After the Riots / NEWS IN BRIEF : REBUILDING
The U.S. Energy Department will deposit $22 million in minority-owned financial institutions in Los Angeles, said U.S. Energy Secretary James D. Watkins. Another $15 million will be deposited in minority-owned banks in other parts of California.
The plan is part of a nationwide Energy Department program under which $250 million will be deposited in banks owned by minorities and women around the country to help stimulate economic development. The money comes from fines oil companies paid in the 1970s for price-fixing violations.
Energy Department officials say they accelerated the initiation of the program, which originally was planned for later this year, to help local banks and thrifts finance business loans after the riots.
Initially, eight Los Angeles financial institutions each will receive $2-million deposits. The remaining $6 million will be allocated later.
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