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Congressional Black Caucus Releases Plan to Build Black Wealth in America

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Washington, March 21, 2024 | comments

All 60 CBC Members are original co-sponsors

Today, Congressional Black Caucus Chairman Steven Horsford (NV-04) released a plan to build generational Black wealth in America. The plan, which outlines the core tenets of the CBC’s Black Wealth and Prosperity Agenda that will be rolled out over the next several months, was drafted alongside the co-chairs of the CBC’s Diversity, Equity, and Inclusion (DEI) Task Force, Congresswoman Joyce Beatty (OH-03) and Congressman Glenn Ivey (MD-04).

The plan, grounded in the policy recommendations of the Black Economic Alliance (BEA) Foundation’s “Policy Agenda to Advance Black Work, Wages, and Wealth,” highlights the stark Black-white wealth gap in the United States, which has persisted into the 21st century with the typical per capita wealth of white Americans being $284,310, compared to only $44,100 for Black Americans.

The plan further notes specific policy areas where existing barriers have prevented progress and outlines the holistic approach to closing the wealth divide in America. The core tenets of the agenda are housing, entrepreneurship, employment, tax fairness and equity, and safeguarding the democratic process through the protection of voting rights. Through the creation of legislation within these tenets and supporting already existing legislation that touches on these goals, this agenda will have a profound impact on creating opportunities, building long-term generational wealth in Black communities, and closing the Black-white wealth gap. 

The plan calls for the House of Representatives to: 

  • Commit to promoting Black entrepreneurship by expanding funding solutions, strengthening outreach to educate our community, and reforming policies that have created obstacles to success for Black businesses.
  • Further policies that would encourage Black homeownership, expand the supply of affordable housing, and strengthen the federal government’s tools to fight systemic discrimination in the housing market.
  • Support initiatives to build the Black workforce and equip the Black community with the necessary tools to compete for stable jobs at every career level.
  • Support efforts to expand economic opportunity, equity, and wealth creation for Black Americans at every socioeconomic level, in every industry, and in every residential setting, with progress toward this objective being monitored, evaluated, and enhanced by Federal departments and agencies that have relevant programs and initiatives under its auspices.

The resolution will be introduced in the U.S Senate by Senator Laphonza Butler (D-CA). 

Congressional Black Caucus Chairman Steven Horsford (NV-04) offered the following quote:  

“Over the next several months, the CBC will engage in a coordinated effort where our members will create new legislation within the areas of housing, entrepreneurship, employment, tax fairness and equity, and safeguarding the democratic process through the protection of voting rights. The CBC is introducing the Black Wealth Agenda -- a day one agenda for the next Congress -- focused on Black economic wealth creation to implement when we have a Democratic House Majority, with Democrats holding the gavels on committees, and Hakeem Jeffries as Speaker of the House of Representatives.” 

Representative Joyce Beatty (OH-03) offered the following quote:  

“I am proud to join Chair Horsford and Congressman Ivey in introducing this resolution in support of the Black Wealth Agenda to promote Black entrepreneurship, close the homeownership gap, and root out systemic discrimination,” said Congresswoman Beatty (OH-03). “Economic disparities continue to plague this country. We see it in unequal access to capital, appraisal bias, overrepresentation in minimum wage jobs, and constant barriers to wealth-building opportunities, to name just a few. While conservative activists seek to undo our recent gains, the Congressional Black Caucus stands united in the fight for equity, justice, and prosperity for every American.  We know that when Black America succeeds, America succeeds.”

Representative Glenn Ivey (MD-04) offered the following quote:  

“From education to entrepreneurial opportunity, from equity in housing and healthcare to equal treatment at the ballot box and at the bank, Black wealth creation must build upon the solid foundation that what’s good for our Black communities is ultimately good for the American economy, American society, and America at large.  Together with our Democrat colleagues in the US House of Representatives, the CBC, with Congressman Hakeem Jeffries as our new speaker in the 119th Congress, will put forth a Black wealth creation agenda that builds upon the cornerstones of hard work, equal opportunity and a level playing field nurtured by legislation and policy which seeks to right the wrongs of the past while promoting the brightest of futures for Black children, Black culture, and American economic optimism,” said Congressman Glenn Ivey.  

Senator Laphonza Butler offered the following quote: 

“Years of systemic oppression have blocked Black Americans from the equitable economic opportunities made available to other racial groups,” said Senator Butler. “From income inequality to housing, wealth disparities remain an issue of urgent concern across Black communities. This resolution serves as a call to action for Congress to take comprehensive measures in building Black intergenerational wealth and closing racial divides.”

Black Economic Alliance (BEA) president and CEO Samantha Tweedy offered the following quote: 

“Thanks to Chairman Horsford and Senator Butler, today we mark a critical step in moving many of the evidence-based solutions in BEA Foundation’s Policy Agenda to Advance Black Work, Wages and Wealth from roadmap to reality. 

“We share these leaders’ commitment to community-informed, data-driven steps to move economic opportunity for Black Americans to the forefront of our nation’s agenda. Today's resolutions affirm the Congressional Black Caucus’ unflinching commitment to equitable economic opportunity and demonstrate critical support in both the House and the Senate for policy solutions in five critical areas for advancing Black prosperity -- housing, entrepreneurship, employment, tax reform, and voting rights. I applaud Chairman Horsford and Senator Butler for their leadership. I look forward to working with them closely to find every opportunity to move on the Black Wealth for America Agenda.”

The full text of the resolution can be found here.
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