June 30, 2006
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Remarks of Anna Escobedo Cabral
U.S. Treasurer
U.S. Department of the Treasury
Before the League of United Latin American Citizens
(LULAC)
I sincerely appreciate LULAC's invitation to participate in this year's Women's Luncheon and this opportunity to speak to such a dynamic group of women – and really – such a fantastic group of individuals and leaders. Many of you may know that I had the great privilege to be with you a year ago, and I can't begin to tell you how honored I am to have been invited to return to this conference this year.
There is so much good news I want to share with you on many fronts today – good news about the economy, about government efforts to improve education, particularly financial education in the U.S., and most importantly about current policy reform issues, including immigration reform. The Administration is absolutely concerned and working very diligently on all of this.
But first, I would like to take a few moments to recognize Hector Flores. As you all know, Hector has served LULAC and its members for many years with honor and distinction – almost three decades. His commitment is long-standing. Even before becoming president of this organization in 2002, Hector served LULAC and this community in a variety of positions. I truly consider Hector Flores a friend and a dear colleague; he has truly advocated for the needs and concerns of the Latino community. So Hector, again, on my part and on behalf of President Bush and Secretary Snow, I want to thank you for your years of service to this community.
You know, this organization has a very rich history as one of the oldest and largest civil rights organizations in the U.S. – and it should be commended for the significant work it is invovled in, day-in and day-out. I would say that the work of organizations like this one are of great importance, and often, also of great consequence to the decisions our policymakers in Washington ultimately make on a variety of topics.
Organizations like this serve as a bridge for individuals who not only want to better understand issues of the day, but are also interested and quite frankly very motivated about letting decisionmakers know where they stand on a various issues. Remember that Washington is a very long way from where most of us come, so we need people in key positions who are advocating for minority communities in the U.S.
However, you should know that organizations like this also really do provide the decisionmakers and policy advisors – those with a vested interest in presenting their perspective on many public policy issues – an opportunity to do so directly with the community.
LULAC is an important bridge to a number of Latinos who currently serve in high-ranking government positions. Many government officials who have great interest in reaching out to this community also comprise a number of highly-qualified women who currently serve on President Bush's team – such as Secretary of State, Dr. Condoleezza Rice, Secretary of Labor, Elaine Chao, Chair of the U.S. Equal Employment Opportunity Commission, Cari Dominguez and the Department of Energy's Director of the Office of Minority Economic Impact and Diversity, Theresa Alvillar-Speake – just to name a few. Many more have been appointed to be judges by President Bush.
It is a fact that women today play an increasingly important role in how public policy decisions are shaped. We continue to move forward as professionals and contribute to our society mainly because of the important work and often self-sacrifice of women who have come before us. Women in the U.S. have shaped this country's history, and they have helped make it stronger and better. They have used their talents and abilities to bring about profound improvements in their communities across this great country. And they have played a vital role in helping achieve justice and equal rights for all U.S. citizens.
The contributions of women in this country are many. Unfortunately, we do not have enough time to mention them all, but just consider for a moment many of those who have helped shape American history. Since its beginnings, our country has been blessed by noteworthy women who played defining roles in our Nation.
Sakajawea, who today appears on the Golden Dollar coin, was a Native American woman who befriended the explorers Meriwether Lewis and William Clark 150 years ago as they crossed the great Northwest. She helped Lewis and Clark's expedition complete the first successful overland transcontinental journey. Other significant female figures include Lucretia Mott, who courageously wrote and spoke against slavery and the lack of equal rights for women, and Rosa Parks, who in 1955 refused to give up her seat on a city bus in Montgomery, Alabama, helping to inspire a nationwide movement for equal justice under the law.
Additionally, many women have blazed a trail for those of us following in their steps in the medical and legal professions. For instance, Elizabeth Blackwell was the first woman in America awarded a medical degree, and she dedicated her pioneering efforts as a physician to helping others. And Sandra Day O'Connor served as the first female Associate Justice of the Supreme Court of the United States from 1981 to 2006 and became known for her case-by-case approach to jurisprudence.
Of course Dr. Antonia Novello, appointed to be the Surgeon General of the United States in 1990, comes to mind as well. She was both the first woman and the first Latin American to be appointed to this post. I have to mention that just last week, I had the privilege of joining Dr. Novello at a Puerto Rico Chamber of Commerce event where I spoke before another fantastic group of businesswomen and entrepreneurs in Fajardo, Puerto Rico. Dr. Novello's accomplishments and those of the many Latinas like the ones present in this room today really inspire me – I'm sure they inspire all of us.
