The 11 Most Important Policies That Impacted African Americans in The Last 50 Years

September 9th, 2010 - By TheEditor

Financial Services Modernization Act of 1999


The Financial Services Modernization Act was passed on November 5, 1999. The legislation resulted in deregulation of the the financial sector, allowing banks, insurance companies and investment firms to sell each other products. Many consider the measure the greatest financial overhaul since the Great Depression Era, as it further repealed Franklin D. Roosevelt’s Glass-Steagall Act that entailed provisions that prohibited a bank holding company from owning other financial companies. The reform was praised for its bipartisan sweep promising  “free markets and consumer protection.”

Date Enacted: November 1999
Proponent: Bill Clinton, James Clayburn, Harold Ford, William Jefferson, Shelia Lee, and Charles Rangel.
Effect on African-Americans: The deregulated market coupled with former president Bill Clinton’s 1995 amendment of the Community Reinvestment Act mandated lenders to provide access to capital for low income communities. Both caused relaxed lending practices, thus creating a pervasive lending environment in which mortgage brokers geo-targeted sub-prime mortgages. Due entirely to sub-prime loans, black borrowers are expected to lose between $71 billion and $92 billion and have been disproportionately affected by home foreclosures throughout the nation.

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  • Marcia Kia Simpson-J

    I'm just checking, is this piece a spoof or a joke? This writer has got to be some kind of comedian or taking the piss. Apart from the illegal hispanics suddenly complaining that they are being racially profiled (welcome to the club), and to tell the people that sub-prime mortgages were prenominately aimed at them, I am struggling to find the good of the piece.

    I just feel that these people are running some sick joke!

  • liz

    Illegal Immigration creates unfair and discriminatory treatment of African Americans. It affects African Americans in the economy by hiring illegal immigrants for jobs instead of African Americans. The federal government spends billions on ESL services and it is well documented but does not document or provide services for African Americans in elementary schools such as African American counselors. The ESL programs outlines help ESL students from kindergarten through advanced English proficiency( which equals college level proficiency), tutors and constant guidance and educational help but does not provide the same for all African American students. African Americans are required to provide numerous documentation from education, social services, police, and any other services. Illegal Immigrants can work as many jobs as they want and their children still receive food stamps, health care and child care without requiring the same documentation as African Americans. Take a look at the educational national and state data on African American children, the national or state unemployment rate, and the prison rate and you will see African Americans are once again being used by the rights entitled to them for others but this time they have even insulted African Americans further by claiming that illegal immigrants are entitled to more rights and services than African Americans.

  • tell the truth

    and black folks are still on the bottom rung . what these 11 bread crumbs that has been handed down to you elavator upper crust negros who see this as progress, its 3 steps forwards 4 steps back. only on the surface, only on the surface to keep you negros quiet. and its all horse-shi- cause black america is in decline. they just threw you negros some crumbs out the back door. you can't rest on that/this. cause you elavator negros will ony get to the mezzaine its very few penthouse negros on you say this is progress. get a clue post.

    • cheryl

      Nothing's changed? What was the last restaurant you got kicked out of? Then there is the obvious, President Barack Obama, or Sec. of State Condi Rice. I could go on and on, and you're right we are at the bottom on many areas. Why? Because as a people we have squandered the freedom we won, by focusing on racism all the damn time and government "give me stuff programs" instead of focusing on business and on what we can and MUST do for ourselves.