FreeCap Financial launches The Decarceration Index (FREEIN), the first criminal justice index aimed at ending mass incarceration

WASHINGTON, April 24, 2024 /PRNewswire/ -- On April 24, 2024, FreeCap Financial, Inc launches the FreeCap BITA Decarceration Index (FREEIN), the first index that includes a positive screen for fair chance hiring and weighs "prison risk" as a key financial metric, offering substantive social and financial returns.

FREEIN acts as a research and investment tool that asset managers can use to track the performance of companies leading in fair chance hiring. It is also designed to mitigate exposure to the risks associated with negative impacts or regulatory scrutiny of prison involvement.

Founded by Tanay Tatum-Edwards, FreeCap Financial is a data provider with the first dataset to quantify the prison industrial complex for investors. FREEIN will utilize FreeCap's data and proprietary ratings methodology, along with BITA's innovative indexation technology, to track companies leading in decarceration. The publicly available index will make it possible to invest in businesses working to end the cycle of mass incarceration.

"There are 70 million adults in the US with an arrest record. These people are systematically discriminated against in the job market even though our country is facing a labor shortage crisis. This index makes it possible to see which companies are taking the necessary steps to hire from this demographic pool and remain competitive in tomorrow's workforce," states Tatum-Edwards. "Similarly, the companies that make this list must not rely on increased incarceration rates to drive profit. The index includes a negative screen for companies with significant profits from incarceration-related activities."

There are more than 2 million people currently in the United States prison system. This represents over 20% of the global incarcerated population and is a 500% increase over the past 4 decades.

"Mass incarceration is a uniquely American tragedy that we can end in our lifetime if we use all of the tools at our disposal to address it, including capital markets. According to a report published by Pew Trust, reducing recidivism by just 10% would increase annual savings in averted prison costs by $635M," Tatum-Edwards continues. "Imagine what is truly possible if we could invest, rather than extract, from our communities."

FreeCap Financial will host a launch event for The Decarceration Index (FREEIN) on Friday, April 26, 2024 at 1pm EST. Sign up for the event here.

Please direct inquiries to Candice Smith at French Press PR: [email protected].

SOURCE FreeCap Financial