III 

118TH CONGRESS 

2D SESSION S. RES. 598 

Expressing support for the Senate 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 SENATE OF THE UNITED STATES 

MARCH 20, 2024 

Ms. BUTLER (for herself, Mr. BOOKER, and Mr. WARNOCK) submitted the 

following resolution; which was referred to the Committee on the Judiciary 

RESOLUTION 

Expressing support for the Senate 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 

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 


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•SRES 598 IS 

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 

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, includVerDate Sep 11 2014 00:48 Mar 21, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6300 E:\BILLS\SR598.IS SR598

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ing 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 

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 


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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 non-union White family has more than 

$7 in wealth for every $1 held by the median non-union 

Black family, but that ratio is roughly half as large 

among union families where the median union White 

family has $3.70 in wealth for every $1 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 

(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 sevVerDate Sep 11 2014 00:48 Mar 21, 2024 Jkt 049200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6300 E:\BILLS\SR598.IS SR598

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eral 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 

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 Senate— 

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 


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•SRES 598 IS 

1 (B) to reforming policies that have created 

2 obstacles to success for Black businesses; 

3 (2) supports establishing forward-looking entre4 preneurial goals and driving communities to the cen5 ter of innovation in the 21st century by— 

6 (A) creating opportunities in sectors such 

7 as— 

8 (i) green energy; 

9 (ii) technology; and 

10 (iii) healthcare; and 

11 (B) building a workforce to be an invest12 ment in a better future; 

13 (3) asserts that systemic discrimination in the 

14 housing market in the United States has greatly 

15 contributed to the widening of the racial wealth gap 

16 and must be rectified; 

17 (4) will create solutions to address the afford18 able housing crisis in the United States by increas19 ing the supply of available housing, reducing housing 

20 costs generally, enhancing programs to support and 

21 protect renters, and enforcing anti-discrimination 

22 laws; 

23 (5) supports initiatives to build the Black work24 force and equip the Black community in the United 

25 States with the necessary tools to compete for stable 


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1 jobs in every career and at every career level, includ2 ing the ability to join a union and collectively bar3 gain; 

4 (6) recognizes that as Black people in the 

5 United States are overrepresented in minimum wage 

6 jobs, the Federal minimum wage must be updated to 

7 reflect inflation; 

8 (7) acknowledges that additional necessary re9 forms addressing the economic disparity in the 

10 United States include improvements to career path11 ways programs, investing in historically Black col12 leges and universities, increasing the affordability of 

13 post high-school education, expanding access to ap14 prenticeship and job skills training programs, and 

15 other solutions that maximize the potential of the 

16 Black workforce; 

17 (8) supports the goal of expanding economic op18 portunity, equity, and wealth creation for Black peo19 ple in the United States at every socioeconomic level, 

20 in every industry, and in every residential setting, 

21 with progress toward this goal— 

22 (A) being monitored, evaluated, and en23 hanced by Federal agencies that have relevant 

24 programs and initiatives; and 


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1 (B) requiring that Black people in the 

2 United States be able to build a financially se3 cure retirement; 

4 (9) must support tax reform initiatives for 

5 Black families in the United States that— 

6 (A) help secure retirement, end poverty, 

7 and increase homeownership affordability; 

8 (B) sustain students, families, and the 

9 economy; and 

10 (C) facilitate the accumulation of 

11 generational wealth; and 

12 (10) must commit to creating equitable and bal13 anced tax policy in the United States that levels the 

14 economic playing field, addresses wealth concentra15 tion, and advances opportunities for economic gain. 

Æ 


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