State of Hispanic Economy Briefing Opens U.S. Hispanic Chamber of Commerce Legislative Conference

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 20, 2009 -- Contact:
Luz Cardenas (215)520-8850
lcardenas@ushcc.com


For Immediate Release: February 20, 2009

MEDIA ADVISORY

State of Hispanic Economy Briefing Opens
U.S. Hispanic Chamber of Commerce Legislative Conference
`
WHO: David C. Lizárraga, Chairman of the Board, U.S. Hispanic Chamber of Commerce
Rakesh Kochhar, Associate Director for Research at the Pew Hispanic Center

Robert Shapiro, Chair of the Globalization Initiative, New Democratic Network
Ana Cabral, Former U.S. Treasurer
Hector Barreto, Jr., Former Administrator, Small Business Administration

WHAT: Public Briefing on the State of the Hispanic Economy

WHERE: U.S. Hispanic Chamber of Commerce 19th Annual Legislative Conference
Marriott at Metro Center, 775 12th Street, NW
Salon E

WHEN: March 10, 2009 8:30 am

How will the new economic stimulus plan work for 45 million Hispanics who are especially hard hit by the global recession? Leaders from business, government and the Hispanic community gather to assess the current economic situation and the issues that Hispanic businesses face in weathering the national recession. A new survey from the Pew Hispanic Center—America’s foremost think tank on Latino issues—paints a dire picture.

According to the Pew Hispanic Center, almost one in ten (9%) Latino homeowners say they missed a mortgage payment or were unable to make a full payment, and 3% say they received a foreclosure notice in the past year. Some 36% say they are worried that their own home may go into foreclosure. This is just one indicator of the negative impact of the current economic downturn on the nation’s Hispanic population.

For the Hispanic community, this has been a perfect storm. Hispanic unemployment has run higher than the national average. Industries that are mainstays for Hispanic workers—construction, retail and manufacturing—have been hit especially hard. Hispanic families have watched their primary assets, personal savings and home values, lose significant value. This community has always struggled with unemployment, restricted access to the credit markets, a scarcity of affordable housing and the highest dropout rates in the nation, which hamper workforce development progress.

Despite these problems, the Hispanic community is the nation’s largest and fastest growing minority with purchasing power fast approaching $1 trillion. Hispanics own nearly 3 million businesses that collectively generate nearly $400 billion in annual revenue. Ensuring the survival of this cornerstone of the economy is the focus of this briefing.


ABOUT OUR SPEAKERS

Rakesh Kochhar is Associate Director for Research at the Pew Hispanic Center. Kochhar has over 20 years of research experience in the areas of labor economics and price and wage measurement and analysis. Prior to joining the Pew Hispanic Center, he was Senior Economist at Joel Popkin and Company, where he served as a consultant to government agencies, private firms, international agencies, and labor unions. Kochhar is a past President of the Society of Government Economists.

Anna Escobedo Cabral was confirmed as U.S. Treasurer under President George W. Bush in 2004. Immediately prior to taking this office, Cabral served as Director of the Smithsonian Institution's Center for Latino Initiatives. From 1999 to 2003, Cabral served as President and CEO of the Hispanic Association on Corporate Responsibility, which partners with Fortune 500 companies to increase Hispanic representation in employment, procurement, philanthropy and governance.

Dr. Robert Shapiro directs the Globalization Initiative for the New Democratic Network (NDN). He is former Chief Economic Advisor to the 1992 Clinton presidential campaign and former Under Secretary of Commerce for Economic Affairs in the second Clinton Administration. Shapiro also served as Legislative Director for Senator Daniel P. Moynihan and Associate Editor of U.S. News & World Report. He has been a Fellow of Harvard University, the Brookings Institution, and the National Bureau of Economic Research. Shapiro holds a Ph.D. from Harvard University.

Hector V. Barreto, Jr. is one of the most successful Hispanic entrepreneurs in the country and was responsible for growing Barreto Insurance and Financial Services into a multimillion-dollar enterprise. Prior to joining the Bush Administration as Administrator of the Small Business Administration, he was Vice Chairman of the U.S. Hispanic Chamber of Commerce, which his late father helped found 30 years ago.

# # #

About the United States Hispanic Chamber of Commerce

Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of almost 3 million Hispanic-owned businesses in the United States that generate nearly $400 billion annually. It also serves as the umbrella organization for 200 local Hispanic chambers in the United States, Puerto Rico, Canada, Mexico, Bolivia and Uruguay.

More information can be found online at http://www.ushcclegislative.com

economic stimulus     economy     Hispanic unemployment     hispanics     homeowners     jobs     legislators     mortgage