Thomas "Danny" Boston, professor of Economics in the Ivan Allen College of Liberal Arts, testified earlier this month before two subcommittees of the U.S. House Committee on Financial Services.  During the May 12 meeting before the Subcommittee on Oversight and Investigations and the Subcommittee on Housing and Community Opportunity, Boston talked about the value that minority-owned businesses bring to the U.S. economy.

“It may, however, surprise you to learn that during the worst quarter of the last recession small businesses added 82 percent of all new jobs and those jobs were concentrated in firms with 50 or fewer workers,” Boston told the representatives. “As of the last business census in 2002, minority-owned firms comprised 18 percent of all U.S. small businesses and their number is increasing at a rate that greatly exceeds that of non-minority-owned firms.”

Boston went on to say that he supported the creation of an "Office of Minority and Women Inclusion" as it was defined in The Wall Street Reform and Consumer Protection Act (H. R. 4173), because he thought it could be an effective and creative way to help level the playing field among American businesses. The office would go beyond an attempt to achieve social equity, he said.

“Much like the unemployment compensation act initiated during the Great Depression, this bill can be viewed solely on its merits as an effective approach to economic stimulus, poverty reduction, community revitalization and job creation among minority workers in distressed central cities,” said Boston.

The meeting was chaired by representatives Maxine Waters (D-CA) and Dennis Moore (D-KS). To view a full list of the witnesses and their testimony, click on the link below.