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BUSINESS EXCHANGE Money Matter$

Industrial Bank Industrial Strong

By Hermond Palmer VP/Director of Marketing and Sales

www.industrial-bank.com

Member FDIC

Combating Abuse (Part 1) These days when you turn on the radio, the television or open a newspaper there is a good chance there will be some report or mention of domestic violence. But with this issue being thrust to the forefront of society’s psyche, what is it really? The United States Department of Justice defines domestic violence as, “a pattern of abusive behavior in any relationship that is used by one partner to gain or maintain power and control over another intimate partner. Domestic violence can be physical, sexual, emotional, economic, or psychological actions or threats of actions that influence another person.” A subset of domestic abuse is economic or financial abuse. The United States Department of Justice defines economic abuse as, “making or attempting to make an individual financially dependent by maintaining total control over financial resources, withholding one’s access to money, or forbidding one’s attendance at school or employment.” Very often when domestic violence is discussed, physical abuse is the type of domestic violence that is most commonly the focus. But, using finances as a tool of power and a means to control, the financial abuse, happens just as frequently. Research shows that 74% of Americans personally know someone who is or has been abused. However, 75% Americans also fail to connect domestic violence with financial abuse. What many people do not realize is that financial abuse, while less commonly understood, is one of the most powerful methods of keeping an individual trapped in an abusive relationship. According to information provided by the National Network to End Domestic Violence research indicates that financial abuse is experienced in 98% of abusive relationships and surveys of survivors reflect that concerns over their ability to provide financially for themselves and their children was one of the top reason for staying in or returning to an abusive relationship. So what can you do to protect yourself? Everyone knows that knowledge is power. When it comes to dealing with the issue of financial abuse knowing what to look for when it comes to identifying the signs or behavioral patterns of potential abusers can be critical. The following are some common methods that, under specific circumstances, abusers use to gain financial control over their victim. These include: • Forbidding the victim to work • Sabotaging work or employment opportunities by stalking or harassing the victim at the workplace or causing the victim to lose his or her job by physically battering prior to important meetings or interviews • Controlling how all of the money is spent • Not allowing the victim access to bank accounts they contribute to • Withholding money or giving “an allowance” • Forcing the victim to write bad checks or file fraudulent tax returns • Running up large amounts of debt on joint accounts • Refusing to work or contribute to the family income • Withholding funds for the victim or children to obtain basic needs such as food and medicine • Hiding assets • Stealing the victim’s identity, property or inheritance • Forcing the victim to work in a family business without pay • Refusing to pay bills and ruining the victims’ credit score • Filing false insurance claims • Refusing to pay or evading child support or manipulating the divorce process by drawing it out by hiding or not disclosing assets • cancelling insurance or credit cards without the victim’s knowledge • jeopardizing the victim’s housing • preventing the victim from pursuing education, working or transportation The subject of financial abuse is a trifecta; extremely complex, critically important and absolutely relevant. As a result, I will not attempt to address the issue in its entirety in this one article. Please look for Combating Abuse Part 2 next month where I will highlight potential solutions to address this unfortunate and dangerous issue. If you think the content of this article was helpful in any way, please share the information with anyone who might benefit from the message. If you are in the market for a bank partner, Industrial Bank is ready to support you. Call us at (202)722-2000 or go to www.industrial-bank.com.

16 Nov 20 - Nov 26, 2014

The Washington Informer

When Will the President Help Us? From one House Republican calling him a “liar” to his face to a newspaper article that called the president of the United States of America the N-word, Barack Obama has had to endure tremendous disrespect for a sitting president. How will the legacy of America’s first Black president be rated after he leaves the White House? It will take a broader body of work to make Obama’s tenure a success. Days prior to the November midterms, the president appealed to Black voters to “help a brother out” when he said on the Steve Harvey Morning Show: “I am just hoping everybody comes through because I really want to get a lot of stuff done in these last two years. … I am just hoping everybody who is listening says, ‘We are going to give one last push so the president and the first lady have the opportunities to really use these last two years on our behalf.’” Call me crazy, but it’s time the Obama White House did something for his most loyal supporters. Obama and Co. have the “My Brother’s Keeper” initiative aimed at bolstering the lives of young men of color – a demographic often trapped in cycles of poverty, academic failure and incarceration. Obama’s people said: “We’re going to pull together private philanthropists, foundations [and] work with governors and mayors and churches and nonprofits. And we’re just going to focus on young men of color and find ways in which we can create more pathways to success for them.” In the midterms, Blacks who went to the polls supported Obama surrogates, but more than half the Black electorate evidently wasn’t even sure those elections were taking place. The reason Blacks remain stuck at the bottom in all categories of economics is because of our allegiance politics and core Democratic values. In this land of free market principles and prac-

By William Reed tices, economics is not championed among Blacks because its leadership is intent on keeping voters’ minds on voting. It’s time for Obama and the Black electorate to boss up. Both the president and Black voters need to move past the symbolism and get to the next level. In the two years Obama has left in office, he needs to make a substantive gesture toward helping brothers and sisters out. Instead of having germane talks regarding economics, Black voters negate their own interests when they give Obama’s presidency “favorable” ratings while the Black unemployment rate remains twice that of Whites. Many Whites give the economy under Obama a “thumbs down.” Black and minority businesses have always done better during Republican presidencies than under Democratic ones. The Obama administration has been a total failure when it comes to small and minority business. Under this current administration, the Black and Latino contracting rates with the federal government have decreased 8 and 7 percent, respectively. Small business is the economic engine of the country – creating more than 70 percent of all new jobs across America. Yet Obama rarely engages with the small-business community and has never met exclusively with Blacks in business since he has been in the White House. There are also no minority business people in his inner circle. Since he’s got nothing to lose and a chance for everyone to gain, Obama should address issues affecting Blacks who contract with the U.S. government. Obama won’t be doing anything illegal. The government increased contracting with Black and minority businesses during Richard Nixon’s presi-

See REED on Page 17