Over 99 percent of all issues decided by the federal government that affect our nation’s 20 million Asian Americans are decided with little or no Asian American input. Largely, this exclusion is self-inflicted. We still think and act as if we are just temporary guests. Yet, we are citizens, have many Asian American legislators and are major taxpayers and contributors to our economy.
To reverse this Asian American pattern of silence, our Washington, DC regulatory and congressional liaison office has begun to intervene and be a partial spokesperson for Asian American interests. This is especially important because during many of our meetings with top federal regulators in DC, we have been informed that we are the first Asian American group to voice Asian Americans’ concerns.
To rectify our silence and exclusion, the National Asian American Coalition (NAAC) has, over the last month, filed the following actions on behalf of the Asian American community through our DC office:
• Filed with Department of Treasury a proposal to release up to $13 billion in federal funds for homeowners in distress. This was based upon a recent special investigative report showing that less than one in five homeowners eligible for loan modifications under HAMP received a permanent modification. We are also seeking to help three million additional homeowners in distress consistent with President Obama’s call for upward mobility and greater protections for the middle class. (Homeownership is often a key hallmark of the middle class.)
• Filed with the Department of Justice a protest against American Airlines acquiring US Airways. We stated that any merger should first require commitments to keep fares low, minimize service fees and promote greater competition.
• Filed an action against hedge funds before the Securities and Exchange Commission. We criticized hedge funds as a dangerously risky investment. We therefore urged advertisements and promotions of hedge funds to relatively sophisticated investors, such as Asian Americans, require full disclosure. (For example, hedge funds generally provide no greater rate of return and have far more risks than, for example, simple money market funds.)
• Filed a protest with the Food and Drug Administration against Big Tobacco attempting to lure our youth into smoking through e-cigarettes. It is believed that e-cigarettes will soon be a $50 billion a year industry and the heavy smoking addiction patterns in Asia could be transmitted to our youth.
• Filed with the White House and Department of Treasury an Asian American perspective on President Obama’s proposal for corporate tax reform through the lowering of corporate tax rates. We indicated that Asian American support for corporate reforms would be supported if it generated greater revenue, especially for social services, such as education. (This is a key to our upward mobility.) We also urged the President to develop with Asian American input an overall tax reform program that would simplify our entire tax system and lower tax rates for individuals and small businesses. There is growing bipartisan support for this.
What Asian Americans can do to enhance our voice in California and the nation
The NAAC’s filings and the positive feedback we have received from the regulators almost immediately after our filings demonstrates the importance not just of our Asian American voice, but the need for many other Asian American voices.
During the remainder of the Obama Administration and under future presidents, there will be many major actions that affect our community. But, we are unlikely to benefit, particularly in ways that are culturally sensitive, unless we personally weigh in.
The Consumer Financial Protection Bureau and the Federal Trade Commission, for example, have informed us that they rarely hear from the Asian American community. This includes Asian Americans representing less than 1 percent of all consumer complaints regarding unfair business practices affecting consumers.
Over the next few months, our organization, working with many corporate partners, will attempt to strengthen, for example, financial education and empowerment for Asian Americans. This will go well beyond homeowners facing foreclosure. It will cover all forms and types of financial interaction. This will be done to maximize the power and influence of our growing Asian American community.
But, we will be far more effective if the increasingly large number of Asian American groups worked collectively on common issues that affect and benefit Chinese Americans, Indian Americans, Vietnamese Americans, Korean Americans, Japanese Americans, Filipino-Americans and the many smaller, but important sub-Asian communities, such as Hmong Americans, Cambodian Americans and Burmese Americans.
(Faith Bautista and Mia Martinez)
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Faith Bautista is the President and CEO of the National Asian American Coalition. Mia Martinez is the National Asian American Coalition’s Washington, D.C. Chief Deputy responsible for the five government protests referenced in this article.
