CAPAC Chair and Housing Taskforce Chair Applaud the Creation of a Financial Crimes Task Force

Feb 3, 2012

WASHINGTON, DC – Making good on one of the President’s promises from his State of the Union address, the Obama Administration has announced the creation of a new financial crimes task force.  The task force will be charged with investigating those responsible for the misconduct that contributed to the financial crisis.  In response to the announcement, Congresswoman Judy Chu (CA-32), Chair of the Congressional Asian Pacific American Caucus (CAPAC), and Congressman Al Green (TX-9), Chair of the CAPAC Taskforce on Housing, released the following statements.

Congresswoman Judy Chu (CA-32), CAPAC Chair: “Since this financial crisis began in 2008, hard-working Americans all across this country have suffered the consequences of the irresponsible actions of a very privileged few.  With the creation of this financial crimes investigation unit, the individuals responsible for this calamity will finally be held accountable for their actions. Asian Americans and Pacific Islanders suffered the largest percentage decline in homeownership of any racial group after the housing crisis. Now nearly four years later, we may finally see some justice.  I commend President Obama for making this a reality.”

Congressman Al Green (TX-09), CAPAC Housing Task Force Chair:  “I commend the President for his decision to create a financial crimes investigation unit. The negative impact of the housing bubble, driven by predatory and subprime lending, is still felt today. Negative equity continues to drag our housing market down, slow our economic recovery, and make it difficult for families to stay in their homes. The Asian-American community has been especially impacted by the foreclosure crisis, and I stand ready to work with the President to stabilize our housing market and ensure that it is properly and efficiently regulated.”

 

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The Congressional Asian Pacific American Caucus (CAPAC) is comprised of Members of Congress of Asian and Pacific Islander descent and members who have a strong dedication to promoting the well-being of the Asian American and Pacific Islander (AAPI) community. Currently Chaired by Congresswoman Judy Chu, CAPAC has been addressing the needs of the AAPI community in all areas of American life since it was founded in 1994.