National Town Hall Calls for Revised Federal Policies, New Economic Structures to Close Racial Wealth Gap

Elected officials and advocacy leaders at the Congressional Black Caucus Foundation's 53^rd Annual Legislative Conference urged Black Americans to maximize opportunities to build Black wealth

WASHINGTON, Sept. 13, 2024 /PRNewswire/ -- Against the backdrop of a pivotal upcoming election, this year's National Town Hall at the Congressional Black Caucus Foundation's (CBCF) 53^rd Annual Legislative Conference (ALC) examined factors that have led to a wide – and growing – wealth gap between Black and white Americans and identified steps that should be taken to redress this systemic problem.

The National Town Hall brought this year's ALC theme, "From Vision to Victory: Amplifying Black Voices," to life by highlighting how long-standing federal and state policies have contributed to a persistent wealth gap between Black and white Americans, costing the nation trillions of dollars. Panelists, including elected officials and advocacy leaders, emphasized that closing the racial wealth gap could boost the U.S. GDP by tackling disparities in housing, wages, education, and business investment.

At the opening of the Town Hall, Maryland Governor Wes Moore outlined how policy has been used to create and maintain a wealth gap – and called for new, holistic approaches to close it. He said, "If you do not understand things like the Homestead Act, unfair appraisal values in historically redlined neighborhoods, the unfair usage of a GI bill, racist procurement policies and how government dollars are being used to support some and not others, then you cannot understand why this gap exists in the first place."

Gov. Moore added, "This country has lost $16 trillion in GDP over the last two decades because of the racial wealth gap. Racism is expensive. Bigotry is expensive. We need to create an economic system that allows for the racial wealth gap to become history."

The Town Hall outlined a way forward to remedy the imbalance, and acted as a call to action for policymakers, business leaders and community advocates to collaborate on creating a more just and prosperous society with opportunities for upward economic mobility for every American.

Congressional Black Caucus Chair Rep. Steven Horsford (D-NV) stated that corporate profitability is built on Black culture and urged a shift in corporate culture for Black America to take an ownership stake. He said, "Black people drive the economy because we drive culture. There's nothing around sports, entertainment or the arts that Black people don't influence and that brands and companies don't use to their profit. We have to shift from a consumer-only economy to one that is owner driven where Black people have a stake in the ownership of what we are helping to build profit for."

ALC co-chairs Rep. Troy Carter (D-LA) and Rep. Lucy McBath (D-GA) added that Black America has the resources to close the wealth gap and gain upward economic mobility.

Rep. Carter said, "It's time to push for policies that expand access to capital for Black entrepreneurs, invest in education and workforce development, and create affordable housing options. We need to dismantle the systems of discrimination in hiring, lending and tax policies. And most importantly, we must ensure that Black Americans have a seat at the table when decisions that shape our economic futures are made."

Rep. McBath said, "Victory is never guaranteed, but we have the resources—the intellectual, organizational and political power—to win this fight. And that power lies in your hands."

The speaker lineup consisted of Rep. Lucy McBath, ALC Honorary Co-Chair; Rep. Troy Carter, ALC Honorary Co-Chair; Nicole Austin-Hillery, President and CEO, Congressional Black Caucus Foundation; Dr. Jonathan M. Cox, Vice President, Center for Policy Analysis and Research, CBCF; Don Lemon, journalist and broadcaster; Gov. Wes Moore, Governor of Maryland; Dr. Michael McAfee, President and CEO, PolicyLink; Rep. Steven Horsford, Chairman, Congressional Black Caucus; LaTosha Brown, Co-Founder, Black Voters Matter Fund; Rep. Terri A. Sewell, Chairwoman, Board of Directors, CBCF; Derrick Johnson, CEO, NAACP; and Alexis McGill Johnson, President and CEO, Planned Parenthood Action Fund and Planned Parenthood Federation of America; Nikitra Bailey, Executive Vice President, Fair Housing Alliance; John Hope Bryant, Founder, Chairman and CEO, Operation HOPE, Inc.; Alphonso David, President and CEO, Global Black Economic Forum; Mahlet Getachew, Managing Director, Corporate Racial Equity, PolicyLink; Arian Simone, Chief Executive Officer and Founding Partner, Fearless Fund.

About CBCF
The Congressional Black Caucus Foundation (CBCF) is a nonprofit organization dedicated to advancing the global Black community by developing leaders, informing policy, and educating the public. Established in 1976, CBCF is committed to creating and maintaining an equitable society for all. To learn more, visit cbcfinc.org.

SOURCE Congressional Black Caucus Foundation