Black Economic Alliance

Yesterday, the Black Economic Alliance hosted “A 2024 Work, Wages, Wealth Agenda” event in Chicago. The panel featured Maryland Gov. Wes Moore TIAA President and CEO Thasunda Brown Duckett, Filmmaker and Founder of ARRAY Ava DuVernay, and Ariel Investments Founder and Co-CEO John W. Rogers, Jr. with Pulitzer Prize-winning journalist and Associate Editor of the Washington Post Jonathan Capehart moderating. The panel discussed pathways to advancing Black work, wages, and wealth at this inflection point in reaching our north star of true economic opportunity across the Black community. BEA is sprinting full-speed ahead in our lane: ensuring that Black economic prosperity is a top priority for decision-makers from Washington to Wall Street and everywhere in between. And as Ava DuVernay said, “When you’re in your lane there is no traffic.” To learn more about BEA, our events, and our policy agenda, visit https://lnkd.in/emrJgX3

We are looking forward to The Business and Democracy Initiative’s discussion with 71st Governor of Massachusetts, Senior Advisor, Vistria Group, Professor of Practice, Harvard Kennedy School, and BEA Board Member @Deval Patrick, CNN Political Commentator, Former Member of the South Carolina State House of Representatives, and BEA Advisory Board Member @Bakari Sellers, and Arizona Secretary of State @Adrian Fontes, and moderated by Black Economic Alliance Foundation Executive Vice President @Alaina Beverly. The program will share a business perspective on the state of American democracy, the political risks in our upcoming election, and how business leaders can take action to defend our democracy. To register for the event, visit: https://lnkd.in/dRk479_C

Today, the Black Economic Alliance PAC released a statement applauding Vice President Kamala Harris’ economic agenda. Read our full statement here.

We are thrilled to celebrate today’s historic milestone in expanding Black wealth and economic prosperity with Bloomberg Philanthropies' transformative $600 million investment in HBCU medical colleges. This monumental contribution will more than double the endowment of three of the four esteemed institutions, Howard University, Meharry Medical College, Morehouse School of Medicine, and Charles R. Drew University of Medicine and Science, as well as provide essential seed money for the establishment of Xavier University of Louisiana’s Ochsner College of Medicine, a new medical school being developed in New Orleans.   Today’s investment does not stand alone; it builds on Bloomberg Philanthropies' ongoing commitment to close the racial wealth gap. With financial barriers reduced, Black medical school graduates enter their professions focused on their careers and communities, and not the overbearing stress of debt. This freedom is not just about financial relief—it is about the recognition of the important role of HBCUs in shaping healthcare professionals who understand and can help mitigate the disparities in care that disproportionately affect us.    Today, and every day, BEA Foundation is proud to partner with Bloomberg Philanthropies. With their support, we have been able to expand the impact of the Center for Black Entrepreneurship with Spelman and Morehouse Colleges. Through investments like this, we can further the work to dismantle the systemic inequalities that hinder Black Americans from creating generational health and wealth.

Today, the Black Economic Alliance PAC endorsed Vice President Kamala Harris for President of the United States. See our full statement here.

On July 18, the Black Wealth Data Center will host a webinar to share insights from the Urban Institute's latest research on how the Great Wealth Transfer could impact homeownership, small businesses, and public policy for Black people. The Great Wealth Transfer has the potential to be one of the greatest accelerators of Black economic prosperity and wealth - if we invest deeply right now in closing the Black/white gaps in homeownership, business ownership, and other key drivers of generational wealth. That is why, at our 2024 Solutions Summit, we featured a panel discussion on specific interventions that will help ensure the Great Wealth Transfer does not accelerate wealth inequity. Don't miss this chance to hear from prominent thought leaders, including Michael Neal, Senior Fellow at the Urban Institute, Ashon Nesbitt, CEO of Florida Housing, and Dara Eskridge, CEO of Invest STL, who are pioneering actionable solutions for advancing Black wealth equity.  Register now: https://lnkd.in/e_CXEgnA