However, they also should keep us mindful that as today's businesswomen, professionals, community leaders and political figures, we really do have a huge responsibility to future generations of women – a responsibility to continue opening paths to increased opportunity.
Today, there are about 149 million women in the U.S., according to recent findings from the U.S. Census Bureau in 2004. We are indeed a force to be reckoned with as consumers, but also as drivers of the market. More than one-third (34.9 %) of all Hispanic owned firms are owned by women. Hispanic women-owned firms employ 18.5% of the workers in all Hispanic-owned firms and generate 16.3% of the sales according to the Center for Women's Business Research. (November 2004) Additionally, this same group has reported that Latinas control 39% of the 1.4 million companies owned by minority women in the United States, which generate nearly $147 billion in sales. (Center for Women's Business Research, November 2004) And, four in 10 minority women-owned firms are owned by Latinas. (U.S. Hispanic Chamber of Commerce)
I think it is safe to credit many of those women-owned businesses for the significant growth and amazing job creation we have seen in this country in the past few years. And when we stop to consider this significant economic growth, we have to acknowledge that there is much to be grateful for in this country, and a lot to be optimistic about thanks to this Administration's sound monetary and fiscal public policy approach over the past years.
Our economy is strong and it continues to grow. And we are seeing that opportunity for the Latino community is increasing as well.
We've seen that just in the first quarter of 2006, our economy grew at an impressive annual rate of 5.6 percent, and since August of 2003, the U.S. economy has added more than 5.3 million new jobs – more than all 25 nations of the European Union combined. In fact, the latest figures show that the national unemployment rate has fallen to 4.6 percent – lower than the average of any decade since the 1950's. The Latino community in particular has seen more job growth too. At 5 percent, Hispanic unemployment is currently at the lowest rate in years!
Productivity is growing too, and we're seeing that wages are also rising. And because taxes are low, workers and investors are keeping more of the money they earn – giving many individuals the opportunity to make their hard-earned money grow more and in some instances accomplish many life-long goals – such as paying for a child's college education, purchasing a home, starting a business or expanding an existing one.
In fact, many small businesses are expanding and creating many of those new jobs. Currently, the number of Hispanic-owned businesses is growing at three times the national rate. It's great to know that the Latino community forms a significant part of the recent U.S. economic success story!
This recent economic growth we've experienced is truly astounding, especially when you stop and consider the challenges we have faced as a nation in recent years – the recession this Administration inherited, the stock market correction, corporate scandals, terrorist attacks on our soil, and the 2005 Gulf Coast Hurricane devastation.
Despite these significant challenges, our economy is surging, businesses have had the ability and opportunity to expand, and new job opportunities are cropping up – including for recent college graduates. The job market for college graduates is the best it's been in five years!
However, one significant challenge remains before for us. Many of those who seek opportunities in our country are still currently living in the shadows because they do not currently have legalized status to remain and work in the country. This brings me to another significant policy issue that President Bush and his Administration are facing head on, and quite frankly, working very hard to address in the most balanced and responsible way possible.
Immigration reform of course, is an issue that is most on our minds today. I can tell you, it is a priority issue for the President as well. As you know ensuring that we put into action a comprehensive plan on immigration reform will have a great significance on the safety and economic stability of the country, and for individuals.
We can't say with full certainty what the number is, but we do know that about 11 million undocumented workers remain in the country illegally and are living in the shadows. Many of those are Latinas who remain in the shadows of this economy and lack basic protections. We need to bring those women and their families out of the shadows.
The President understands the importance of creating reasonable and creative approaches to ensure that we deal with the problem of people who have been in this country for a long period of time and are only trying to make an honest living.
The President is on the record as saying that it doesn't make any sense to approach the problem by forcing these people to leave the United States. I agree. You just can't just throw millions of people out of the country.
On the other hand, we cannot just give these individuals straight out amnesty. Giving automatic citizenship doesn't make any sense either because it will likely encourage others to come to the United States through illegal channels.
The President's comprehensive approach instead acknowledes that we ought to consider alternative approaches to legalizing the status for people who have been in the country for years, people who have passed an extensive criminal background check, and who can prove they have worked by means of an honest living in this country for quite a while. At the same time, those individuals would be required to pay a penalty, but also be given the opportunity to apply for citizenship. Of course, they would have to wait behind those who have applied for entry and citizenship before them.
