Plan to Build Black Wealth in America

The plan, which outlines the core tenets of the Congressional Black Caucus’s Black Wealth and Prosperity Agenda that will be rolled out over the next several months, was drafted alongside the co-chairs of the groups Diversity, Equity, and Inclusion (DEI) Task Force, Congresswoman Joyce Beatty and Congressman Glenn Ivey.

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, the 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.

View the Policy Agenda to Advance Black Work, Wages, and Wealth at foundation.blackeconomicalliance.org. Learn more at cbc.house.gov.