DNC funds put in tribal bank
Steven K. Paulson, Associated Press
Thursday, August 9, 2007
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Citing decades of discrimination against businesses on reservations, owners of the Denver- based Native American Bank praised a decision by organizers of the 2008 Democratic National Convention in Denver to invest $2 million Wednesday.
The bankers said it's a good way to encourage tribes to get more involved in politics after years of trying to convince lenders that businesses on reservations do not have higher default rates and that obstacles surrounding tribal sovereignty can be overcome.
"We as Native Americans are never going to have this opportunity again in our lifetimes," said Frank LaMere, chairman of the Democratic National Convention Native American Coordinating Council.
Leah Daughtry, the convention's chief executive officer, said the money will be left in a non-interest-bearing account until it is needed next year.
The money is part of $16 million provided by the federal government to pay for the convention.
Daughtry said the deposit is a tradition by Democrats to help minority-owned banks.
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