One thing is for sure, many good people certainly disagree on some particulars of this controversial issue, and they all have very strong views on this matter of immigration reform. These views are often shaped and fueled by concerns over safety, family, national security, economics and even politics.
The good news however, is that there is some consensus among most people on signficant fronts. All Americans want to be safe from terrorists, drug traffickers and others who seek to harm all people living in this country. We also all want to continue to see ongoing prosperity and economic growth for our country. I would venture to say that most Americans want an immigration policy that protects our national security interests and economic interests, but also encompasses our attributes of being a generous and welcoming nation.
The President's comprehenisive plan could achieve all that. Additionally, the President has been very clear that it is also very important to enforce our immigration laws, and he plans to help on that front by enhancing resources to do so effectively and safely.
By 2008, this Administration will have doubled the number of Border Patrol officers, and the National Guard will serve a temporary supporting role as. State and local authorities will be trained to better assist Federal officers. And there are plans to end the futile catch-and-release program on the Southern border.
Additionally, new technologies will help monitor acitivity at the border. The Administration has increased funding for interior immigration enforcement by 42 percent, and the President has signed legislation doubling federal resurces for worksite enforcement. These are necessary steps in order to secure our borders and protect all people currently living within our borders.
But we need to be realistic about confronting this problem head-on. Hungry and needy people – people who desire to work at an honest job will inevitably continue to find any way to feed their families. Economic disparity still exists between the U.S. and its southern neighbors.
Again, a temporary work program which meets the needs of our growing economy is necessary. Such a program would help establish realistic rules, which would no longer be ignored. As U.S. Attorney General Alberto Gonzalez recently stated: "The rising tide of immigration would be channeled and controlled, so that it continues to energize our Nation in a constructive way. Lawful taxpayers and safe workplaces would replace illegal workers and unsafe conditions. We would introduce a culture of law and fairness into an area where the rules have long been flouted."
With comprehensive reform, both employees and employers know that there are rules that must be followed. Moreover, both legal and economic incentives would exist to follow the rules. Immigrants who have broken the law would have to face the consequences of not complying with the law. However, employers would also be subject to fines for breaking the law. Employers must be held accountable for the legality of the workers they hire.
At the end of the day the President's plan is about protecting people and drawing illegal immigrants out of the shadows of society, which benefits everyone, except perhaps the "coyotes", human traffickers and others that take advantage of this population.
Once we bring this population out of the shadows, we need to ensure that we encourage this community to learn how to navigate the system in which they will be operating. Not only will we need to work together with community groups to teach people the English language, but we will also need to encourage their training and education.
One of the areas I work on of great importance to the Department of the Treasury is financial education. We will also need to help this community acquire the necessary skills to manage their finances and build a reserve of cash for emergencies or to plan out for future goals and a secure retirement. In fact, this is a skill that all women need to master.
I know I don't have much time left, but I want to tell you a little bit about some of the resources that the federal government has already made available in both English and Spanish – we've made the Spanish-language material because we know it takes some time to learn the English-language well.
A federal commission – the Financial Literacy and Education Commission – along with the Department of the Treasury developed a national financial education web site and toll-free hotline launched in October 2004 – MyMoney.gov and 1-888-MyMoney. I urge you to visit and spread the work about MyMoney.gov. It has been recently updated to include an interactive quiz called the "Money Twenty." You can find a whole world of information on budgeting, buying a home, paying for an education, investing, planning for retirement and more. I hope LULAC will share this with its members.
On that note, and in closing, I also want to note that LULAC has partnered with the Treasury Department on the Go Direct Campaign. Go Direct focuses on motivating federal benefit recipients to sign up for direct deposit.
Go Direct provides the means by which seniors and all federal benefit recipients can make the switch from a paper check to direct deposit. We have a dedicated call center staffed by bilingual personnel ready to assist all beneficiaries. The call center is only one of many ways we are helping beneficiaries sign up for direct deposit. Our Web sites: www.GoDirect.org and www.DirectoASuCuenta.org, allows beneficiaries to access a step-by-step online tool to sign up – either on their own or through their bank or credit union. Again, thank you Brent and for your and LULAC's support on this campaign.
And I truly want to thank you all for your time and attention. I really appreciate this opportunity to visit with you and share some highlights about so many of the priorities this Administration and the Treasury Department is working on. Enjoy the rest of the week.