his administration has modified, enacted, or proposed thus far:

ARRA (American Recovery and Reinvestment Act of 2009), also referred to as the economic stimulus bill or package, is federal legislation that includes a mixed bag of tax cuts, benefits for the unemployed and disadvantaged families, and government spending on education, healthcare, infrastructure, science, and energy to push the nation toward recovery.

CBLI (Consumer and Business Lending Initiative) is a program designed by the U.S. Department of the Treasury and the Federal Reserve to provide an initial $200 billion in financing to private investors to help unfreeze credit markets and lower interest rates for students, small businesses, and consumers. The program is expected to have the potential to unlock $1 trillion of new lending.

EESA (Emergency Economic Stabilization Act of 2008) referred to as the financial bailout and spearheaded by the Bush administration, is a law authorizing the U.S. Treasury to spend $700 billion to purchase distressed assets, namely mortgaged-backed securities—bond collateralized by home loans—and to fund both domestic and foreign banks. The act established the TARP, Troubled Asset Relief Program which provided funds to weakened financial institutions and domestic automakers. The Obama administration gained oversight of the remaining $350 billion in funds when it came into power.

FSOB (Federal Stability Oversight Board) is a regulatory body comprised of the treasury secretary, chairman of the Board of Governors of the Federal Reserve System, Housing and Urban Development secretary, SEC chair, and Federal Housing Finance Agency director to oversee TARP policies and financial commitments and EESA’s broader goals and objectives.

MHA (Making Home Affordable) program is designed by the Obama administration to help 5 million “responsible” homeowners gain refinancing to keep their mortgages affordable as well as create a $75 billion loan modification program to enable up to 4 million families to avoid foreclosure.

PPIP (Public-Private Investment Program) was the apparatus created by the Treasury, FDIC, and the Fed to give government help to buy loans and “legacy securities”—mortgage- and asset-backed securities that were originally rated AAA—as part of an effort to repair the balance sheets of financial institutions and ensure credit is available to households and businesses.

TALF (Term Asset-Backed Securities Loan Facility), is a program created by the Federal Reserve Board in November 2008 to support the issuance of asset-backed securities collateralized by student loans, auto loans, credit card loans, and SBA-guaranteed loans.

TARP (Troubled Asset Relief Program) is a vehicle created to strengthen the financial sector by giving the U.S. Treasury $700 billion in purchasing power to buy mortgage-backed securities from financial institutions. It is the largest component of the government’s measures in 2008 to address the subprime mortgage crisis. be

Carolyn M. Brown and John Simons co-authored this article.

President Barack Obama greets troops during a visit to Camp Victory in Iraq. (Source: Getty Images)

Al Faw Palace
Baghdad, Iraq

Q Sir, can you tell us what your primary purpose is in being here?

THE PRESIDENT: To say thank you to the troops. They are doing extraordinary work. General Odierno has been helping to lead a very effective operation here. We want to be fully briefed. And nothing does that better than face-to-face meetings.

I’ll have the opportunity to meet with Prime Minister Maliki and President Talabani while I’m here. Obviously we’ve spent a lot of time trying to get Afghanistan right. But I think it’s important for us to remember that there’s still a lot of work to be done here. And in addition to thanking our troops, I also want to send a strong message to our diplomatic corps and our civilians that they’re going to be critical to our success here.

We’ve made significant political progress. You’ve seen a greater willingness on the part of all the factions in Iraq to resolve their issues politically and through non-violent means. But with the national elections coming up, many of the unresolved issues may be brought to a head. And it’s very important for us to use all of our influence to encourage parties to resolve these issues in ways that are equitable and fair. And I think that my presence here can help do that.

Okay. Thank you, guys.

Not to mention, Chip, I thought you guys hadn’t been on the road long enough. (Laughter.) I know that you didn’t feel like going home, we had under-worked you. So I figured one more stop.

