National town hall calls for action on racial wealth gap

The Congressional Black Caucus Foundation’s 53rd Annual Legislative Conference addressed the racial wealth gap. The National Town Hall, held on September 12, 2024, highlighted policy’s role in creating and maintaining this disparity.

The event, themed “From Vision to Victory: Amplifying Black Voices,” examined factors behind the widening wealth gap between Black and white Americans. Speakers emphasized that closing this gap could significantly boost the U.S. GDP.

Maryland Governor Wes Moore emphasized the importance of understanding historical factors. He stated, “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.”

Moore also highlighted the economic impact of this gap. “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,” he said.

The event called for collaboration among policymakers, business leaders, and community advocates. Rep. Steven Horsford (D-NV), Congressional Black Caucus Chair, urged a shift in corporate culture. He noted, “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.”

Horsford added, “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.”

Rep. Troy Carter (D-LA), ALC co-chair, outlined specific policy goals. “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,” he said. Carter also emphasized the need to “dismantle the systems of discrimination in hiring, lending and tax policies.”

The conference emphasized the resources available to address this issue. Rep. Lucy McBath (D-GA), also an ALC co-chair, stated, “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 event featured a diverse lineup of speakers, including elected officials, advocacy leaders, and representatives from organizations focused on racial equity and economic empowerment. Notable participants were Nicole Austin-Hillery, President and CEO of the Congressional Black Caucus Foundation, and Derrick Johnson, CEO of the NAACP.

The Town Hall served as a call to action, urging stakeholders to collaborate on creating a more just and prosperous society. Speakers emphasized the need for new, holistic approaches to close the racial wealth gap, addressing disparities in housing, wages, education, and business investment.

As the 2024 election approaches, the conference underscored the importance of these economic issues. Participants stressed that addressing the racial wealth gap is not just a matter of equity but also a crucial step for overall economic growth and prosperity in the United States.