in the organization of savings and loan associations and commercial banks. His work as a financial consultant gained national attention. From 1960 through 1976, Fernandez was asked to testify over 500 times under oath before federal and state agencies on his specialties. He also received national acclaim for his innovation in business and was recognized by the United States Department of Commerce for his work with the National Economic Development Association (NEDA), a non-profit corporation Fernandez founded to foster the free enterprise system among Spanish-speaking Americans. NEDA was responsible for over $2 billion in private sector loans, with a default factor of less than two percent. Through his various business ventures Ben Fernandez became a millionaire. Political involvement When a reporter asked him why he was a Republican, Fernandez recalled a story from his college days in California when someone told him that the Republican Party was the party of rich people. "Sign me up!" Fernandez replied. "I've had enough of poverty." Fernandez stated that Hispanic voters presented a "golden opportunity for the GOP," and that the Republican Party was "truly the party of the open door." He was persistent in stating that the party could reap huge benefits by embracing the fast-growing Hispanic minority in the United States, claiming that Hispanics were "natural Republicans" because they had a "centuries-old suspicion of oppressive central governments" and "learned fiscal conservatism at the knees of their mothers, who assured them that if they didn't watch their nickels they wouldn't eat." Fernandez was very active within Republican circles and served in multiple political positions throughout the Nixon and Reagan administrations. In 1972, he served as a fundraiser for President Nixon, chairing the Hispanic Finance Committee to Re-elect the President and as National Co-Chairman of the Finance Committee to Re-Elect the President. With the help of Fernandez, Nixon's 1972 Presidential campaign was the first in U.S. history to create an outreach committee for Hispanics, which was instrumental in the acquisition of 60% of the Hispanic vote. President Nixon later named Fernandez to the President's Council for Minority Enterprise. After Fernandez's fundraising for Nixon led to accusations that he promised government favors in return for campaign contributions, Fernandez appeared before the Senate Watergate Committee on November 8, 1973, to deny allegations of wrongdoing. In August 1973, President Nixon appointed Fernandez as Special Ambassador to the Republic of Paraguay to represent the United States at the