The American Prospect: Wall Street’s Attack on Biden Nominee are a red herring

The American Prospect, September 29, 2021, Wall Street’s Attack On Biden Nominee Are A Red Herring

Industry criticism of OCC pick Saule Omarova for wanting to end private banking masks their real fear of losing their derivatives businesses. Omarova would also be a key figure in the OCC’s planned overhaul to the Community Reinvestment Act, banks’ basically unenforced, decades-old requirement to lend to low-income areas. The National Community Reinvestment Coalition, which aims to end lending discrimination, welcomed the pick.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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