IV 

118TH CONGRESS 

2D SESSION H. RES. 1096 

Expressing support for the House of Representatives to work alongside the 

Congressional Black Caucus to build the Black Wealth Agenda and 

outline the legislative priorities to achieve the Black Wealth Agenda. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 20, 2024 

Mr. HORSFORD (for himself, Mrs. MCBATH, Mr. NEGUSE, Mr. CLYBURN, Mr. 

DAVIS of Illinois, Mr. MFUME, Mr. CARTER of Louisiana, Ms. BLUNT

ROCHESTER, Mr. VEASEY, Mr. CLEAVER, Ms. CROCKETT, Ms. CLARKE

of New York, Mr. PAYNE, Mrs. FOUSHEE, Ms. PLASKETT, Ms. WATERS, 

Ms. KAMLAGER-DOVE, Mr. SCOTT of Virginia, Ms. BUSH, Ms. OMAR, Ms. 

WILSON of Florida, Ms. BROWN, Mr. EVANS, Mr. FROST, Mr. ALLRED, 

Mr. AMO, Ms. PRESSLEY, Ms. LEE of Pennsylvania, Mr. BISHOP of Georgia, Mrs. SYKES, Mr. DAVID SCOTT of Georgia, Mr. TORRES of New 

York, Mrs. HAYES, Mr. DAVIS of North Carolina, Mr. BOWMAN, and Mr. 

CARSON) submitted the following resolution; which was referred to the 

Committee on Education and the Workforce, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be 

subsequently determined by the Speaker, in each case for consideration 

of such provisions as fall within the jurisdiction of the committee concerned 

RESOLUTION 

Expressing support for the House of Representatives to work 

alongside the Congressional Black Caucus to build the 

Black Wealth Agenda and outline the legislative priorities 

to achieve the Black Wealth Agenda. 

Whereas 2022 data from the Federal Reserve System has 

showed that the racial wealth gap in the United States 


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has persisted into the 21st century, as the average per 

capita wealth for White people in the United States was 

$284,310 compared to only $44,100 for Black people in 

the United States; 

Whereas access to high-quality education has been identified 

as a key factor in narrowing the racial wealth gap in the 

United States, yet extraordinary income inequality has 

diminished opportunities for families from low-income 

backgrounds; 

Whereas educational segregation by income poses a threat to 

the promise of equal opportunities in education; 

Whereas the failure of the Federal Government to effectively 

address growing inequality has resulted in decreased economic mobility rates in the United States and made the 

American dream more elusive, as evidenced by a decline 

in the fraction of children who earn more than their parents, primarily due to the growth in inequality; 

Whereas the enduring legacy of Jim Crow laws, which aimed 

to lower economic progress of Black people in the United 

States through racial segregation, disenfranchisement, 

and limitation of geographic mobility, has left a lasting 

imprint on the socioeconomic standing of Black people in 

the United States; 

Whereas Jim Crow laws directly targeted education and other 

areas of life, significantly hindering the pursuit of prosperity by Black people in the United States and contributing to the persistent economic divide; 

Whereas homeownership in the United States, a critical avenue for wealth building, remains significantly less attainable for Black people compared to White people, with disparities in homeownership rates exceeding 30 percent in 


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some cities, exacerbating the racial wealth gap and hindering the ability of Black families to accumulate and 

pass down wealth across generations; 

Whereas homes in majority-Black neighborhoods in the 

United States are systematically undervalued compared 

to those in predominantly White areas, with the devaluation contributing to underfunded public services, including education, and perpetuating a cycle of economic disadvantage and inequality for Black people residing in 

these communities; 

Whereas employment discrimination has resulted in higher 

unemployment rates and lower wages for Black people in 

the United States compared to their White counterparts, 

with Black workers being disproportionately represented 

in low-wage positions and underrepresented in high-wage 

executive roles; 

Whereas the war on drugs and discriminatory criminal justice 

policies in the United States have led to mass incarceration of Black people at rates significantly higher than 

White people, disrupting families, limiting employment 

opportunities, and imposing financial burdens that hinder 

wealth accumulation; 

Whereas systemic racism in healthcare has created disparities 

in access to quality care and outcomes for Black people 

in the United States, leading to higher healthcare costs 

and economic instability for affected families, further 

widening the racial wealth gap; 

Whereas Black people in the United States face significant 

barriers in accessing financial services and capital, with 

a lower likelihood of loan approval and higher interest 


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rates compared to White applicants, limiting opportunities for business ownership and investment; 

Whereas, according to an analysis by Citi Group, disparities 

for Black people across the economic system of the 

United States from 2004 to 2024 have cost the economy 

$16,000,000,000,000; 

Whereas 14.4 percent of the population in the United States 

is Black, yet Black households hold only 4 percent of 

total household wealth compared to 84 percent held by 

White households; 