Q Did you say you’re meeting with or talking to –-

THE PRESIDENT: I will be meeting with them, face to face.

Q Face to face?

Q Will that be here, Mr. President?

THE PRESIDENT: Yes. In the near vicinity.

(Source: White House)

His victory was greeted by jubilant crowds across the world, from the street corners of Harlem to the village of Kogelo, Obama’s ancestral home in western Kenya. Tears were shed by members of the civil rights generation who vividly remember a country that denied legions of black Americans the right to vote less than 50 years ago, while cheers came from the multi-hued masses of young people who seized the significance of the moment.

In his victory speech in Chicago’s Grant Park, Obama proclaimed: “It’s been a long time coming, but tonight because of what we did on this day, in this election, at this defining moment, change has come to America.”

The nation’s 44th president is the type of leader our editors have championed in the pages of this magazine for almost four decades—an African American with a razor-sharp intellect, top-notch skills, and exceptional credentials who can perform at the highest level. In this case, Obama’s stage is the world theater.

Welcome to the “Age of Obama.” He comes to office with a powerful mandate to fix America. His landslide defeat of his Republican opponent—he gained 364 electoral votes to Sen. John McCain’s 162—confirmed this. In the popular vote, more than 66 million Americans (a whopping 53% of voters) cast their ballots for Obama, who received 95% of the black vote, 43% of the white vote, and 66% of the Hispanic vote—the highest numbers ever for a Democrat. Just as important, he brought a new generation to the polls, capturing 66% of voters under 30 and 71% of first-time voters. And as America watched the returns, the country witnessed how he redrew the electoral map, winning a slew of so-called red states such as Indiana and North Carolina.

But as voters revel in this zeitgeist moment, the president-elect acknowledged “the challenges that tomorrow will bring are the greatest in our lifetime: two wars, a planet in peril, the worst financial crisis in a century.” He comes to office with the greatest test of any president since Franklin Delano Roosevelt inherited the Great Depression 79 years ago. It’s hard to downplay the enormous and overwhelming challenges awaiting Obama, but he shows promise of being a truly transformational president like Lincoln, who preserved the union; FDR, who gave America his New Deal politics; Kennedy, who made a nation envision its destiny of greatness and achievement; Reagan, who forged a conservative revolution; and Clinton, who built a “bridge to the 21st century.”

This analysis is not just hero worship. On the campaign trail, Obama demonstrated cool, calm, collective leadership backed by a steel spine. He has brought a new, inclusive generation to power. His election signaled the end of baby boomer domination of politics and business, replaced by a phalanx of energetic, change-oriented post-boomers and GenXers. As part of this new guard, Obama’s circle includes a solid black business and professional network. His closest advisers include heads of the world’s largest corporations; be 100s CEOs; progressive politicians; and powerful professionals, including attorneys he has known since his days at Harvard Law School.

Within a week of the election, pundits assessed how Obama would lead and the type of president he would become. The only thing that is certain is his administration will be like no other before him and our country and this world will be forever changed.

Barack Obama’s Agenda

The president-elect has already had to focus on financial and foreign policy issues—and he’s not even sworn in yet. The following are Obama’s top priorities:

• The economy The state of the U.S. economy is priority No. 1. Obama has put together a solid economic team, which includes former Federal Reserve Chairman Paul Volcker, über-investor Warren Buffet, and Time Warner Chairman Richard Parsons. His team will advise him on tackling the financial crisis, bolstering the banking and auto industries, and developing a stimulus package.

• Foreign policy Obama must manage two costly wars. He must move forward with his campaign promise to begin the withdrawal of troops from Iraq. At the same time, he will have to contend with other foreign powers; Russian President Dmitry Medvedev appears to already be challenging the president-elect by threatening to deploy short-range missiles near Poland’s border.

• Healthcare A major plank of his platform, Obama will seek to make healthcare more accessible and affordable. The centerpiece of his plan is to enable small businesses and individuals to gain the same comprehensive coverage that members of Congress receive under the Federal Employees Health Benefits Program.