Equal pay for equal work is the cornerstone of a thriving economy and a just society. Today is Black Women's Equal Pay Day, a day to acknowledge the systemic and intersectional biases of sexism and racism that impede Black women’s opportunities, wages, and success in the workforce. Black women earn just 66 cents for every dollar white, non-Hispanic men earn – that’s one-third less than their white male counterparts – and the gap actually widens with the more educational achievement Black women obtain. Today also provides an opportunity to highlight meaningful steps we can take across sectors to promote fairness in compensation and career advancement for Black women. These include several of the evidence-based solutions outlined in BEA’s Policy Agenda to Advance Black Work, Wages, and Wealth, such as exploring the efficacy of state and local efforts to eliminate the tipped minimum wage and indexing the minimum wage to inflation so that it remains livable. According to the Center for American Progress, increasing the federal minimum wage to $15 an hour would benefit an estimated 3.4 million Black women who are overwhelmingly segregated in low-paying jobs. Expanding apprenticeship programs, particularly creating opportunities for Black women in historically male-dominated occupations, can serve as a pathway to higher earnings (Black women who complete apprenticeship programs currently earn an average of 21% more a week for full-time work). Moreover, expanding the use of Skilled Through Alternative Routes (STARs) – or skills-based hiring grounded in skills acquired through community college, military service, and training instead of solely a bachelor’s degree – has also proven to open pathways to career advancement for Black women. But there is also work for the private and philanthropic sectors to do to ensure equal pay for equal work, whether by increasing minimum wages and pay transparency (including at the offer stage), auditing payrolls for pay discrepancies, building supportive environments in which Black women feel comfortable negotiating salaries, and, like the federal government, expanding STARS hiring. These measures are designed to spur economic opportunity, to counter systems of bias, racism, and sexism, to value the qualifications each Black woman brings to the workforce, and to build an economy where equal pay is the norm, not the exception. 

A year ago today, the Supreme Court issued its decision ending affirmative action in college admissions. The decision was and is part of an ongoing, concerted, well-resourced campaign to turn back the clock on economic opportunities for historically underrepresented communities.   From their origin, affirmative action programs in higher education were a small step toward acknowledging the systemic discrimination and disproportionate barriers to opportunity facing Black Americans. These programs forged a pathway to equal education and economic opportunity for the Black community. While the SCOTUS decision was limited in scope, the ruling intensified attacks on DEI and all race-conscious efforts to advance Black opportunity. We remain steadfast in the fight to keep the doors to opportunity open and achieve the promise upon which our country was founded. On this day, one year following the decision, BEA and our partners remain unshaken in our commitment to a nation where Black Americans and all Americans have the freedom to achieve, earn, and prosper. We move forward not just with hope, but with a plan to turn our collective aspirations into tangible action to expand Black economic opportunity. Today, we do not just look back—we push ahead with unwavering determination to secure the gains we have made and expand pathways to Black economic progress.

On Juneteenth, we celebrate and reflect on the message and promise of freedom – a message that arrived in Galveston, TX nearly two and a half years after the Emancipation Proclamation and a promise that is still being realized. Black economic prosperity and full access to the American Dream are key to the promise of freedom.  BEA is committed to advancing Black work, wages, and wealth. By aligning efforts across business, policy, and social sectors we can reshape systems that have operated to exclude Black economic opportunity and bring us closer to achieving the full promise of freedom. Together we can create an America where freedom is not a message-delayed and economic opportunity and prosperity are available to all.

The Black Economic Alliance applauds President Biden for nominating CFTC Commissioner Kristin Johnson as Assistant Secretary of the Treasury for Financial Institutions. It’s crucial for Black and underrepresented voices to be present in significant policy discussions and Johnson’s dynamic leadership, coupled with her expertise in complex policy and regulatory frameworks, is critical toward shaping a more equitable economy for Black Americans and for all. Read our full statement: https://lnkd.in/ebKUAGiw