This Public Hearing is aimed at assessing the impact of the Bank of America merger upon minority communities in Florida. It is necessary due to the refusal of the United States Federal Reserve Board to hold a hearing in Florida as it did in both California and New England. Many minority groups and activists from across Florida will attend this hearing, along with local elected officials of Florida. In addition, Congresswoman Brown has invited members of the Congressional Black Caucus and the Hispanic Congressional Caucus to participate in this historic event in Florida, as a sign of unity among minority communities across the United States.

"This Public Hearing is necessary so that Bank of America can better understand its responsibility to make a difference in our state's African-American, Asian and Hispanic communities," said Congresswoman Brown. "Bank of America has made significant Community Reinvestment commitments to others states and we need to ensure that Florida receives its fair share of resources for minority communities."

"The Hearing is a significant opportunity for minorities in Florida to voice their concerns and issues for their communities" said Al Pina, Acting Chairman of the Florida Minority Community Reinvestment Coalition. "It is absolutely critical for minority communities of Florida to attract capital resources to support wealth creation and job expansion for our communities. The financial institutions have neglected minority communities in their efforts to comply to the spirit of the Community Reinvestment Act of 1978."

"This Public Hearing will bring a number of minority organizations and activists together under one common goal-- to increase capital resources from Financial Institutions to minority communities," said Congresswoman Brown. "I want to facilitate a commitment by Bank of America to allocate large funds of community reinvestment into the low and moderate income minority communities of Florida. We also need to build capacity and assets of minority led or focused community development organizations. The end result will be higher paying jobs for minorities and reversing the economic blight of poor communities in Florida. Poverty, unemployment and the high school dropout rate is on the rise in minority communities in the State and now that Bank of America has committed funds to poor communities in the Unites States, as Florida's largest bank, it is Bank of America's responsibility to allocate proper resources to Florida to reverse these disturbing trends."

The Florida Minority Community Reinvestment Coalition (FMCRC) will assist Congresswoman Brown in this Public Hearing. The Public Hearing will create dialogue on key minority community reinvestment issues: affordable housing lending, community development investments/lending, small business lending/procurement, and sustainable development.

The FMCRC is a community development organization operating in Florida. The FMCRC is being developed in partnership with the Green lining Institute of California to represent and advocate for Florida's minority community organizations in the arena of community reinvestment. It serves as an umbrella organization for over 22 of Florida's most prominent minority community based organizations.