Congressman Gregory Meeks Supports Treasury Department Efforts To Increase Participation In Public-Private Investment Program

(WASHINGTON, DC)– Congresswoman Gregory W. Meeks (NY-6) supports the announcement from the U.S. Treasury Department providing additional guidance for potential applicants interested in participating in the Legacy Securities part of the Public-Private Investment Program (PPIP).

"I support today’s announcement by the Treasury Department. Secretary Geithner and the Administration have begun to take efforts to ensure that small, minority and women-owned business enterprises (MWBEs) have a meaningful opportunity to participate in the Public-Private Investment Program,” said Congressman Meeks.

In today’s announcement, the Treasury Department released additional guidance for potential investors in the securities portion of the Public Private Investment Program (PPIP). In order to ensure broad based participation in the program, the Treasury Department will encourage small, veteran, minority- and women-owned businesses to partner with private asset managers. There are several ways smaller firms can partner with fund managers including as an asset manager, an equity partner, or a fund raising partner. Other ways to participate include providing such services as trade execution, valuation, and other important financial services.

“My colleagues on the House Committee on Financial Services and in the Congressional Black Caucus have worked since last fall with two Presidential Administrations to address the lack of opportunities for qualified, proven small, minority and women-owned business enterprises to serve our nation by participating in the Troubled Asset Relief Program (TARP), the Term Asset Backed Securities Lending Facility (TALF), the Public-Private Investment Program (PPIP) and other federal programs designed to strengthen the nation’s financial and capital markets, are inclusive of all Americans,” added Representative Meeks.

The Treasury Department will allow smaller firms to partner prior to or after the application deadline, including after the selection of the initial group of pre-qualified Fund Managers. Finally, Treasury encourages the submission of innovative proposals from Fund Managers that incorporate the options listed above as well as other potential options.

“I will remain vigilant in my oversight of the respective federal initiatives to help strengthen our financial sector and the participation of small, minority and women-owned business enterprises in these programs. I will also be working to facilitate partnerships with institutions receiving capital infusions from the government with small, minority and women-owned business enterprises,” said Representative Meeks. “I look forward to working with Secretary Geithner, the Administration and private sector institutions who receive capital funds from the federal government to further revise the guidelines in manner that expands opportunities for small, minority and women-owned businesses," said Congressman Meeks.

Congresswoman Meeks is a senior member of the House Committee on Financial Services and Chairman of its Subcommittee on International Monetary Policy & Trade and co-chair of the CBC Economic Security Taskforce, has helped lead efforts in the House of Representatives to ensure that the Troubled Asset Relief Program (TARP), the Term Asset Backed Securities Lending Facility (TALF), the Public-Private Investment Program (PPIP) and other federal programs designed to strengthen the nation’s financial and capital markets, are inclusive of all Americans.