Opportunities for Minority Contracts in TARP Limited - Page 2 of 2 - Black Enterprise
Black Enterprise Magazine January-March 2019 Issue

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only the largest firms, some who were in the middle of the subprime crisis, are running the bailout.”

Critics also say that the Treasury set a deadline, which gave potential firms very little time to apply [s4] for these contracts and that the banking community should hold the Treasury accountable to choose a team of contractors that is diverse in content and size for the new Office of Financial Stability and its subordinating authorities.

“We asked vendors to demonstrate their ability and commitment to working with small, veteran, minority and women-owned businesses as sub-contractors. And we are evaluating their submissions in part on their capability to do this,” said Kashkari in testimony at a Senate Committee on Banking, Housing and Urban Affairs hearing Oct. 23.

Kashkari explained that since TARP’s inception, the Treasury has announced guidelines for solicitations with specific opportunities for small businesses. Specifically, the Treasury hired investment adviser EnnisKnupp to identify qualified minority- and women-owned businesses. The firms’ duties also will include developing and maintaining investment policies and guidelines and assisting with the oversight of the portfolio’s multiple asset managers. This oversight will include helping Treasury to determine asset allocations for each manager, evaluating the performance and costs, identifying conflicts of interest and identifying strategic investment and market issues impacting the overall portfolio.

The Treasury plans to issue separate notices to identify smaller, minority- and women-owned financial institutions that do not meet the minimum qualifications in the initial notices and smaller financial institutions will be designated as subcontractors  and/or sub-managers within the portfolio.

In addition to EnnisKnupp, the Treasury also hired the Bank of New York Mellon as lead custodian to implement accounting, auction management and other infrastructure services; Simpson, Thacher and Bartlett as legal adviser for the equity program; and Pricewaterhouse Coopers and Ernst & Young for internal control and accounting services.

“Recruiting the right people is essential to the success of this program and we are moving quickly on several fronts,” said Kashkari. “While the permanent team is being identified for tomorrow, we are tapping the very best, seasoned, financial veterans from across the government to help launch the program today.”

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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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