Whereas unions significantly reduce racial wage gaps and racial wealth gaps are generally smaller among union members as a result of the enhanced job protections that 

workers covered by a union contract enjoy; 

Whereas the median nonunion White family has more than 

$7.00 in wealth for every $1.00 held by the median nonunion Black family, but that ratio is roughly half as large 

among union families, with the median union White family holding $3.70 in wealth for every $1.00 held by the 

median union Black family; 

Whereas, in 2022, the median income for Black households 

in the United States was $52,860 compared to a median 

income of $81,060 for White households; 

Whereas, according to economic data from the Federal Reserve— 

(1) only 46 percent of Black households in the 

United States owned their home, compared to 75 percent 

of White households, a disparity on par with the 1960’s; 

and 


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(2) the unemployment rate for Black workers in the 

United States is consistently twice as high as it is for 

White workers; 

Whereas addressing economic disparities for Black people in 

the United States requires reimagining governmental and 

societal policies and practices, which have been rooted in 

discriminatory intent since the founding of the United 

States; 

Whereas addressing the racial wealth gap in the United 

States must be a holistic effort concentrated across several policy principles, including entrepreneurship, financial services, affordable housing, workforce development, 

protecting and promoting civic participation, and reforming tax policy; 

Whereas we must commit to growing the economy of the 

United States by creating legislative solutions that 

deconstruct barriers to economic opportunities for Black 

people and that build Black intergenerational wealth; 

Whereas the Congressional Black Caucus believes it is of the 

utmost importance— 

(1) to enact legislation that boosts equitable outcomes; and 

(2) to coordinate a legislative agenda that cements 

positive changes and reinforces a commitment to preserving Black economic prosperity in the United States; 

Whereas the Black Wealth Agenda will have an amplified impact on all policy areas where existing oppressive regulation prevents progress; and 

Whereas, from removing barriers to quality healthcare for 

Black people in the United States, to addressing environmental justice issues for Black communities that continue 


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to be on the frontlines of the climate crisis, it is clear 

that a holistic approach is critical to closing the economic 

divide: Now, therefore, be it 

1 Resolved, That the House of Representatives— 

2 (1) commits— 

3 (A) to promoting Black entrepreneurship 

4 by expanding funding solutions, strengthening 

5 outreach to educate communities in the United 

6 States; and 

7 (B) to reforming policies that have created 

8 obstacles to success for Black businesses; 

9 (2) supports establishing forward-looking entre10 preneurial goals and driving communities to the cen11 ter of innovation in the 21st century by— 

12 (A) creating opportunities in sectors such 

13 as— 

14 (i) green energy; 

15 (ii) technology; and 

16 (iii) healthcare; and 

17 (B) building a workforce to be an invest18 ment in a better future; 

19 (3) asserts that systemic discrimination in the 

20 housing market in the United States has greatly 

21 contributed to the widening of the racial wealth gap 

22 and must be rectified; 


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1 (4) will create solutions to address the afford2 able housing crisis in the United States by increas3 ing the supply of available housing, reducing housing 

4 costs generally, enhancing programs to support and 

5 protect renters, and enforcing anti-discrimination 

6 laws; 

7 (5) supports initiatives to build the Black work8 force and equip the Black community in the United 

9 States with the necessary tools to compete for stable 

10 jobs in every career and at every career level; 

11 (6) recognizes that as Black people in the 

12 United States are overrepresented in minimum wage 

13 jobs, the Federal minimum wage must be updated to 

14 reflect inflation; 

15 (7) acknowledges that additional necessary re16 forms addressing the economic disparity in the 

17 United States include improvements to career path18 ways programs, investing in historically Black col19 leges and universities, increasing the affordability of 

20 post high-school education, expanding access to ap21 prenticeship and job skills training programs, and 

22 other solutions that maximize the potential of the 

23 Black workforce; 

24 (8) supports the goal of expanding economic op25 portunity, equity, and wealth creation for Black peoVerDate Sep 11 2014 00:50 Mar 21, 2024 Jkt 049200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\HR1096.IH HR1096

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1 ple in the United States at every socioeconomic level, 

2 in every industry, and in every residential setting, 

3 with progress toward this goal— 

4 (A) being monitored, evaluated, and en5 hanced by Federal agencies that have relevant 

6 programs and initiatives; and 

7 (B) requiring that Black people in the 

8 United States be able to build a financially se9 cure retirement; 

10 (9) must support tax reform initiatives for 

11 Black families in the United States that— 

12 (A) help secure retirement, end poverty, 

13 and increase homeownership affordability; 

14 (B) sustain students, families, and the 

15 economy; and 

16 (C) facilitate the accumulation of 

17 generational wealth; and 

18 (10) must commit to creating equitable and bal19 anced tax policy in the United States that levels the 

20 economic playing field, addresses wealth concentra21 tion, and advances opportunities for economic gain. 

Æ 


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