Page 4 Portland Observer, January 28, 198/
(L Hl Jerry Garner staff w riter. Portland Observer. Rew Jesse Jack
son. and John H B row n. President. Brofam Oil, Inc.
I l Rl Duane E Hill; Ju rn ette G Posey, and Jam es Bruce Llew ellyn.
Chairm an and CEO The Philadelphia Coca Cola B ottling C om pany
IL Rl Paul A V olcker C hairm an. Federal Reserve Board, addressing
N A S P m em bers during D C CONFERENCE
(L R) John B row n. Oliver W illiam s. J r.. Jerry Garner, and Congress
m an W alter E Fauntroy. C hairm an . Congressional Black Caucus
IL Rl Traw* ' # J B«,t Jr Chair N A SP Jesse L. Jackson. P resident/
Founder R ainbow C oalition and Joyce Johnson Chair elect.
NASP
(L Rl E m m itt J Rice, fo rm er G overnor. Federal Reserve Board
introducing C hairm an Paul V o lcker
Observer Attends Securities Conference
C on't from front page
In Washington D.C.
trict of Columbia; James B Lewis, Treasurer, State of New
Mexico; Donald R White, Treasurer County of Alameda Cali
forma, and the Reverend Jesse Jackson, President and foun
der. National Rainbow Coalition Inc
The purpose of the Legislative Conference by NASP mem
bers was to exchange ideas, to assess securities issues that will
a ffe t, them beyond the 1980 s, and to serve as an opportunity
for members to make new contacts
The following topics were discussed at the three day confer
once:
capital formation; municipals; asset management;
equities/,rading; cash management for elected officials and
big city mayors
Travers J Bell, Jr., Chair of NASP, told members that
NASP is a legislative reality He said in 1986 NASP members
raised and distributed $100 billion dollars ' W ith these invest
merits and recognition, we re now seen as a trade group
whose strategies and goals are to become par, of public poll
cies and public law in 1 9 8 //'
"N A SP fully expects to become a full and active partner in
legislation affecting our industry and issues which have signifi
can, impact on minority economic agenda. NASP is commit
ted to a thriving, healthy U S. security market, challenging all
on« omers from all the market global forces." However Bell
said, within that commitment, NASP wants their national
government and representatives to understand that NASP will
press for affordable housing m the inner city, efficient and af
fordable mass transportation, infrastructure financing, expand
ed resources recovery facilities, new sources of capital and op
portunities for minority business men and women
"NASP members will execute ,heir goals by testifying before
appropriate committees considering securities industry legis
.la,ion and establish ongoing liaison with congressional and
senate representatives, pointing ou, NASP concerns for future
legislative considerations NASP is the economic development
expert for any organization in America who has a specific or
partnership interest in minority participation," Bell said.
Congressman Fauntroy told conference members they are
the most important people in America today for Black Ameri
cans Fauntroy is a member of the Congressional Black Cau
cus, and Chair of the sub committee on International Develop
men, Institutions and Finance. He is also President of the Na
tional Black Leadership Roundtable. The Roundtable is com
post'd of the heads of more than 300 national Black organiza
tions wfio work together to implement the Black Leadership
Family Plan
Fauntroy told NASP members tha, one of the most impor
tan, concepts the Family Plan had done in the pas, tw o years,
one m which they have had an important role, is in the area of
economic development Fauntroy said, "W hile we've been or
ganizmg for our political empowerment, we've recognized the
transfer of political power without the transfer of economic
power is meaningless "
Fantroy said members of the Leadership Roundtable have
given those Blacks in business the mission of developing for
them the means by which Black can be employers of their own
people
He said, in an effort to move the mainstream of the Ameri
can and International economy, they have asked Congressman
Parren Mitchell, Travers Bell, and others to shape for them a
mechanism no, only for capital formations, bu, for investments
in a number of areas tha, will empower African Americans
economically
Fauntroy said through the M inority Business Enterprise
Committee of the Congressional Black Caucus, they have
developed a concept of a U S. investment company
This
company will issue and sell stocks to Black organizations to in
crease the capital base of existing Black financial institutions
tha, seek to service the Black communities
Secondly the investment company will invest funds raised
from African American communities in existing major enter
prises in this country tha, benefit from Black patronage Faun
troy said one of their plans is to purchase a major hotel in every
city where there is a Black mayor He said the Congressional
Black Caucus brings more than 10,000 people to Washington
every September for the Congressional Black Caucus Week
end "W e figure tha, our people spend around $6 million dol
lars the, week a, the Washington Hilton. The Hilton makes
enough money on us tha, weekend to cover their overhead
for the res, of the year. Once we purchase these hotels, we
can say to Black organizations to have their conventions a,
those Black hotels, said Fauntroy
Thirdly, the Investment Company will invest in major indust
ries around the world Fauntroy said he looks forward to the
time when Blacks will be join, venture owners of diamond
mines in Angola and plutonium mines in Namibia and South
Africa
Volcker said tha, the federal reserve currently is considering
applications from Bankers Trust New York Corp., J.P Mor
gan & Co., and Citicorp to implement some of those activities
through subsidiaries Mr Volcker told NASP members if law
makers don', make these decisions, they will be made for
them
Chairman Volcker was introduced to < onference members
by Emmet, J. Rice, former governor of the Federal Reserve
Board Rice resigned the end of las, year after serving 11 years
on the Board
He was the firs, Black federal governor
Rice praised Volcker for advancing the status of Black pro
fessionals and other minorities within the federal reserve sys
tem ' Before Mr. Volcker became Chair, there was only one
Black EEO on the federal reserve Now there are Black division
directors, a 500 percent increase in Black employment a, the
federal reserve since Volcker took office. He is a remarkable
man in many, many ways," said Rice.
Reverend Jesse L Jackson urged those a, the conference
to form a network of communication between himself and
NASP members. Jackson told NASP members that he fel,
disconnected from them Jesse Jackson said, "I don't know
enough about what you do and who you are, beyond name
recognition and face recognition. I have direct access to Afo
can presidents. There is nobody from your organization con
nected with these leaders. You should be the ones to assist
them in economic development I don't know how to put tha,
piece in there That's what you do, and that's way we've got
to get together."
NASP was organized on February 2, 1985, in Chicago by a
group of minority investment bankers, bond lawyers, commer
cial bank underwriters, investors, credit enhancers, raters,
brokers, dealers, traders public financial advisors and other
professionals in public and corporate finance. NASP's objec
tives are:
• Pursue highest standards of professionalism and excel
lence among NASP members
• Achieve equal opportunity for minority professionals in
Federal Reserve Board Chairman Paul Volcker told the secu
rities professionals tha, lawmakers must approve legislation
giving banks the right to exercise certain securities powers,
including underwriting deb, backed securities and sponsoring
mutual funds.
1st A N N U A L
LEGISLATIVE CONFERENCE
the securities industry.
• Foster growth and development of minorities and of
m inority controlled institutions in the securities industry.
• Enhance communication among members.
• Increase public awareness, especially among minority
Americans, about public and private finance and invest
men, and career opportunities therein.
• In cooperation with other securities industry organizations
and singly, pursue progressive and balanced public poli
cies affecting public and private finance