On Tuesday, April 29, 2008, Blair H. Taylor, President & CEO of the Los Angeles Urban League, testified before the Federal Reserve in support of Bank of America Corp.’s proposed $4 billion acquisition of mortgage lender Countrywide Financial Corp. The two-day hearing regarding the acquisition took place at the Los Angeles branch of the Federal Reserve Bank of San Francisco in downtown Los Angeles. The Federal Reserve reviews bank acquisitions to determine whether they are in the public interest. Mr. Taylor’s testimony was as follows:

Good morning.

My name is Blair Taylor. I am the President & CEO of the Los Angeles Urban League.

As some of you may know, the LA Urban League is part of the affiliate network of Urban Leagues across this nation. The network includes 100 affiliates located in major metropolitan areas. As to the Los Angeles Urban League specifically, with an operating budget of more than $30 million/year, and a staff of more than 300 full-time employees, we are the largest affiliate in the nation.

For the past 87 years the LA Urban League has been a central part of the lives of tens of thousands of this city’s most needy residents. We locate jobs and provide employment services for hundreds of residents each year through our Worksource Centers. We provide after-school programs and mentoring services through our Milken Family Literacy and Youth Training Center. We provide childcare services to thousands of children and their families through our 34 HeadStart and State Preschool Centers.

And when the issues of this city arise, when it is time to advocate on behalf of African Americans and other minorities, the Los Angeles Urban League is usually front and center. When issues of police brutality and lack of African American sensitivity had our community in a headlock in the 1990’s, the Los Angeles Urban League led the charge for police reform. And when UCLA’s African American freshman admissions rate fell to a paltry 96 students in 2006, the LA Urban League was front and center, driving the public institution and the entire UC system to refocus on minority enrollment.

I have been at the Los Angeles Urban League in this role for nearly 3 years. During that time, I have had the pleasure and the challenge of working on some of Los Angeles’ most difficult issues. And despite major progress on many fronts, many major issues remain:

• Unemployment rates remain locked at levels 4 to 5 times higher than the average in urban communities.
• High School dropout rates remain near 50% in the African American community.
• Inadequate access to health care and services threatens the lives and well being
  of our community.
• And the latest housing crisis threatens the overall economic stability of the
  entire region.

Yes, there are certainly challenges. But the LA Urban League and our partners have consistently focused on solutions.

And one of the things that has helped me in the ongoing push for social justice are the major allies – corporate, public sector and foundational partners, who have arisen to take on their share of the load.

I place the Bank of America squarely in that camp.

Bank of America is a long-time, solid supporter; not only of the Los Angeles Urban League, but also of other major not-for-profits across the city. Bank of America has provided resources to help rebuild neighborhoods. And it has not only put itself in the mix consistently, but with a passion to help solve problems.

When I assumed the helm of the Los Angeles Urban League, one of the first meetings I had was with then Bank of America President Lynn Pike. At that meeting, we asked Bank of America to support our annual Whitney M. Young Jr. Awards Dinner as the 2006 Chairperson – a $200,000 commitment. The Awards Dinner is the League’s largest fundraising event. The funds raised help to provide the services to thousands of people. And the Dinner Chair position is the most critical one.

Lynn committed Bank of America to the role without hesitation and helped to successfully launch my tenure as President of the League. And for that we were and remain extremely grateful.

During my tenure and for the past several decades, Bank of America has served tirelessly on our Board of Directors. After Lynn, Gayle Lannoy, a Bank of America Vice President, took over the position as a member of the League’s Board. Gayle has done an outstanding job, also serving as a key member of the Head Start Committee –one of the most important Board committees.

Gayle and Bank of America have consistently continued to support League endeavors – including our innovative new approaches to solving community problems.

As one example of Bank of America’s commitment to social sector innovation, through current President Leticia Aguilar and Gayle, the bank is now considering and planning for a large multi-year level of support for the League’s systemic change model, Neighborhoods@Work. The model is designed to change this city, one neighborhood at a time. Neighborhoods@Work focuses on five disciplines simultaneously – education, employment, health, safety and housing. Neighborhoods@Work has received national accolades for its success, having lowered crime in the initial target community more than 30% in its first year. It is a holistic model, with partnerships spanning from the LAPD to the University of Southern California. It is designed to scale neighborhood by neighborhood to address the problems that plague our urban communities.

With the support of Bank of America for innovative holistic initiatives like Neighborhoods@Work, the bank is again revealing its commitment to building 21st Century solutions. So whether it is by facilitating innovative solutions and committing to the development of winning strategies, Bank of America through its unwavering financial support and commitment to innovation, has been the embodiment of corporate responsibility.

I could not be more pleased to have their energy, resources, and talent focused against issues that matter. Bank of America’s service to our organization and our Board has been a vital element in the League’s success in this regard.

What I can attest to is Bank of America’s ongoing commitment to social justice and the well being of the residents of this city. I have seen this first hand, and it has been on display through its efforts with the LA Urban League for many decades.

So, while we should all be cautious about expanding very large institutions in any sector of our economy, I can wholeheartedly support the expansion of this particular institution.

I can do this without hesitation. Because in spite of being the nation’s largest bank, Bank of America has proven, as it has grown, that its commitment is not only to making money but also to changing lives for the better.

You have my thanks for the opportunity to address you this morning.