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.