Monday, October 27, 2008

Legal association requests hiring of minority or women owned business

A press release:
Illinois State Treasurer Alexi Giannoulias has announced that up to $1 billion in interest-earning deposits will be made available to Illinois banks and credit unions to alleviate the credit freeze. This will enable banks and credit unions to lend money to businesses and consumers throughout the state.

The U.S. Treasury Department is buying shares in some of the largest banks in the country under the Trouble Asset Relief Program (TARP). As part of the federal legislation outlined in TARP, which authorizes the Treasury Department to purchase up to $700 billion in troubled financial assets, TARP requires the U.S. Treasury Department to involve minority- and women-owned businesses in the process. The National Association of Minority and Women Owned Law Firms (NAMWOLF) is a national trade association that promotes diversity in the legal profession by fostering the development of long lasting relationships between pre-eminent minority- and women-owned law firms and private and/or public entities. NAMWOLF is already offering its services to the U.S. Treasury Department to provide connections to legal counsel during the bailout period; in addition they will extend their resources to the banks in need of legal counsel. NAMWOLF extends this offer to the Illinois banks as they consider state-funded deposits, and may be in need of legal counsel.

"The Illinois State Treasurer has taken significant steps to keep the financial system moving in the State of Illinois," said Yolanda Coly, managing director of NAMWOLF. "All locally-owned businesses will be eager to help with this process, but as the banks seek out legal counsel, NAMWOLF is pleased to offer assistance in finding qualified, experienced minority- and women-owned law firms in Illinois."

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