G20 Meets to Discuss Troubled World Economy - Black Enterprise
Black Enterprise Magazine January-March 2019 Issue

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bush_econ_1113President George W. Bush speaks on financial markets and the world economy Thursday at the Federal Hall National Memorial in New York. (Source: White House)

The leaders of nations representing nearly 90% of the global economy are meeting in Washington today to discuss ways to tackle the financial crisis. Although President-elect Barack Obama and Vice President-elect Joe Biden will not be in attendance, the former Secretary of State Madeleine Albright and former Congressman Jim Leach (R-IA) will be available to meet with delegations at the G20 summit on their behalf.

Leach and Albright are holding unofficial meetings to seek input from visiting delegations on behalf of Obama and Biden and will brief them after the meeting.

“The leaders attending this weekend’s meeting agree on a clear purpose — to address the current crisis, and to lay the foundation for reforms that will help prevent a similar crisis in the future,” President George W. Bush said in his address to the Manhattan Institute on Thursday.

Representatives from the International Monetary Fund, the World Bank, the United Nations, and the Financial Stability Forum will be in attendance at the two-day long summit to discuss financial markets and the world economy.

The summit will focus on five key objectives: understanding the causes of the global crisis, reviewing the effectiveness of responses thus far, developing principles for reforming financial and regulatory systems, launching a specific action plan to implement those principles, and reaffirming a conviction in free market principles.

Dan Price, the assistant to the president for international economic affairs and Under Secretary of the Treasury Department, Dave McCormick, said in a press briefing this afternoon that the group will likely discuss efforts to provide much needed liquidity in trade finance to many of the emerging markets and availability of needed resources within the IMF, the World Bank, and the regional development banks. Actions taken by the Federal Reserve and the IMF with currency swaps will be ripe for discussion, said McCormick.

In terms of principles, Price determined that the discussion will focus around four principles: first, strengthening transparency and accountability; second, enhancing sound regulation by improving regulatory regimes, credential oversight, and risk management; third, promoting integrity in financial markets; and fourth, reinforcing international cooperation both at the level of national regulators and laws, but also, importantly, through reform of international financial institutions.

“To ensure that these principles are implemented, we expect that leaders will want to come to an agreement on an action plan identifying specific implementation measures,” says Price.

Since September, the Treasury Department has been looking for ways to distribute the $700 billion bailout. The government has taken steps to boost liquidity, recapitalize financial institutions, and guarantee new debt issued by banks. Similarly, governments in Europe and Asia have been purchasing equity in banks, providing governmental loans, lowering interest rates, and launching economic stimulus plans in order to jump-start stalled credit markets worldwide.

This week, Treasury Secretary Henry Paulson committed to help reduce consumer

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Marcia Wade Talbert

Marcia is a multimedia content producer focusing on technology at Black Enterprise Magazine. In this capacity she writes and assigns stories to educate readers about social media; digital integration; gadgets, apps, and software for business and professional development; minority tech startups; and careers in STEM (Science, Technology, Engineering, and Mathematics). In 2012, she received two Salute to Excellence Awards from the National Association of Black Journalists and was recognized by Blacks in Technology (BiT) as one of the Top 10 Black achievers in the tech arena for 2011 at SXSW in Austin, Texas. She has spoken about technology on panels for New York Social Media Week, at The 2012 Rainbow/PUSH Wall Street Summit, as well as at Black Enterprise’s Entrepreneurs Conference and Women of Power Summit. In 2011, SocialWayne.com chose her as one of 28 People of Color Impacting the Social Web, and through crowdsourcing she was listed as one of BlackWeb2.0's/HP's 50 Most Notable African American Tastemakers in Social Media and Technology for 2010. Since taking on the role of Tech editor in September 2010, she has conceived and produced five cover stories on Technology and/or STEM and countless articles, videos, and slideshows online. Before joining BlackEnterprise.com as an interactive general assignment reporter in 2008, she freelanced with Black Enterprise beginning in 2003 while working as the technical editor at Prepared Foods magazine. There she further honed her writing skills and became an authority on food ingredients, including ingredients used in food fortification and enrichment. Meanwhile, her freelancing with Black Enterprise and BlackEnterprise.com helped her stay current on issues pertaining to the financial and business welfare of African Americans. As a general reporter for Black Enterprise she attended and reported on the Democratic and Republican National Conventions, where she interviewed Valerie Jarrett, senior advisor and assistant to President Barack Obama and U.S. Attorney General Eric Holder. Marcia has a Bachelor of Science degree in Agriculture with an emphasis in food science from the University of Minnesota, and a Master of Science degree in journalism from Roosevelt University in Chicago. En route to her secondary degree, she served as the editor-in-chief of the Roosevelt University Torch, a weekly, student-run newspaper. An avid photographer and videographer, Marcia is one of several employees at BLACK ENTERPRISE who interned for the publishing company as a college student. She lives in New Jersey with her husband, a food scientist; her seventeen-month-old daughter; and “The Cat”, but still considers Chicago home.

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