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Pres. Biden Appoints SoCal “Activist Entrepreneur” Kerman Maddox to Trade Advisory Body

McKenzie Jackson | California Black Media

Courtesy Photo: President Joe Biden and Kerman Maddox

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Last summer, the White House offered Southern California small business owner Kerman Maddox a unique opportunity to serve on a national committee set up to advise President Joe Biden’s administration on educational matters.

The Los Angeles resident declined.

Maddox, who is also a communications specialist -most recently a member of Los Angeles Mayor Karen Bass’s transition team -- felt he did not have enough expertise in the educational space.

Then, this month, the right opportunity came for Maddox to take his expertise, passion and ambition to Washington. The White House appointed Maddox, along with 14 others, to serve on the United States Advisory Committee for Trade Policy and Negotiations.

“I’m an African American male. I’m a small business owner. There is nothing in my background that ever would have indicated this was even in the realm of possibilities,” he stated. “I am going to do the best to represent other African American small business owners. When you get an opportunity like this, you want to do a good job -- not embarrass folks.”

Maddox, president and majority owner of K&R Hospitality and managing partner of Dakota Communications, told the official he would be interested in serving on any commission that dealt with United States’ commerce, small business, trade, or other related fields if a position became available.

Maddox, who President Barack Obama once appointed to serve on the Executive Committee of the Democratic National Committee, says he is excited about his new role.

The other new advisory body appointees are Revathi Advaithi, Manish Bapna, Timothy Michael Broas, Thomas M. Conway, Erica R.H. Fuchs, Marlon E. Kimpson, Ryan LeGrand, Sean M. O’Brien, Javier Saade, Shonda Yvette Scott, Elizabeth Shuler, Nina Szlosberg-Landis, and Wendell P. Weeks.

Along with the other appointees, Maddox will provide policy advice to U.S. Trade Representative Katherine Tai, who spearheads American trade policy across the globe.

The new committee members were recommended by Tai’s office and appointed by Biden.

They make up one of several advisory committees established by Congress to ensure U.S. trade policy and trade negotiating objectives adequately reflect American public and private sector interests.

In a March 10 statement announcing the appointees, Tai said she looked forward to working with the new appointees.

“Developing a workercentered trade agenda means bringing together a range of perspectives and backgrounds to design and implement our policies,” she stated. “The Advisory Committee for Trade Policy and Negotiations is an important forum to guide

State Treasurer Fiona Ma Calls for Full, Temporary FDIC Backstop of all Bank Deposits

County/Government/Business News

SACRAMENTO – California

State Treasurer Fiona Ma today issued the following statement: Last week, President Biden helped quell panic in California and around the country by announcing that all Silicon Valley Bank (SVB) depositors would be able to access their accounts and guaranteeing their deposits, despite the bank’s collapse. I applauded his quick and decisive action.

Today, I’m asking President Biden to continue to calm nerves by fully protecting 100% of business and individual account deposits with FDIC coverage, until full confidence is restored in our banking system. Banks of all sizes - large, regional, and community – should be included.

I received several panicked calls last week from small business owners after finding their SVB accounts were frozen, preventing them from paying bills and their employees. If quick access had not been restored to these customers, California’s economy could have taken a hit and seen significant layoffs.

Small and midsize banks and credit unions are the heart and soul of our communities. These institutions can develop personal relationships with their clients, offering the flexibility and customization that often can be the difference in getting approved for a loan and staying in business.

Temporarily guaranteeing all deposits will ensure that these community institutions are shielded as much as possible from current economic volatility and uncertainty.

California is home to 4.1 million small businesses, representing 99.8 percent of all businesses in the state, employing 7.2 million workers. As the 4th largest economy in the world, it is critical that the banking system seamlessly supports the businesses and individuals that make it possible.

I will continue to work with federal officials to ensure Californians can rest assured that our banking system is strong, and their assets are protected.