• Energy During the campaign, Obama indicated that energy would require his immediate attention. He plans to give Americans relief through emergency energy rebates and by pushing his $150 billion clean technology program, which he says will create 5 million jobs over the next 10 years.

President-elect Barack Obama listens as U.S. Trade Representative-designate Ron Kirk discusses his new role. (Source: changedotgov)

President-elect completed his senior cabinet appointments today, a full month before he is to be sworn into office as the 44th president of the U.S.

In his news conference today, Obama announced Congresswoman Hilda Solis (D.-Calif.) as secretary of labor; former Congressman Ray LaHood (R.-Ill.) as secretary of transportation; Karen Mills to lead the Small Business Administration; and former Dallas Mayor Ron Kirk as U.S. trade representative.

Together with previously announced appointees, the members will help craft Obama’s 21st Century Economic Recovery Plan, which has a goal of creating 2,500,000 new jobs and strengthening the economy.

Obama said he completed the selection of his economic team earlier than any other president-elect in history, “because we face challenges unlike any we have faced in generations.”

“Daunting as the challenges we are inheriting may be, I’m convinced that our team and the American people are prepared to meet them,” he said Friday during his fifth press conference of the week. “It will take longer than any of us would like — years, and not months.  It will get worse before it gets better. But it will get better — if we’re willing to act boldly and swiftly.”

Obama refused to say how much his planned economic stimulus proposal will cost, but it has been suggested that it might be as much as $850 billion over two years.

Still, Obama signaled that it could be huge because of his priorities: creating jobs, getting the economy back on track and fixing financial markets among them. “That is going to cost a significant amount of money on the front end,” he said, and then he emphasized what he called long-term benefits of acting and dangers of doing too little.

He vowed that whatever spending was required that it would be done responsibly, adding “We’re not intending to spend money lightly.”

Earlier in the day, Obama issued a statement praising President George W. Bush’s move to offer $17.4 billion in loans to ailing automakers in exchange for concessions from the industry and their workers.

“Today’s actions are a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our workers,” said Obama shortly after Bush’s announcement. “The auto companies must not squander this chance to reform bad management practices and begin the long-term restructuring that is absolutely required to save this critical industry and the millions of American jobs that depend on it.”

Obama has yet to name his picks for senior intelligence positions; those announcements aren’t expected until he returns from his Christmas holiday in Hawaii.

On Monday, Obama named many members of energy team, naming Nobel-prize winning physicist Steven Chu as energy secretary and former New Jersey environmental chief Lisa Jackson at the Environmental Protection Agency. Nancy Sutley, a deputy Los Angeles mayor, was appointed chair of the White House Council on Environmental Quality and former EPA chief Carol Browner is to lead a White House council on energy and climate.

Tuesday, Obama named Chicago schools chief Arne Duncan to lead the Education Department. Wednesday, former Iowa Gov. Tom Vilsack was tapped as agriculture secretary and Colorado Sen. Ken Salazar to head the Interior Department.

Thursday, he named Mary Schapiro as chairwoman of the Securities and Exchange Commission, Gary Gensler as head of the Commodity Futures Trading Commission, and Daniel Tarullo as a member of the Federal Reserve.

“I’m going to go in there with a spirit of bipartisanship and a sense that both the president and various leaders of Congress all recognize the severity of the situation right now and want to get stuff done,” Obama said last week when asked about his meeting with Bush.

Bush also has made a point of showing his openness to facilitate a smooth transition between the two leaders and their staffs. After Obama won, Bush made the perfunctory call to invite him and Michelle Obama to the White House. “Ensuring that this transition is as smooth as possible is a priority for the rest of my presidency,” said Bush to employees of the executive office shortly after the election. “We face economic challenges that will not pause to let a new President settle in. This will also be America’s first wartime presidential transition in four decades.”

