Wall Street reform includes regulations on minority- and women-owned businesses

In the past few years, the world has suffered tremendously from the consequences of the actions of Wall Street bankers. To help ease up on the financial tension, Congress recently passed a financial reform legislation to change how Wall Street and its federal regulators function.

According to the Chicago Tribune, the new law requires each of the 30 federal financial agencies and departments, and all 12 federal reserve banks to establish an Office of Minority and Women Inclusion so they can begin to recruit women and minorities, and to increase federal contracting opportunities for minority- and women-owned businesses.

Financial reform didn't only take place on Wall Street. It also made a stop in Chicago when the company that bought the recently failed ShoreBank laid off 60 of the more than 300 jobs, according to Chicago Breaking Business.

Urban Partnership Bank said a smaller workforce is needed in order to help it move forward and be a "strong, sustainable player in our communities."

 

The physical labor industry has also been suffering in Chicago, according to the Chicago News Cooperative. Described as the country's largest "dry port," the Chicago area is home to the about 150,000 warehouse workers. The port is where the nation's six major railroads converge and drop off their goods onto trucks and are sent out to warehouses to be shipped to retailers all over the country.

This might sound like the perfect job to men and women who once held jobs in the meatpacking and steel mill industries, but these jobs are not what they once were. They're low-paid, mostly temporary jobs with few benefits and little to no opportunities for advancement, according to the article.

 

The effectiveness of the gun laws that Mayor Richard M. Daley has been touting as a successful tool against crime was found to be questionable by an analysis of court data by the Chicago News Cooperative. There have only been a little over 2,000 convictions under the laws--or an average of 79 convictions each year--since 1982 when they were enacted.

There have been almost 1,100 shootings in Chicago from January through July, with victims from 1 to 72. According to the Chicago Tribune, there were more than 300 shootings in July, and at least 33 of the victims have died.

 

Nearly one-third of U.S. households go without life insurance coverage, the highest in more than four decades, according to The Wall St. Journal. The research company who conducted the study, Limra, said that the percentage is a sign of financial pressure on the middle-class families, whose financial priorities are more focused on paying off debt. 

 

Chicago Public Schools are giving their high school students another chance at graduating and making up for the credits they've missed with online courses, according to the Chicago Tribune. What used to take some students the whole school year in the classroom to complete is now taking a few months online. CPS chief Ron Huberman said that it will not replace the classroom by any means, but it will help kids learn some things at their different paces, and help them develop necessary computer skills. 

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  • Just what an over taxed over regulated industry needs,more regulations.Look at where and how all the oversight from the feds have gotten us to.Without the help of the over 500 legislators and the bullsh#t they create we would not hacve had the meltdown we had.LOOK FOR YOURSELF AND SEE,who was in charge of the so called oversight.We can trace the failure of Shorebank to the door step of ms.jan shakowsky and her husband.Look into why her husband went to jail and what for and who he swindeled. Look at the money that was funneled from washington,OUR MONEY,and who funneled it there. These f#*^ing theives in washington,our representatives,tried to hide this and did a fine job since the print and tv coverage isn't there.They have rules in place and where was the federal government when this was all going down? Most of all who was in charge of the banking commitee????? Look,or are you afraid of what you'll find??

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