Communications, the marketing, public relations, and public affairs consulting firm, in 1996. In 2010, he started K&R Hospitality, a food and beverage concession business. He had a role in Obama’s historic 2008 campaign and was part of Biden’s presidential campaign 12 years later. Maddox worked as an aide and advisor to past L.A. mayors Tom Bradley and Antonio Villaraigosa and for Bass when she was in Congress. He was also an adjunct professor of Political Science at USC and a full-time Political Science professor for the L.A. Community College District. Maddox has several honors from community service organizations and radio and television awards under his belt.

Maddox described himself as an “activist entrepreneur.”

USTR’s work and ensure that the benefits of trade are equitably distributed across our economy and to all people. President Biden has nominated a diverse group of men and women that will help us carry out his vision for sustainable, inclusive and durable trade policy in 2023 and beyond.”

Maddox wants to align with the trade agenda set by the Biden administration. He also has his own objectives he aims to rally for.

“Number one, I’m really going to play a space as a small business guy to see if we can get small businesspeople to export products overseas -- whether it is technology or manufacturing or retail or professional services,” he noted. “Number two, figure out a way to rein in climate change. What can we do to get people to understand that it is real and what should we be doing by the way of trade polices to combat the escalation of global warming and climate change?”

Maddox received a call from the White House late last year inquiring whether he would be interested in joining the committee. He jumped at the opportunity. In January, he learned his position on the panel was finalized.

Maddox now has a lot of homework to do on trade policy before the group meets in April. Tai’s office is introducing the new committee members to trade experts.

“I’m trying to quickly study to get up on this,” Maddox noted.

Maddox founded Dakota

“I do a lot of community stuff,” he said. “I’m very active in my church, but I’m also a businessman. I’m interested in making money, but I’m also interested in hiring as many people that look like me as possible. I’m interested in growing my business and bringing people along at the same time.”

Due to his business experience, Maddox brings a breadth of viewpoints to the commission.

“I have a unique perspective to talk about professional service businesses and how that works and discuss retail, food, and beverage concussion-oriented businesses,” he explained. “One is people, food, merchandising, quality standards, and more. The other is professional services — you are brainstorming and creating.”

Maddox will meet with other committee members via video conference, but expects to also assemble with the group in Washington, D.C.

He said being involved with Obama’s initial presidential run was his greatest professional experience. However, having the chance to pitch Biden, who Maddox has met before, trade policy insights is a close second.

“There is nothing in my background that would indicate I would be talking to the president, let alone advising the president,” Maddox declared. “If I can make it, anyone can make it. I’m a pretty regular guy that worked his way up.”

FHA makes housing more affordable for 850,000 borrowers

Savings tied to median market home prices

By Charlene Crowell

Beginning March 20, a recent move by the Biden Administration will make owning a home more affordable for current and prospective homebuyers. Arriving just in time for the spring buying season, 850,000 mortgage borrowers who used FHAfinancing for their homes as well as families choosing this popular mortgage program will benefit from lowered mortgage insurance premiums.

This monthly fee, paid along with principal and interest owed will be cut by 0.3 percentage points, thereby lowering regular monthly costs. The cut is also reflected in President Biden’s new budget proposal. With housing affordability straining many efforts to become homeowners, the lowered costs triggered by the insurance premium deduction can be an important difference.

“For this country to truly succeed, all Americans must have access to opportunity. That means expanding access to wealth-building and home ownership,” said HUD Secretary Marcia L. Fudge in a recent interview. “Today, we are building on the steps we’ve taken to make homeownership more affordable, and HUD is acting to ensure people feel comfortable purchasing a home as they build toward their future. As we reduce housing costs for people with FHA mortgages, we continue our work to address longstanding disparities in homeownership.”

Although actual dollar savings will vary by market and locale, families who borrowed at the national median price of $270,000 for their home will see an annual savings of approximately $800. In markets where median prices are higher, higher dollar savings will apply. Conversely, in area where median home prices are lower than the national one, savings will be smaller.

For example, in Detroit where the median priced home is $200K, the annual savings for FHA borrowers will be approximately $600. By contrast, FHA borrowers in Prince George’s County, MD, where the average home price is $300K, annual mortgage premium

FHA makes housing more affordable for 850,000 borrowers Savings tied to median market home prices ...continued insurance savings will rise to $900 each year. FHA borrowers in Austin, TX can look forward to an estimated $1,500 in yearly savings on the market’s homes valued at $500K. In Boston, Los Angeles, and New York, where the median price of homes is even higher, so too will be those borrowers’ savings.

