March 20, 1991 EXTENSIONS OF REMARKS 6953 EXTENSIONS OF REMARKS HISTORICALLY BLACK COLLEGES, record in graduating approximately 40 percent from the State of Missouri, Congressman BILL AND UNIVERSITIES CAPITAL FI­ of all black college graduates from these insti­ CLA v, in introducing legislation of critical im­ NANCING ACT OF 1991 tutions. portance to the future of historically black I am convinced that this is a major and nec­ colleages and universities [HBCU's] in this HON. WIWAM (BILL) CLAY essary vehicle to support and extend the cap­ country. OF MISSOURI ital development of black colleges and univer­ The bill we are proposing today, the Histori­ IN THE HOUSE OF REPRESENTATIVES sities. These institutions of higher education, cally Black College and University Capital Fi­ nancing Act of 1991, will help HBCU's meet Wednesday, March 20, 1991 as the historical record graphically shows, have suffered from very serious underfunding. their most pressing need-to secure private Mr. CLAY. Mr. Speaker, today, Congress­ Mr. Speaker, it is clear that without these capital for long-awaited construction and repair man WHEAT and I are introducing the Histori­ colleges and universities, thousands of black of HBCU campus facilities. cally Black Colleges and Universities Capital students will be denied the opportunity of high­ Essentially, the legislation authorizes the . Financing Act of 1991. er education. The historically black colleges Secretary of Education to provide insurance This act provides an opportunity for histori­ and universities have admitted young people on the bonds of qualified HBCU's, increasing cally black colleges and universities to have who are viewed as nonproductive in· our soci­ the ability of HBCU's to raise the large support for institutional improvement and cap­ ety and have nurtured, sustained, and devel­ amounts of advance money needed to pursue ital projects. It is timely that these colleges oped them into productive and resourceful col­ major capital projects. and universities will have additional fiscal re­ lege graduates. Because of the small size of HBCU's and sources to strengthen and maintain capital This is an extraordinary record and needs to the large number of disadvantaged students projects. be expanded. they serve, HBCU's usually lack the ability to There is a great need for historically black Moreover, the graduates of these institutions secure private credit to finance major capital colleges and universities to build and renovate of higher education make a significant con­ projects. This bill would allow HBCU's to enter classroom facilities, libraries, dormitories, and tribution to the GNP of our Nation through the bond market by providing them with a other facilities to continue their educational their specialized knowledge and technical Federal guarantee on up to $500 million in mission and meet the heightened demands of skills. It is most important, as a part of the bond debt. producing the kind of work force necessary for multiplier effect, that this contribution of serv­ Proceeds from the bonds will be made America to successfully compete in the 21st ice continue to go forward with the support of available as loans to HBCU's to finance need­ century. These colleges and universities are the Congress. The record of students who ed capital improvements to libraries, dor­ generally small in size and typically serve stu­ have matriculated at these institutions of high­ mitories, laboratories, special education facili­ dents from socially and economically dis­ er education and who have attained national ties, and other facilities that will allow HBCU's advantaged backgrounds; these schools gen­ recognition in the arts and humanities, the nat­ to fulfill their educational mission in the years erally experience difficulty in securing private ural sciences, medicine, law, teaching, and ahead. The bill includes a safeguard provision capital. other professional and technical fields is both for the Federal Government requiring a re­ This legislation authorizes the Secretary of highly impressive and inspirational. These in­ serve fund from which payments would be Education to provide insurance on the bonds stitutions have a splendid opportunity to build made on bonds in the case of any delin­ of a qualified bonding authority to be des­ upon this record through support for capital quency, thus limiting the risk to the Govern­ ignated by this Act. The proceeds of the quali­ projects and improvement for historically black ment. fied bonds will be loaned to the colleges and colleges and universities. For over 100 years black colleges have universities which are eligible under this legis­ It is important as you well know, that as we served the special needs and interests of as­ lation. The amount is up to a level of $500 mil­ face global competition from abroad in the piring and talented young black Americans. lion, of which