I wrote last week about the value of scrutinizing financial products through the lens of race, but that is only one piece of the puzzle. Melvin Oliver, dean of social sciences at the University of California at Santa Barbara, sums up the racial wealth gap quite well:
"For every dollar of net worth owned by the median white family, the median African-American family had only a dime, and the Latino family 12 cents. This racial wealth gap is growing and it impacts our democracy -- and our economy. Without wealth, people of color aren't able to participate in reinvigorating the American economy."
To work on plans to address this and other problems associated with the racial wealth gap, the Insight Center for Community Economic Development is pleased to present:
Color of Wealth 2009 Policy Summit: Wealth Building for All: The Foundation for Economic Growth in the Global Marketplace
The Color of Wealth 2009 Policy Summit will bring prominent scholars, policy experts, and advocates from communities of color in the United States to Capitol Hill to discuss closing the racial and ethnic wealth gap with Members of Congress and their staff. The objectives of the summit are as follows: 1) Educate policymakers on the racial wealth gap and the need to close it; 2) Share our Principles for an Inclusive Economy with Members of Congress and staff; 3) Discuss how experts of color can be a resource to Members of Congress and their staff; 3) Learn about policy initiatives that could help close the racial wealth gap; and, 4) Learn about and deploy policy messages that effectively communicate the need to close the racial wealth gap.
Here are a few of the panels and discussions taking place at the summit:
- A roundtable, including john a. powell, executive director of the Kirwan Institute for the Study of Race and Ethnicity at Ohio State University, on how political shifts will affect economic security for communities of color. (8:45-10:15 a.m. on March 23, Washington Court Hotel)
- A discussion of how tax reform can support wealth creation in communities of color with Rep. Xavier Becerra (D-Calif.), vice chair of the House Democratic Caucus and a member of the Ways and Means Committee, Rep. Melvin Watt (D-N.C), chairman of the House Financial Services subcommittee on domestic monetary policy and technology, and Rep. Keith Ellison (D-Minn.), a member of the Financial Services Committee. (8:30-10 a.m. on March 24, Library of Congress, Jefferson Building)
- A policy panel on homeownership, home lending and financial services moderated by James Carr, chief operating officer of the National Community Reinvestment Coalition. (10-10:45 a.m. on March 24, Library of Congress, Jefferson Building)
- A discussion titled, "Mobility and Security for Workers: Life-Long Income, Assets and American Competitiveness," with the Rep. Chaka Fattah (D-Pa.), a member of the House Appropriations subcommittee on financial services and general government. (1:30-2:30 p.m. on March 24, Library of Congress, Jefferson Building)
- A Luncheon Keynote titled, "The Federal Agenda: What are the Opportunities for Addressing Economic Inequality?" with Dr. Jason Furman, Deputy Director, National Economic Council, Office of the President
- House Majority Leader Steny Hoyer just confirmed for: A discussion of how tax reform can support wealth creation in communities of color with Rep. Xavier Becerra (D-Calif.), vice chair of the House Democratic Caucus and a member of the Ways and Means Committee, Rep. Melvin Watt (D-N.C), chairman of the House Financial Services subcommittee on domestic monetary policy and technology, and Rep. Keith Ellison (D-Minn.), a member of the Financial Services Committee. (8:30-10 a.m. on March 24, Library of Congress, Jefferson Building)
As President Obama repeatedly reminds the American people, we can discover great opportunity in the midst of great crisis. The strategies and ideas discussed at this week's summit represent just that sort of opportunity.
Jose Garcia is the Associate Director of Policy and Research at Demos (demos.org), a national public policy center. He is the author of many reports on debt and race, and is the co-author of the book "Up to Our Eyeballs: How Shady Lenders and Failed Economic Policies are Drowning Americans in Debt." He is a member of the Insight Center for Community Economic Development's "Experts of Color Clearinghouse." (http://www.insightexpertsofcolor.org)