The Biden administration has started to implement policies to make it easier for Black households to build wealth at the same rate as white households; additional steps are both possible and necessary.
The lack of wealth in many African-American households has left them especially vulnerable to the financial fallout from the coronavirus crisis; but the federal government has perhaps its best opportunity yet to fix these racial disparities.
Closing the racial wealth gap is a generational challenge that requires new yet doable policies.
With a new administration set to lead the U.S. federal government, and in the midst of a pandemic that has exposed the many layers of racial inequality in this country, it is time to finally put infrastructure in place to achieve equity for Black Americans and communities of color.
Public sector jobs have long provided economic security for Black families and communities and reduced the racial wealth gap, but current policy failures threaten that legacy.
Expanding the responsibilities of the U.S. Postal Service to include postal banking would ensure that low-income communities and communities of color across the country have access to an essential service.
The U.S. government has long been a catalyst for innovation through federal funding and support, but it needs to be more inclusive of Black researchers and inventors.
The Minority Business Development Agency has tremendous potential to create the conditions for economic growth and opportunity in Black communities.
RELEASE: CAP Announces Formation of the National Advisory Council on Eliminating the Black-White Wealth Gap
Washington, D.C. — For 400 years, structural racism embedded in federal, state, and local policies has produced and maintained a stark wealth gap between Black and white Americans. Today, the typical white household holds 10 times more wealth than the typical Black household. This disparity persists even after controlling for protective factors such as education, income, or homeownership....