not less than 70 percent shall be area of high technology and cybernetics, all of The important role these institutions have used for loans to private member institutions our institutions of higher education should be played in advancing millions of black Ameri­ and not less than 30 percent shall be used for in the best possible position to add to our eco­ cans and their families into the economic loans to Jl>Ublic member institutions. nomic strength by insuring that we have grad­ mainstream of American life can hardly be This act also includes several safeguard uates of high quality. overstated. provisions which significantly limit any financial I believe that in a time of an economic Those black Americans with a college de­ risk that the Federal Government may encoun­ downturn and growing dependence on foreign gree earn, on average, 86 percent more in an­ ter. This legislation serves the objective of fa­ products, this legislation will serve as a cata­ nual income than those blacks who possess cilitating access to the private credit sector. lyst or a multiplier effect for our economy. In only a high school diploma. A 1986 survey Low cost credit will be available to finance brief, I believe that this legislation is a prudent found that while 85 percent of HBCU alumni worthy and essential capital projects and en­ investment in our Nation's future. came from blue-collar family backgrounds, ables coHeges and universities serving dis­ I urge you to join with me in supporting this only 3 percent of the alumni hotd blue-collar advantaged African-American students to con­ legislation. It represents an idea whose time jobs themselves. About 76 percent of the tinue and expand upon their educational mis­ has come. alumni hold managerial or professional posi­ sion and help America meet the demands of tions. the 21st century. How important are HBCU's to the mission of Historically black colleges and universities HISTORICALLY BLACK COLLEGE providing higher education to black Ameri­ have, through the years, been severely under­ AND UNIVERSITY CAPITAL FI­ cans? funded, but have rendered monumental serv­ NANCING ACT OF 1991 While HBCU's represent only 3 percent of ice to our Nation through its graduates. From the colleges and universities in this country, these institutions very inception, the contribu­ HON. ALAN WHEAT they are responsible for educating nearly 40 tions that they have made to our Nation have OF MISSOURI percent of all black graduates from institutions been immeasurable. It is significant to observe IN THE HOUSE OF REPRESENTATIVES of higher education. It has also been esti­ that historically black colleges and universities mated that 46 percent of all black business which enroll 20 percent or 200,000 of the ap­ Wednesday, March 20, 199-1 executives, 50 percent of all black engineers, proximately 1 million black students in institu­ Mr. WHEAT. Mr. Speaker, today I am 75 percent of all black Ph.D.'s, and 80 percent tions of higher education have set an enviable pleased to join my distinguished colleague of all black Federal judges received their un- • This "bullet" symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor. 6954 EXTENSIONS OF REMARKS March 20, 1991 dergraduate or graduate degrees from an preme Court Justice Thurgood Marshall, this inspiring award a reality. The members of HBCU. former Atlanta Mayor and U.N. Ambassador the joint Dade County Public Schools [DCPS]/ These statistics are even more startling Andrew Young, former Congresswoman Bar­ United Teachers of Dade [UTD] Teacher of when one considers the disadvantaged back­ bara Jordan, poet Nikki Giovanni, composer the Year Task Force include: Carol Iglesias, grounds of the majority of students attending and jazz artist Grover Washington, and Rev. UTD cochair; Bea Addison, Robert Borsong, HBCU's. Martin Luther King, Jr. Bettye Douglas, Annette Katz, Carol Renick, Generally, HBCU's admit those students These and countless other HBCU graduates DCPS cochair; Dr. Richard Artmeier, Bertha with the most severely limited family re­ have provided vivid examples of leadership Pitt, Daniel Tosado, Dr. Kenneth Walker, and sources. For these students, the parental con­ and stimulated intellectual growth in our Na­ David Wind, Greater Miami Chamber of Com­ tributions to the cost of their college education tion's youth. Their alma maters have been an merce representative. The Greater Miami is substantially less than the national average. important part of the tapestry of institutions of Chamber of Commerce Education Task Force As a result, HBCU's must work that much higher education in this country. Committee members are: John E. Forta, harder to help most of their students obtain fi­ HBCU's aspire to continue to provide oppor­ vicechairperson, Education/Leadership Miami; nancial aid to pay for their college education. tunities to young black Americans who might Seth Gordon, and David R.