As he prepares to move into the White House, Obama’s transition team have been reviewing Bush’s executive orders, which include policies on federal funding for stem cell research and oil and gas drilling. After the review, Obama will decide which orders will be kept[MAW2] , which ones will be repealed, and which ones will be amended, said transition co-chair John Podesta. Obama is expected to reverse funding limits on stem-cell research and reverse any attempts Bush may make to ease off-shore drilling regulations.

This week Obama is expected to continue working with his economic team, said incoming White House chief of staff Rep. Rahm Emanuel (D-IL) on ABC’s This Week With George Stephanopoulos. Emanuel is pushing for some form of government assistance for the ailing auto industry. However, he wouldn’t go so far as to endorse using some of the $700 billion rescue package to that end.

In the meantime, speculation continues regarding Obama’s cabinet. Eric Holder, former deputy attorney general of the U.S. under President Bill Clinton, is reportedly a candidate for attorney general. Neither Obama nor anyone on his transition team has given clues as to who will be chosen as cabinet members.

This is a line from a YouTube music video I just watched called “The Obama Dance” (http://www.theobamadance.com/video.html), made and being promoted (seriously; I got the press release) by self-proclaimed hip-hop artist Bob Brown.

Depending on your point of view, this video is either hot, or just a hot mess. In the age of web cams, and digital recording and graphics, I’ve seen all kinds of T-shirts, hats, videos and original songs, promoted on street corners, at conventions and on social networking sites literally around the world. Of course, all of this is driven by the undeniable popularity of Obama—the man, the wife, the family and the movement. (Yes, Black Enterprise is part of it, too—you can order posters and T-shirts featuring the landmark January 2008 issue our magazine, the first national publication to spell out exactly why and how Obama would win the Democratic nomination and, ultimately, the White House.)

This new cottage industry is a combination of opportunistic entrepreneurs profiting from a hot trend; creative fund-raising and campaigning to reach a new generation of younger, more urban, browner and blacker first-time voters (think will.i.am’s “Yes We Can”); and hucksters using Obama as a gimmick to gain a record deal, a TV appearance, social networking notoriety, or 15 minutes of fame in any other digital denomination. (I think you’ll find Mr. Brown behind door No. 3.)

What we’re seeing today is nothing compared to what will happen when Sen. Obama becomes President Obama. (Yeah, “when.” You heard me.) Once he is actually elected, the need to support and raise money for the campaign will give way to the uniquely human irresistible force called the profit motive. The White House will need a whole team of lawyers to manage the exploitation of Obama’s name and image in video, music, apparel, web sites, etc. I mean, urban clothing boutiques such as Against All Odds already have Obama shirts right next to their Akademiks and Roc-A-Wear gear in malls around the country.

The election of John F. Kennedy to the presidency ushered in a new age of Camelot. God, please don’t let the election of Obama usher in the return of Sir Rap-a-Lot! (Don’t laugh. We’ve already witnessed scholar and social critic Michael Eric Dyson commenting on future First Lady Michelle Obama’s “back” during TV One’s coverage of the Democratic National Convention—a first-crass low point more expected of BET than TV One.)

My concern is that we allow the election of the first black president of the United States to cause us to disrespect Obama, to take the man and the office less seriously or to treat the position with less reverence. None of the other presidents were referred to as “playa”, “dog”, “brah,” “The O Man”etc. When elected, Obama should never be addressed as anything other than Mr. President, at least in public. (This point was made by Christian comedian Jonathan Slocum during his performance at the Black Enterprise/Pepsi Golf & Tennis Challenge this past Labor Day Weekend.)

Let’s not get all informal just because a brother is in the White House. And if, by chance, you are blessed to be a guest at an official White House function during the Obama administration, please, please, PLEASE do not suggest getting the party started by doing The Obama Dance.

Alfred Edmond Jr. is the editor-in-chief of BlackEnterprise.com