The program’s cost-cutting is made possible by the growth in recent years in the fund’s accumulated reserves, now five times the amount required by Congress. This financial heft strengthens the program’s financial stability and was accomplished by multiple factors.

Administratively, HUD updated underwriting policies that enabled lenders to include both rental history and student loan debt in determining mortgage applicants’ creditworthiness. Also, HUD’s mortgage loan modification practices resolved delinquencies for financially-challenged borrowers, allowing them to keep their homes. Yet another policy change offered expanded housing counseling that prepares first-time buyers with knowledge and information gleaned from 4,000 HUD-certified counselors working in 1,500 HUD-approved community agencies across the country.

These reforms, combined with key market measures like stable home appreciation, low foreclosure rates, and significant refinance volume, generated improved loan performance and savings that could be passed on to consumers.

For low-to-moderate income consumers, these developments ensure that this long-standing federally-insured program will remain an available, affordable, and sustainable path to homeownership. More than 80 percent of first-time homebuyers and 25 percent of buyers of color who secured these governmentbacked loans will benefit from the lowered fees.

In its recap of 2021 FHA lending to Blacks, the National Association of Real Estate Brokers, found that 40 percent of Black mortgage borrowers were FHA-insured, including 42 percent of Black millennials. Public and private sector housing stakeholders applauded the action.

“The Biden-Harris Administration is providing needed breathing room in the tight budgets of families who use FHA mortgages, many of whom are first-time homebuyers, people of color, or individuals with lower-incomes,” said Mitria Spotser, vice president and federal policy director at the Center for Responsible Lending. “By reducing the cost of mortgage insurance premiums, the Administration is putting money back into people’s pockets. This move helps families strengthen their financial backstop and manage unexpected financial events while maintaining homeownership. The Administration has been working to make our housing system more equitable, sustainable, and healthier and this is an important step in that journey.”

“Mortgage rates have doubled over the past yearand home prices have increased more than 30 percent in some counties. In this competitive market, new and low- to moderate-income buyers are often left behind,” said Kenny Parcell, President of the National Association of Realtors. “This reduction will help alleviate some of the financial stress those potential buyers encounter when purchasing a home.”

Founder Of Award-Winning Black, WomanOwned Branding Agency Makes History With Buy With Prime Partnership

Nationwide — Diamond Spikes, founder and CEO of DS Creative Design Studio, an awardwinning Black woman-owned branding studio, has announced an amazing partnership with Amazon's Buy with Prime program. The partnership brings comprehensive branding workshops to Black-owned businesses, helping them to take actionable steps to grow and improve their overall brands. The initial workshops were recorded and the 2 upcoming workshops in March, will be as well. This partnership marks a historic moment, as it is Buy with Prime's first partnership of its kind. The workshops were provided to primarily Amazon's Black Business Accelerator participants, providing them with the opportunity to benefit from the expertise and experience of DS Creative Design Studios very own Diamond Spikes. DS Creative Design Studio specializes in working with direct-to-consumer brands through high-level brand partnerships to help them scale to the next level. The company has a proven track record of success, with client work featured in prestigious publications such as British Vogue and Good Morning America, and has been trusted by over 70 brands.

"We are so excited to be partnered with Buy with Prime to bring our branding workshops to Black-owned businesses and for me to be able to plug other Black experts in my network," said Diamond. "Part of our mission is to empower and uplift Black-owned businesses, and this partnership is a huge step in achieving that goal. With our new workshop presentations happening in March 2023 with the Buy with Prime team, we hope to reach even more businesses and help them to achieve their goals."

This partnership is a significant step in the right direction in terms of promoting diversity and inclusion in the business world and will help to level the playing field for Black-owned businesses by providing them with resources that they normally wouldn’t have access to.

For more information about DS Creative Design Studio, visit the official website at DSCreativeDesignStudio.com

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