Romana Acosta Bañuelos facts for kids
Quick facts for kids
Romana Acosta Bañuelos
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Official Portrait
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| 34th Treasurer of the United States | |
| In office December 17, 1971 – February 14, 1974 |
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| President | Richard M. Nixon |
| Preceded by | Dorothy Andrews Elston Kabis |
| Succeeded by | Francine Irving Neff |
| Personal details | |
| Born | March 20, 1925 Miami, Arizona, U.S. |
| Died | January 15, 2018 (aged 92) Redondo Beach, California, U.S. |
| Political party | Republican |
| Spouses | Martin Torres (divorced) Alejandro Bañuelos |
Romana Acosta Bañuelos (March 20, 1925 – January 15, 2018) was an inspiring American businesswoman. She became the thirty-fourth Treasurer of the United States. President Richard Nixon appointed her to this important role. She served from December 17, 1971, to February 14, 1974.
Romana was born into a poor Mexican-American family. She became the first Hispanic person to hold the position of U.S. Treasurer. She also owned a very successful business called Ramona's Mexican Food Products, Inc. This company was based in Gardena, California. She also helped start the Pan American National Bank in East Los Angeles.
Contents
Romana Acosta Bañuelos: A Trailblazer
Early Life and Challenges
Romana Acosta was born in Miami, Arizona, on March 20, 1925. Her parents, Juan Francisco Acosta and Teresa Lugo, were poor Mexican immigrants. In 1933, during the Great Depression, her family faced a difficult time. The U.S. government sent them and thousands of other Mexican-Americans back to Mexico. Many, like Romana, were born in the U.S. and were citizens.
Her family moved to Sonora, Mexico, to live with relatives on a small ranch. Romana helped her parents work on the farm. She also helped her mother make empanadas to sell. Her mother was a very resourceful woman. She taught Romana how to make the most of what they had. This taught Romana a lot about business and hard work.
At 16, Romana married Martin Torres in Mexico. She had two sons, Carlos and Martin, by the time she was 18. She later returned to the United States with her children. She arrived in Los Angeles, California, with very little money and could not speak English.
Building a Business: Ramona's Mexican Food
Romana worked very hard to support her family. She washed dishes during the day. At night, she made tortillas from midnight until 6 a.m. She saved about $500. When she was 21, she married Alejandro Bañuelos. With her savings, she started a tortilla factory in downtown Los Angeles in 1949.
She bought a tortilla machine, a fan, and a corn grinder. With her aunt's help, she made $36 on the first day. Romana was very ambitious. She constantly looked for ways to sell her tortillas to local businesses. As her sales grew, she officially created her company. She named it Ramona's Mexican Food Products, Inc.
The company became very successful by the mid-1960s. Romana even named her daughter Ramona after the business. Ramona's Mexican Food Products helped make Mexican food popular across the United States.
Helping Her Community: Pan-American National Bank
In 1963, Romana wanted to help other Latino people in her neighborhood. She and some businessmen decided to start the Pan-American National Bank. It was located in East Los Angeles, California. The bank's main goal was to help Latinos get loans to start their own businesses. Romana believed that if Hispanic people had more money, they would have more political power. This would help them improve their lives.
In 1969, Romana became the chairperson of the bank's board of directors. She also received the city's Outstanding Business Woman of the Year Award. Later that year, she started a college scholarship fund. It was called the Ramona Mexican Food Products Scholarship. This fund helped poor Mexican-American students go to college.
Becoming U.S. Treasurer
A Historic Appointment
The Pan-American National Bank grew very quickly. Its success caught the attention of President Richard Nixon's government. President Nixon was looking for a way to thank the Republican National Hispanic Assembly. This group had helped him get elected. In 1970, Romana was asked if she would consider becoming the U.S. Treasurer. She was surprised when Nixon personally chose her.
Facing Challenges
During the nomination process, Romana faced a challenge. Agents from the U.S. Immigration Service raided her tortilla factory. The raid was very loud and attracted a lot of media attention. However, President Nixon supported her. He said the raid was politically motivated. He believed the Democratic Party caused it to embarrass his administration. A Senate investigation later confirmed this. It ruled that the raid was meant only to cause trouble for Nixon's team.
Despite this difficult event, Romana was confirmed as the nation's 34th Treasurer. She became the first Latina Treasurer in U.S. history. She started her job on December 17, 1971. This made her the highest-ranking Mexican-American in the government at that time. Her daughter said Romana ran the office like a business.
Romana Acosta Bañuelos served as Treasurer until 1974. At that time, President Nixon was involved in the Watergate affair. He would soon resign from his position. Romana resigned earlier that year. She wanted to return to her businesses, family, and charity work. She later said it was a "beautiful experience" and she was grateful to President Nixon. In 1979, she helped found Executive Women in Government.
By 1979, Ramona's was making and selling 22 different food products. It had over 400 employees and made $12 million in sales each year. The company helped make Mexican food very popular in the United States. As the Hispanic population grew, so did sales of tortillas and empanadas. Other groups also started enjoying these tasty and affordable foods. Ramona's continued to grow throughout the 1980s. It became one of the largest Mexican food companies in California.
Later Years and Legacy
Throughout the 1980s and 1990s, Romana continued to lead Ramona's and Pan-American National Bank. By 1992, she had served three terms as the bank's board chairperson. In the late 1990s, she let her three children take over the daily operations of Ramona's. They also took on big roles at the bank.
Romana Acosta Bañuelos remained CEO of Pan-American National and president of Ramona's. She managed both businesses from her home in Los Angeles. Her family owned two-thirds of the bank's shares. Pan-American National Bank is known for helping East Los Angeles become a stronger community. It also helped improve the economy for its Latino residents.
Romana Acosta Bañuelos passed away on January 15, 2018, in Redondo Beach, California.
Awards
- Outstanding Business Woman of the Year, City of Los Angeles, 1969.
- Commendation Award, County of Los Angeles, 1969.
- Woman Achievement Award, The East Los Angeles Community Union, 1977.
See also
In Spanish: Romana Acosta Bañuelos para niños
